The Oct. 15 deadline to file a 2007 income tax return and to receive an economic stimulus payment this year is fast approaching.
This is the deadline for the estimated 4.3 million retirees and disabled veterans who may be eligible to receive a stimulus payment but who normally don’t file a tax return.
It’s also the deadline for the approximately 10 million people who earlier this year received extensions to file their 2007 income tax return.
The IRS has yet to hear from an estimated 4.2 million people who receive certain Social Security benefits and 178,000 who receive certain Veterans Affairs benefits. The agency twice has sent to this group letters that enclosed a Form 1040A, a sample tax form and instructions for sending the tax return to the IRS. If these instructions have been misplaced, the fastest way to obtain a Package 1040A-3 is to go to IRS.gov or to local IRS offices. There are more than 400 local offices nationwide where people can get assistance in preparing the return as well. A return also can be prepared and submitted for free through Free File which is available at IRS.gov.
Also, each year, there are approximately 10 million taxpayers who request an extension from the April 15 deadline to file their tax return. The extension applies only to filing a return, not to paying any taxes owed. Oct. 15 is a final deadline for these extension taxpayers to avoid any penalties. They, too, may be eligible for the economic stimulus payment but must file a 2007 return by Oct. 15 to receive the payment this year.
By law, the IRS cannot disperse any economic stimulus payments after Dec. 31. However, people who may be eligible for an economic stimulus payment can claim a credit in 2009 by filing a 2008 income tax return.
Those who already have filed a 2007 tax return but who have not yet received an economic stimulus payment, can check on the status of your payment by going to “Where’s My Economic Stimulus Payment?” on the IRS.gov Web site.
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2 comments:
The IRS has not explicitly stated a deadline for receiving the financial stimulus payment. The term "payment" is a misnomer and it is actually a "refundable tax credit" and thus should be redeemable up until the statutory deadline for claiming a tax refund which is three years plus extensions, saturday, sunday, legal holiday (SSL rule) from the due date for filing the return which is April 15th, 2011 or October 17th, 2011 if you filed a 2868 Extension Form. If the IRS has stated a separate deadline, someone, please post a link.
The confusion may arise because on top of fail to pay interest, failure to file your return can create a failure-to-file penalty and failure-to-pay penalties kick in. HOWEVER, if you owe no taxes, there are NO penalties or FINES. The IRS will tell you that you MUST file and I've even heard it from a tax court judge, but the law spells it out otherwise. The Secretary of the Treasury or any IRS agent can file a substitute return which, while not favorable, removes that burden. They won't elect deductions, so don't wait for them to do it!, but don't panic over misinformation regarding non-deadlines.
Thanks for the comment! Indeed, the IRS has not yet stated the last day you could RECEIVE your refund.
However, the IRS has stated here that October 15th was the last day to FILE your return to get your refund.
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