Tax Return 1040 is the starting form for personal (individual) Federal income tax returns filed with the Internal Revenue Service (IRS) in the United States. The social security benefits are non-taxable and especially those who are retired and receive pension benefits, such elderly people do not have to file an income tax return.
Further those who have disability are also entitled to receive stimulus payment. In general, all social security payments are not subject to income tax. But in the recent times, a special provision has been included allowing social security recipients to qualify for stimulus payment of $ 3,000.
For those who do not file income tax return, IRS has prepared an 8 pages information that details about instructions and a sample Form 1040A and a blank Form of 1040A for the easy convenience of users. The basic eligibility requirement to receive a stimulus check is to be single or together with family, the qualifying income should be $ 3000 along with social security benefits, such as rail road retirement benefits and veteran affairs benefits. But supplemental security income (SSI) does not count as qualifying income to receive stimulus payment. The social security number should be mentioned and the numbers should be valid. All the members of the family should be listed on the tax return and their social security numbers should be mentioned.
In order to claim stimulus check for social security recipients, it is important to file your federal tax return on time as per the guidelines of IRS and it will take nearly eight weeks to receive stimulus payment. Further if there are changes to be made in tax return, IRS Form 1040X can be obtained to amend the tax return for receiving the qualified stimulus payment. Whatever benefits that have been added, amended tax return will not increase an individual’s tax liability, but will help in identifying eligibility for stimulus payment.
Individuals can find out more about preparation of tax returns from the free tax preparation web sites especially for low-income individuals and families and also for elderly tax payers. There has been much development after the launch of Internet which facilitated e-filing, tax preparation software especially for those who wish to receive stimulus payment. There is also a Volunteer Income Tax Assistance Program (VITA) which is aimed at to help and low and moderate income tax payers. There is a list of call centers and IRS Taxpayer assistance centers which work solely with an aim to assist prepare and file Form 1040A for low income workers, retired people, disabled people and others.
This is a very good program which helps various categories of people who have very less income and who seek assistance in Tax Return. It will also be good, if workshops are conducted in groups, to bring awareness among elderly people to take benefit from stimulus payment and to be supported by the government. Benefits such as these, availed as social security benefits always help people to meet their living expenses in a very comfortable manner and in this aspect the responsibility taken by IRS has to be really appreciated.