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.
Will everyone get the stimulus rebate? What about those on social security and va benefits?
Posted by: John Smith | February 16, 2009 at 04:01 AM