As this is a federal stimulus program, ORTA is encouraging members to contact their Federal legislators - U. S. Senator Voinovich and U. S. Senator Sherrod Brown and their U.S. Representative for further information. As it stands now, ORTA's position is that some retirees will receive the stimulus benefit and others won't receive it depending upon income level and other circumstances. The best option is that if you have filed your IRS information, wait to see if you get a check.

The following message has been received by ORTA from the office of U.S. Senator Sherrod Brown:

Good afternoon all,

Yesterday afternoon I attended a teleconference call with the IRS on the topic of the Economic Stimulus payments.  I did obtain substantial information I thought may be helpful to the staff.  However you may forward calls regarding this to me.  Below are the questions and answers to the Economic Stimulus payment plan:

Economic Stimulus Plan

Q: How much will be received?

A: Anywhere from $300-$600 for individuals; $600-$1200 for married couples

Q: When will it be disbursed?

A: Schedule of payment will be sent out next week.  Issuance of checks to begin in May

Q: How will the payment be disbursed?

A: Will disburse as a paper check or direct deposit into bank account, depending on how tax return is filed.  If individual elects to receive tax return via paper check or direct deposit, stimulus will be received in the same form.

Q: Who qualifies for stimulus payment?

A: An individual who files taxes by April 15, 2008 making at least $3,000 and no more than $75, 000 in income/year; joint filers making at least $3,000 and no more than $150,000, in income/year. *Must have a valid social security number*

Q: What type of income qualifies?

A: *Social Security recipients- this includes: Retirement, Survivor & Disability Benefits

(Does not include Supplemental) (Beneficiaries may look on form SSA1099-box 5, to see if they qualify.)

*Railroad Retirement Tier One Beneficiaries (check form RRV1099-box 5 to see if eligible)

*Veteran’s receiving: VA Disability, Pension & Survivor Benefits

*Earned income-wages, salaries, tips, employee compensation, etc.

*Requirements: Must file by April 15, 2008 or with approved extension being requested and approved by April 15, 2008.  With extension, must file by October 15, 2008.  If person does not typically file a Federal Income Tax Return, must complete & file a tax return, but needs to write on top of the form: “Stimulus”.  Information required of form for individuals that do not normally file: name, address, social security number and one or two further entries.  * If one does not file by April 15, 2008 & are not required to file, an extension will not be needed.

*Types of income that will not count towards income requirement: Alimony, Child Support, IRA’s, 401K, Unemployment compensation and Workman’s Comp.

*Individual’s that do not qualify for Stimulus payment: Individual’s with ITIN (Individual Taxpayer Identification Number) instead of social security number; anyone who can be claimed as “dependent”.

*Special Points*

*If one is under the age of 65 & makes less than $3,000 in one form of income, one may combine any of the qualifying income to meet $3,000 requirement

*Child Support, Student Loans, Federal & State Tax obligations that have been turned over to the Treasury Department for collection may offset or reduce check

*If one did not qualify in 2007 & the circumstance of the individual or family changed in 2008, they may request the additional amount of the stimulus payment to be included on the 2008 return.

*Stimulus will not show as taxable & will not reduce refund for 2008.

* Interest income does not qualify

*If tax liability is less than $300, stimulus payment bumps up to $300.

  Kristen M. Jackson

U.S. Senator Sherrod Brown

200 N. High Street Rm. 614

Columbus, Ohio 43215

Ph.: 614.469.2083

Fax: 614.469.2171

Toll Free#: 888.896.6446