Impact of Tax Refunds on Federally Funded Public Benefits
Individuals with disabilities are often concerned that a tax refund will impact their eligibility for one or more public benefits. A permanent extension of the rule disregarding refunds within The American Taxpayer Relief Act of 2012 clarifies the rule across federally funded programs. The disregard notes that tax refunds, including refunds from tax credits such as the Earned Income Tax Credit (EITC), shall not be taken into account as income for purposes of determining eligibility for benefits. Tax refunds and credits shall not count as resources for a period of 12 months from receipt of the refund. These disregards apply to any federal program and/or any state or local program financed in whole or in part with federal funds. Download a handy fact sheet on the Impact of Tax Refunds on Federally Funded Public Benefits
Explore Your Options as a Social Security Beneficiary
Choosing to work can change your life. If you have a disability and want to work, the Ticket to Work program may be right for you. Ticket to Work can connect you with the right people to help you explore your options, prepare for work, or gain experience while staying in control of your benefit choices. If you are age 18 through 64 and receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) you already qualify.
Get answers to your questions, access information and resources, and receive expert advice on Work Incentives and the Ticket to Work program at ChooseWork.net
Taxes and Tax Preparation
Tax Filing Deadline Approaching
You have until Tuesday, April 15, 2014
to file your state and federal taxes. If you or someone you know has a household income of $58,000 or less, you can save by preparing and filing both your federal and state taxes 100-percent free on www.myfreetaxes.com
! The MyFreeTaxes website will be available through October 15, 2014; however, the Helpline, which is staffed by IRS-certified volunteers to assist self-filers with questions will only be available through April 30. If you are not able to file your federal individual income tax return by the due date, you may be able to get an automatic 6-month extension of time to file. To do so, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return
by the due date for filing your calendar year return (usually April 15) or fiscal year return. This form is also available en español
Top 12 Financial Capability Links
In celebration of National Financial Capability Month, we surveyed our National Disability Institute staff to determine the web links we like and use the most as we support efforts across the country to improve the financial capability of people with disabilities. Explore these Top 12 Financial Capability Links
for more information and resources on employment, benefits, taxes, financial education and asset building.
Utilizing Tax Time to Improve Your Financial Well-being
Whether an individual receives a tax refund or owes money, tax time offers the opportunity to take a step forward on one's path to financial stability. When an individual receives a tax refund they have multiple options to pay down debt, catch up on bills, or invest toward the future. Visit the MyFreeTaxes "Tax Savings Tips for Everyone" page
for tips on how to use a tax refund to improve one's finances. Receipt of a tax refund or owing taxes can also mean that a person's withholding election should be adjusted. The benefit of taking another look at one's withholding election is two-fold, 1) increase withholding to avoid owing at the end of the year, or 2) decrease withholding to keep more money available in your monthly budget. This month, take a closer look at tax withholding elections to maximize monthly income and minimize debt at tax time. Use the IRS' withholding calculator
to adjust your withholding election with your employer.
National Disability Institute Sets 2014 Public Policy Agenda
National Disability Institute created its 2014 public policy agenda to help build financial capability and access to the economic mainstream for all people with disabilities. With policy priorities that include recommendations to improve tax and social policy and cross-agency collaboration, National Disability Institute encourages members of the REI Network to continue to work with us to make these policy priorities a reality.
View National Disability Institute's 2014 Public Policy Agenda
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