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Boomers and Seniors Benefit from the Obama Stimulus Plan

Posted on February 19th, 2009 by Iwaller

American Boomers, Seniors and Retirees may expect a $250 benefit from President Obama’s economic Stimulus Plan, beginning in May.  This plan, known as the American Recovery and Reinvestment Act of 2009 will provide individuals who receive Social Security/SSI, veterans and anyone receiving federal retirement benefits and requires no action by those who qualify if you have filed an IRS tax filing in 2007.This elite group of Americans must have their correct mailing address and/or direct deposit on file, but those already receiving Social Security, SSI, Veterans and other federal retirement benefits should already have correct information on file.

Individuals of course, must be eligible for Social Security during the three months prior to the enactment of this new bill, which means people eligible in November and December 2008 and January 2009 would be eligible.

The stimulus payments will not have any impact on IRS tax filing of 2008 tax returns.  The changes will impact the 2009 tax year IRS filing which would be made in 2010.

Please access the IRS Newsroom web site for additional information regarding the stimulus plan and payments. This website has an online tool to assist taxpayers in calculating the amount of stimulus checks and to track the status of your check.  Low income taxpayers will have to complete IRS Form 1040A to apply for the stimulus check.

The IRS provides free Tax Counseling for the Elderly (TCE), a program to help people over 60 and older with questions about the stimulus plan.  Call the IRS toll-free number at 1-800-829-1040.

This is one American who appreciates President Obama and the Democrats who fought for this bill and ensured older Americans were included.

Filed under: Senior Finances and Economy

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