Craig Daily Press

Craig — Sunset Meadows resident Marilyn McKinney is worried.

When the United States Department of the Treasury begins sending out economic stimulus payments in May, she fears Moffat County senior citizens may miss out on their share of the money, she said.

The payments were authorized by the Economic Stimulus Act of 2008, which was passed this month.

More than 130 million American households are estimated to receive the income-based payments that range from $300 to $600 per person or $600 to $1,200 for joint returns, the Internal Revenue Service Web site reported.

Taxpayers may receive an additional $300 for each child under 17 years old.

“The law also allows for payments for select taxpayers who have no tax liability, such as low-income workers or those who receive Social Security benefits or veterans’ disability compensation, pension or survivors’ benefits received from the Department of Veterans Affairs in 2007,” the IRS reported in a news release.

Residents who receive certain forms of Railroad Retirement benefits are also eligible to receive stimulus payments.

“While these people may not be normally required to file a tax return because they do not meet the filing requirement, the IRS emphasizes they must file a 2007 return in order to receive a payment,” according to the IRS.

Hence, McKinney’s anxiety.

“Most of us don’t even file an income tax because we don’t owe any tax,” she said, adding that the Social Security benefits many senior citizens receive are tax-free.

To be eligible for the stimulus payments, however, the IRS allows Social Security recipients to count the cost of their benefits toward the $3,000 income requirement.

“I think there are a lot of senior citizens who may not realize that” filing a 2007 income tax form is necessary to receive the payments, McKinney said. “It would be a shame for them to miss it.”

To fill out the income tax form, Social Security recipients must have their 2007 Form 1099-SSA. Those who haven’t yet received this form can estimate the value of their benefits by multiplying their monthly Social Security benefits by the number of months they received those benefits last year.

Individuals who receive Social Security or other government benefits and have already claimed $3,000 or more of eligible income on their income taxes aren’t required to re-file their taxes, the IRS reported.

Residents who already have filed their 2007 income tax without claiming eligible government benefits can amend their tax returns by submitting a 1040X.

For more information about stimulus payment eligibility or filling out a 2007 income tax form, visit www.irs.gov.

Bridget Manley can be reached at 875-1795 or bmanley@craigdailypress.com