2008 Tax Rebate For Social Security Recipients

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

I have been getting a lot of questions from people asking if they will receive rebates if they are retired and receiving Social Security Benefits. The answer is yes. as long as the following items are true:

1. Individuals or families must have at least $3,000 in qualifying income, which can be income from or in combination with Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits and earned income
2. People must have valid Social Security Numbers.
3. People cannot be claimed as dependents or eligible to be claimed as dependents on another’s tax return.
4. People must file a 2007 tax form, i.e. Form 1040A.

If you have already filed a 2007 tax returns showing $3000 or greater in income then you are all set and will receive the rebate starting in May according to the recently posted Rebate Payout Schedule.

If you have already filed a 2007 return but did not include your Social Security benefits as income, you will need to file an amended return using the Form 1040X to qualify for the rebate.

If you are receiving Social Security but don’t usually file, check out this Resoruce Guide from the IRS on the easiest way for you to file to receive your rebate.

And remember, the quickest way to get your rebate will be to file that 2007 tax return with direct deposit, otherwise you will get a paper check paid out sometime between May and July based on your SSN number.