SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!More 2008 Tax Rebate Money Coming – Recovery Rebate Credit
February 6, 2009
The IRS has released information on what they are calling the 2008 Recovery Rebate Credit. The Recovery Rebate Credit is an extension of the 2008 Tax Stimulus Rebate that is available for certain indivuidals.
The recovery rebate credit is not another check, but will give you the amount back on your 2008 tax return. You need to claim the recovery rebate credit on Form 1040, 1040A or 1040EZ.
What are the conditions to qualify for the 2008 Recovery Rebate Credit?
- Individuals who did not receive an economic stimulus payment.
- Those who received less than the maximum economic stimulus payment in 2008 — $600 per taxpayer; $1,200 if married filing jointly — because their qualifying or gross income was either too high or too low.
- Families who gained an additional qualifying child in 2008.
- Individuals who could be claimed as a dependent on someone else’s tax return in 2007, but who cannot be claimed as a dependent on another return in 2008.
- Individuals who did not have a valid Social Security number in 2007 but who did receive one in 2008.
I actually qualified from the third option. I had my daughter in August 2008. I was clued into this by Turbo Tax when it showed me this screen during my Federal Tax review:
This was a pleasant surprise since I was unaware of this recovery rebate credit in the first place.
There is a Recovery Rebate Calculator if you would like to see what you qualify for as well as a Question and Answer page that can clarify your questions.
Remember, that you like the last rebate, you need to file a 2008 tax return to receive the recovery rebate credit if you qualify. Accorind to the IRS, “You must file a tax form to claim the credit, and be sure to fill in lines 7, 20a and 70 of your Form 1040 (lines 7, 14a and 42 of Form 1040A; lines 7 and 9 of Form 1040EZ).”
This does not take the place of the potential 2009 tax stimulus rebate that congress is pouring over right now, so hopefully there is more money to come!
NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.
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[...] EDIT: Do you qualify for the 2008 Recovery Rebate? Find out HERE. [...]
i myself am a single women trying my hardest to make ends meet. not only is gas and food going up, but now we have to make sure that we spend 50 or more a month to be able to lay back on our couches after a hard days work. i personally work at a mr facility and take a chance daily of getting hit, just so these unfortunet kids have a good meal. i think i deserve monies back on the stimulas.
It will be interesting to see if the rebate stimulus checks go out to those that did not qualify because of a high income. I have mixed feelings about this because although these folks are making a high income, in some parts of the country this may be expected, depending on the cost of living. Thankfully programs such as TurboTax will take this into account and figure out eligibility automatically.
So are they or are the not sending the rebate checks? My dad is on SSI and got one last year after fileing , will he have to file again this year to get one? or is it automatic depoist?? they need to do it or not do it and stop messing around, as it sure was no problem sending out money to the “Big Wigs” on wallstreet.
so many of us are struggling to keep our heads above water ,we need a check instead of tax credits that dont apply to most of us