Thursday, September 11, 2008

Still Waiting for Your Stimulus Check?

Are you still waiting and wondering when you are going to receive your stimulus check? Do you walk to the mailbox every day hoping it will arrive only to find bills and junk mail? The Internal Revenue Service is still processing stimulus checks but have found some common trends in taxpayers who have not received theirs yet. There are several common errors that taxpayers make that may delay the process or keep you from receiving your check all together. If you have not received yours yet you may need to check to see if one of the following common errors applies to you.
  • File only one tax return - It can take about 12 weeks to process paper returns for stimulus checks so DO NOT send a second copy of the 2007 return if you are not getting an immediate response thinking maybe the IRS did not receive it. This can delay the processing of your stimulus check
  • List qualifying income - A lot of taxpayers are listing the monthly income versus the annual income and this is not qualifying them for the stimulus check.
  • Review your tax liability - Some people who make the required income to qualify but have very little or no tax liability may only qualify for a $300 check ($600 for a married couple) instead of the $600 check ($1200 for a married couple).
  • Filing an amended return - Generally a taxpayer cannot file an amended return solely to receive a stimulus check unless they are a retiree or a veteran. While amending the return will properly adjust the income and tax liabilities, the economic stimulus check will not be affected by the amended return.
  • Use the most current address - If you move after filing, you must obtain and complete a Form 8822 (change of address form with the Postal Service) in order to update your address. If the postal service cannot deliver the check to the address listed it will be returned to the IRS.

You must file your 2007 tax return by October 15th in order to receive the stimulus check. The IRS has completed about 90 percent of the checks but will continue to process them until December 2008. The biggest error is not filing your return for the 2007 tax year but there is still time. If you want to know more information of how to receive one or when yours will be delivered you can find out through the IRS Website. You also want to keep in mind if you owe any money to the IRS from unpaid taxes this check will simply be applied to that past due balance. If this is the case make sure you are being proactive in getting your tax debts resolved.

No comments: