Did you know the government sent out nearly 119 million economic stimulus payments last year? If you got one, you’ll need to know the amount of the payment while filing for your 2008 tax return. You may or may not be eligible for the 2009 recovery rebate credit.
Last year the IRS mailed out Notice 1378 to individuals who received an economic stimulus payment. You will need to consult that paper for the amount you received. If you’re not so good at keeping track of all those papers then, don’t worry. You can go online and with the click of a mouse, have your answers in a few seconds. The IRS website will have tools to help you find the amount.
If you don’t have Internet access or feel uncomfortable, you can call the IRS and get your answers over the phone. You will need to have some information handy like, your social security number, your filing status, and the number of exemptions you claimed last year.
Once you get the amount, don’t lose it or forget it. You will need this amount when you file your taxes for 2008. There will be a recovery rebate worksheet to use if you’re filing with the old paper method and the software will figure it for you if you’re filing electronically. Keep in mind this number will not appear on your tax return but, is necessary to determine the accurate determination of the recovery rebate credit amount.
Just remember to really pay attention to the questions the software is asking you or to read carefully if you’re filing using the paper method. The stimulus payment will not be entered directly on the return.
You will not need to run to the mailbox to see if your 2009 economic stimulus check has arrived. It will not be sent out in a separate check form this year.
You can visit TurboTax Online to find more answers to all of your 2009 economic stimulus payment questions. Turbo Tax has easy to use calculators and many other quick and easy tools to use for estimating your tax credits and benefits.
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