Economic Stimulus Payments in 2009, Second Chance to Qualify!

Did you miss out on a tax rebate in 2008? Didn't get your full share?

Good news. You’re allowed a second chance under the 2008 law that created the tax rebates, also known as economic stimulus payments. This do-over rebate is also called a "recovery tax rebate" or "recovery rebate credit."

You're eligible for a "recovery tax rebate" if you:

• Filed a 2007 tax return, but didn't qualify for a rebate, or qualified for less than the full amount.

• Had a financial or other life change in 2008 that would make you eligible for a recovery rebate, or a larger rebate.

What kind of changes improve my second chance for a rebate? They include:

• Increased or decreased income in 2008
  
• Arrival of a newborn or an adoption during the year
• Getting married or divorced

How much are the rebates worth?

Many people who got a rebate in 2008 received the maximum of $600 each, or $1,200 if married and filing jointly, plus $300 each for every child age 16 or younger.

Some people with low incomes -- and some who receive Social Security and Veterans' pensions -- got a minimum of $300 per person or $600 per couple.

However, some people did not qualify because their incomes were either too high or too low. Others didn't because they did not have Social Security numbers as required.

When would I get this recovery rebate?
 
You will get the rebate once you file your 2008 income tax return, in 2009. The payment will NOT be in the form of a direct deposit or mailed check, as it was in 2008. Instead, it will either increase your refund or reduce your federal income taxes owed, by the amount of the rebate. That is, dollar for dollar.

It's a win-win.

If you didn’t get a full rebate based on your 2007 tax return, you can use your 2008 income to qualify, when you file your return in 2009. And even if you got a rebate based on your 2007 return – and your life circumstances during 2008 would make you ineligible for a rebate – you don’t have to give your “overpayment” back. Really!

Sounds too good to be true. What's this about?

It’s a bit complicated, but in a nutshell:

The rebate, for most people, was actually an advanced credit on their 2008 income taxes. That credit does NOT need to be repaid or be subtracted from your 2008 tax refund when you file your return in 2009. It will also not be taxed later (although it will be reported when you file your return in 2009). The credit is essentially free money.

The government first gave the rebates out in early 2008, rather than in 2009, to help stimulate the economy. However, people who missed out or were considered ineligible in 2008 can qualify in 2009.

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

Below are several examples of people who could get a recovery rebate.

I didn't qualify for a rebate because my 2007 income was too high. But I was laid off in March 2008. Can I get one now? If your 2008 income dropped below the cutoffs -- rebates are reduced starting at $75,000 of adjusted gross income, or AGI, for single persons and $150,000 AGI for married couples -- you will likely qualify. But you will have to wait to get yours until you file your 2008 tax return in 2009.

1. In 2007 I was a college student, earned less than $3,000 and didn't pay any taxes. In 2008 I had a full-time job. Do I qualify? Probably, if you meet all the requirements and file a 2008 tax return in 2009.

2. My husband and I had a baby in 2008. Will we get the $300 child rebate? Yes, in 2009, assuming you would otherwise qualify.

3. I didn't get a rebate because I used my Individual Taxpayer Identification Number (ITIN) when I filed. If I got a Social Security number in 2008, can I amend my 2007 return and get a rebate? No. You'll need to wait until 2009 when you file your 2008 tax return.

How can I get a recovery rebate in 2009?

TurboTax Online will let you know if you qualify and guide you as your prepare your tax return. So relax, if you qualify TurboTax Online will ensure that you get one.

Comments

[Chris]

I have searched on my TurboTax Deluxe (new version I purchased last week) and there is no search topic on the stimulus payment. I made $300k in 2007 and wasn't eligible last year but in 2008 I only made $130k and would be fully eligible for the $1800 stimulus payment married with 2 kids.

But when I review a return I don't see anywhere that Turbo Tax shows me getting the $1800 credit.

What section of the software shows this credit???

[Amy]

I think that is the most ridicilous comment I've seen yet. Here this man is talking about getting money from the government, yet he makes over $100,000 dollars a year. There are people out there that don't have jobs because of the economy, and you are worried about your precious $1800.00. Do you know anyone who deserves this $1800.00 more than you do??? The children of america, whose fathers die at 32 years old from a heart attack, and the government sends a 3 yr old, a 4 yr old, and a 9 yr old, $230 a month to survive! Now go to work, make your money, and whine about how the government needs to give you more money to survive!!! You don't know what surviving day by day is.

