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New rebate contingent on filing 2007 federal tax return, expert says

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SPRINGFIELD, MO. – The economic stimulus package legislation designed to pump more than $165 billion back into the U.S. economy in the form of rebates to more than 130 million people has caused some confusion this tax season, said Dr. Sandra Byrd, accounting professor at Missouri State University.

Byrd, who operates the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs through the university, said she has received numerous phone calls regarding the new federal rebates. Most of the questions are coming from older adults who traditionally do not have to file a federal return. The new legislation changes that, Byrd said.

“If you do not need to file a 2007 federal tax return but you had earnings of $3,000 or more from earned income, Social Security, railroad retirement benefits and/or certain veterans’ payments not subject to income tax and you were not claimed by someone else as a dependent, you must file a 2007 federal tax return to receive the tax rebate,” Byrd said.

Q: Do I have to pay someone to help file the 2007 federal tax return? 

A: No. There are numerous VITA/TCE sites available in southwest Missouri that offer assistance to help you file the 2007 federal tax return for free.

Q: If I have already filed a Missouri property tax credit, must I now also file a 2007 federal tax return to receive my rebate?

A: Yes. Again, VITA/TCE sites are available in southwest Missouri offering free assistance to file the 2007 federal tax return.

Q: How can I speed up the receipt of my rebate? 

A: Bring information about your bank account (bank routing number and your bank account number) with you to be included on the 2007 federal tax return and you will receive your rebate back much quicker.

Q: What if I do not have a bank checking or savings account? 

A: You have plenty of time to open a bank checking or savings account prior to filing your 2007 federal tax return to enable you to receive the rebate quicker. Information on these bank checking or savings accounts will be available at VITA/TCE sites.

Q: Where are the free VITA/TCE sites? When are these services offered?

A: Services are available from 10 a.m.-2 p.m. on the following Saturdays: Feb. 16 and 23, March 1 and 8, and April 5 and 12 at Missouri State University’s Glass Hall, fourth floor, or at the Springfield-Greene County Midtown Library, 397 E. Central St. Tax help will also be available from 2 p.m.-7 p.m. April 15th at the Library Center. No appointment is necessary.

Call (417) 823-8084 for appointments at various Springfield Public Schools during February.

Q: What do I need to bring with me?

A:         Proof of identification

            You and your dependents’ Social Security numbers

            Birthdays for you, your spouse and dependents

            Income information (W-2s, 1099s, interest, dividends, etc.)

            Bank account number and routing number for direct deposit

            2006 tax return if available

            Total paid for daycare provided and the daycare provider’s tax identification number

            Signatures of both spouses if you’re filing joint tax return electronically