The Internal Revenue Service issued a last-chance warning that only a few days remain until the Oct. 15 deadline for retirees and disabled veterans to file an income tax return that will allow them to receive an economic stimulus payment this year.
The Internal Revenue Service also reminded retirees and disabled veterans that the money received from the economic stimulus payment will generally have no impact on their eligibility for Medicare, Medicaid or other benefits. The payment generally will not be counted as income or require the recipients to file future income tax returns.
The IRS estimates that as many as 4.3 million recipients of certain Social Security and Veterans Affairs benefits who may be eligible for the economic stimulus payment have not yet claimed their stimulus payments. People must file an income tax return in order to receive an economic stimulus payment.
For people who have no tax liability and who have no requirement to file a tax return because their income is too low or nontaxable, there is a stimulus payment of up to $300 ($600 for married couples), plus a $300 payment for each qualifying child.
However, people in this situation must have at least $3,000 in qualifying income from any combination of earned income, nontaxable combat, and certain Social Security, Veterans Affairs and railroad retirement benefits.
