Did you receive disability compensation, pension, or survivors’ benefits from the Department of Veterans Affairs last year? Even if you are not otherwise required to file a tax return, you may still be entitled to an economic stimulus payment from the federal government.
You could receive a payment of $300 for individuals or $600 if you are married and file a joint tax return with your spouse. Eligible taxpayers who qualify for a payment may receive an additional $300 for each qualifying child (child must be under age 17 as of December 31, 2007).
All you have to do to get the stimulus payment is file a 2007 IRS Form 1040 or Form 1040A and report at least $3,000 in qualifying income on the form. You can include the amount of your VA benefits to qualify for the stimulus payment.
Add the amount of your VA disability compensation, pension, or survivors’ benefits to any other qualifying income you have to reach the $3,000 requirement. Other qualifying income would include wage earnings or Social Security benefits. In addition, you should write the words “Stimulus Payment” at the top of the 1040A or 1040.
In late March 2008, the IRS will mail a packet of information to recipients of VA benefits who did not file a tax return last year. The packet will contain guidance to help you claim the stimulus payment. If you need information in the interim, you can visit the IRS website at www.irs.gov.
Source: IRS publication 4664 (2-2008), Catalog Number 5131 OP