| Veterans
News Flash 
Economic Stimulus Package Will Benefit Some Veterans
Peake: Special Provision for Low-Income
Veterans
WASHINGTON (April 3,
2008) -- Veterans who last year received disability
compensation, pensions or survivors’ benefits from the Department
of Veterans Affairs (VA) may be entitled to an
economic stimulus payment of at least $300. To
qualify, Veterans must file a tax return for 2007,
even if they aren’t normally required to
file.
"The President’s economic stimulus benefits
have a special provision for low-income Veterans," said
Secretary of Veterans Affairs Dr. James B. Peake. "VA
is working closely with the Internal Revenue Service
and the Treasury Department to get the word out
about this unique benefit."
Under the White House’s
program, payments are $300 for an individual,
$600 for a married couple filing joint tax returns,
plus $300 for each dependent child under age
17 on Dec. 31, 2007.
To qualify, taxpayers
must have at least $3,000 in income in 2007.
While VA’s disability
compensation, pensions and survivors benefits are
not subject to income tax, the administration’s
economic stimulus proposal, passed by Congress
in February, allows Veterans and survivors to count
those payments toward the income requirement of
$3,000. To claim the benefit, Veterans -- like
other taxpayers -- must file an income tax return.
For eligible Veterans
who do not normally file a tax return, information
about claiming the economic stimulus payment is available
in "Package 1040A-3," available
from IRS offices or on the Internet at http://www.irs.gov/pub/irs-pdf/k1040a3.pdf.
IRS is mailing a package of information to recipients
of VA benefits who did not file a tax return last
year. For more information, visit the IRS Web site
at http://www.IRS.gov.
SOURCE:
US Department of Veterans Affair
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