TurboTax 2009, 2010

Who Will Get a Tax Stimulus Rebate Check in 2009

You may be entitled to an additional tax rebate if you did not receive a stimulus check in 2008 or if you received a reduced amount. The stimulus checks were supposed to give up to $600.00 to individuals and up to $1,200.00 per couple. It also allowed up to $300.00 additional dollars for each qualifying child.

How Much?

The IRS is planning on distributing an additional $10 billion dollars to those individuals who may have a second chance at additional stimulus funds. This rebate will be beneficial to people who may have had an income decrease in 2008 or had a child.

Recovery Rebate Credit

If you think you may qualify then you should be aware that you will not receive an additional check in the manner you received your 2008 stimulus payment. This will simply be a rebate given on your return. This rebate will either lessen the amount of tax liability you owe or increase your refund amount.

You must file a return for 2008 in order to get this rebate. Even if you normally donʼt file a return you may still get this rebate. You must have earned at least $3,000.00 in wages during 2008. These wages can also come from income such as Social Security, Railroad Retirement, and certain veteransʼ benefits. This would allow for a minimum of a $300.00 rebate.

If you have a simple return and need to file in order to get a small rebate, consider using an online tax preparation service such as TurboTax Online. They currently offer a no charge free edition for simple returns. TurboTax has all of the up-to-date information regarding the 2009 stimulus credit. Visit TurboTax Online to file for your additional credit.

Tax Stimulus Rebate Plan 2009, Stimulus Payment 2009

On your 2008 tax return you may be eligible to claim the recovery rebate tax credit. This amount will be up to $600 for a single person and up to $1200.00 for a married couple filing jointly. To be able to receive this credit your tax liability must be more than the credit. This would also include and AMT taxes minus any nonrefundable credits you may have claimed other than the child tax credit. A credit of $300.00 will be available if you meet either of the following two requirements:

• Your earned income must be at least $3,000.00. This should include disability payments as well as social security payments.

• Your earned income is more than $8,950 for single filers and $17,900 if you are married and filing jointly.

If you do in fact meet any of the above requirements then you may also be eligible for a $300.00 credit for each qualifying child. To receive the credit either for you or children, a social security number is required. You will not receive this credit if you are a dependent on someone else’s return.

This credit may be reduced by certain factors. Your average gross income for a single filer must be below $75,000 and below $150,000 if you are married filing jointly. The credit will be decreased by 5% of your average gross income for any earning above and beyond the credit thresholds. If you did receive a stimulus check in 2008 then this amount will also be eliminated from your total recovery rebate credit. You will not be required to pay any overpayments back if your credit is less than the stimulus check that you did receive.

TurboTax will automatically let you know, as you prepare your 2008 tax returns, if you qualify for a tax rebate. It will also do the calculations for you.

To claim the credit on your 2008 return, please visit TurboTax Online.