Now that Congress has chosen to dole out $700 billion to bail out Wall Street, billions remain unclaimed from this year’s tax rebate.
Americans have less than two weeks — until Oct. 15 — to file a tax return, whether they owe any tax or not, to claim their piece of the economic stimulus plan.
Designed to get the economy back on its feet earlier this year by encouraging spending, experts say the payments offer people a way to stave foreclosure for a short time or push back some other debt. For others it could help replenish retirement funds diminished by the Wall Street collapse.
Rebates range up to $600 for an individual and $1,200 for a couple filing a joint return. Dependents can garner up to $300 for a family. Payments typically take up to 12 weeks to arrive.
All but forgotten in the foray of tumultuous Wall Street, the tax rebate program continues to issue checks to qualified Americans who apply for them.
“Don’t let the economic stimulus payment pass you by,” IRS Commissioner Doug Shulman said in a statement. “If you know a friend, neighbor or family member who may be (elderly or a disabled veteran), please give them a hand.”
The IRS has issued more than 76 million rebates worth $65 billion, and millions more in paper checks are being processed through the year.
At the minimum, 4.2 million people who receive certain Social Security payments and about 178,000 more who get veteran benefits — those who don’t normally file a tax return — have not filed for the stimulus payment, the IRS said Thursday.
Additionally, more than 10 million taxpayers who requested extensions from the April 15 filing deadline — 210,960 of them in Colorado — and could get a stimulus check must meet the Oct. 15 deadline.
By law, stimulus payments end Dec. 31, though people eligible for one who didn’t file in time can claim it as a credit on their tax return in 2009.
Thousands have complained that they have not received a check, the IRS said. They can check the status of a payment by visiting or calling 866-234-2942.
David Migoya: 303-954-1506 or dmigoya@denverpost.com
