By Meredith Gardner
meredith.gardner@theindependent.com

Then be sure to file your tax return.

Those not normally required to file federal income tax returns because their income is low or tax-free must file one this year to receive a stimulus payment.

President Bush signed the Economic Stimulus Act of 2008 into law on Feb. 13. The U.S. Department of the Treasury plans on sending out payments to more than 130 million people starting in early May, according to the Internal Revenue Service.

Stimulus payment amounts will be based on information from 2007 tax returns, and qualifying individuals do not need to do anything other than file a federal income tax return to receive a payment.

In addition to a media outreach effort, the IRS is working with the Social Security Administration and the Department of Veterans Affairs to ensure their beneficiaries understand the filing requirement, Christopher Miller, IRS spokesman, said.

The IRS is also preparing a special mailing with tax filing and stimulus payment information for Social Security and Medicare beneficiaries who don't normally file a tax return, said Linda Stiff, acting commissioner of the IRS.

The IRS is expecting to receive an additional 20 million to 25 million income tax returns this year because of the stimulus payments, Stiff said, and Congress has provided a supplemental budget allocation to provide for extra staff and other needs.

Individuals who make at least $3,000 in qualifying income can receive a stimulus payment.

Qualifying income includes earned income, such as wages and net self-employment income, as well as Social Security or certain railroad retirement benefits. Veterans' disability compensation, pension and survivors' benefits received from the Department of Veterans Affairs in 2007 are also eligible, according to the IRS Web site.

The exact amount of the stimulus payment will be equal to a filer's net income tax liability but cannot be more than $600 or less than $300 for individuals. Couples filing jointly may receive a minimum of $600 or a maximum of $1,200. Filers can also receive $300 per eligible child who was 16 years old or younger as of Dec. 21, 2007.

People whose tax liability does not qualify them for the maximum amount this year may be able to receive the difference between the amount they received and the maximum next year, Stiff said.

Those with adjusted gross incomes of more than $75,000 individually or $150,000 for married couples filing a joint return will receive a reduced amount. High-income individuals may not be eligible for a stimulus payment.

In the coming months, the IRS will offer an online calculator to help filers estimate their stimulus payment, Miller said.

Unlike the stimulus payments issued in 2001, those who receive a payment this year will not owe the government money in the future because of it, Stiff said, as filers will not have to include the stimulus payment amount as part of their taxable income for their 2008 return. The stimulus payment will also have no effect on the tax refund amount filers receive next year.

However, people who receive stimulus payments should keep a record of it, Miller said.

"(There) may be some people who didn't qualify for the payment or didn't qualify for the full payment that may be eligible for the benefit next year when they file their 2008 tax return," Miller said.

The payment schedule is still being determined, Miller said, and filing a tax return early will not necessarily equate to a faster stimulus payment.

The IRS is considering using geographic location and Social Security numbers as part of its payment schedule, Stiff said.

Those who wish to receive their stimulus payment more quickly should consider using the direct-deposit option when they file their federal income tax return instead of receiving a paper check, Stiff said.

The IRS will send those who filed using direct deposit a notice within seven days of the deposit relaying the amount of the stimulus payment, she said.

Free help with filing taxes is available for those in need of assistance. For more information, visit www.irs.gov or www.canhelp.org, or call (877) 557-2200.