[TexasMom44]

Well in defence of Chris. He probably paid more taxes than most of the folks in America on his $300,000 income. If Chris can get $1800.00 of the money "he" paid back to insert into the economy perhaps it will help others keep their job. I am truly sorry for the very sad situation of the young father's death and I do understand what it is like to survive day by day being an orphaned at a young age myself.

[Joe]

Hey Amy. Maybe Chris was going to take his $1,800 and donate it to the American Heart Association. Did you ever think of that? The guy had a technical question about the software and you are jumping all over him because all you know is how to sit on your high horse and dictate what everyone else should be doing. Why don't you quit worrying about what other people do with their money that they earn and worry about yourself. Everyone is surviving day by day. Some people choose to do something about it to try and make life better for themselves and their family. And then there are those like you that would rather sit around and whine about everything and blame everyone besides themselves for all of their problems in life. And by the way, any responsible man will take out a life insurance policy to take care of his 3 kids in the event something should happen to him.

[Joseph Ballew]

I have been a student for 4 year and lived on student loans only. Do I qualify for the stimulus package?

[Mandi]

I am not sure but I think that turbo tax doesn't show the economic stimulus payment because it has not been approved yet. (Due to go into effect Feb 16th if approved). If I am wrong and someone has seen it on turbo tax please let me know. So....I guess we are supposed to wait to file until after it goes into effect?

[Nickole]

im a single mom who had no job until the very end of 2008 and did not recive my first paycheck until january of this year and my question is would i qualify for the stimulus plan if anyone can tell me please let me know.

[Tracy]

The Poor people That work need a stimulus refund break.sunshine7668@charter.net

[Cathrine]

My mother receives a social security check and also a social security disability check (SSI).
Does SSI count towards the $3000? I believe I read somewhere that SSI doesn't count. Can anyone please let me know.
Thanks in advance.

[Bruce Bean]

I am disable and get 18,000 a year. Do I get a rebate check?

[Bruce Bean]

I am disabled an i make 18,000 a year . Will i get a tax rebate this year ?

[Italian Princess(aka Nicole)]

To all who have written. Amy you are right, but everyone is money hungry. And no matter how much you make, you always want more. I really don't think he wanted to donate his money, rather than spend it on himself. Who know's and really who cares. I'm not sure if anyone is getting anything?? But my mother always told me, you don't get something for nothing. So on that note try to life your life and work busting your ass's reguardless of what you do. And maybe one day you too can write and complain that you make 300,00 and want to know where you f'ing money is. Good luck everyone. And keep america wealthy. Ciao'

[Crystal Brown]

As far as the Stimulus check goes for the 2008 I never received the entire amount for myself and two children I received $953.00 out of the $1,200.00 that I was suppose to receive. Stimulus check huh it seems to me that it's just another promise to us hard working American's that are depending on this extra money that we are deserved and then when it gets here it's not what we where told.

[Michael L Laughman]

I am Dissabled and did recieve a $250.00 stimlus payment last year. This year we are making more. and I did draw my pension between Nov 2008 and still am, Do I qualify fo a stimlus payment this year?

[matthew berger]

Ifiled last year for a stimulus for my three grandchildren and myself and I owed money to F.O.C. and they took my stimulus and my three grandchildrens who I have custody of how unfair is that they had to be without the benefit.

[Carla]

You know what Joe, did YOU ever think that this 32 year old man may not have had a job that offered or allowed him to afford a life insurance policy and to be quite honest how many people really think about taking out a policy like that at that age anyway....unexpected things happen!!! I can very confidently say that I know there has never been a situation to come about that you were completely prepared for and had the answer and solution ready when that problem arose....the only way that you could possibly be prepared for every situation is if you know what is going to happen in every second of every day! And only GOD knows those things and I have news for you YOUR NOT GOD! You are a heartless and crude person...I would be willing to bet you are a democrat who makes a pocket full of money and are as greedy as greedy can be....your comments suggest that you feel the world owes you! And don't bother suggesting otherwise, because that debt you feel you are owed would come from the people of this country! You have some real issues and no right to criticise anyone until you fully take a look in the mirror!

[Robin Mercaldo]

I am a single mom and had 2 chilren at home last year & the year before, under the age of 16.The older child turned 17 at the end of Dec 2008. I was also self employed both years and had under 20,000 profit for 2007 and 16,000 profit for 2008. I did get a stimulus check of $900, should have been $1200, $600 for me and $300 per child times 2, according to what I have read. I did use the turbo tax online this year for 2008 but nothing was mentioned from turbo tax regarding any rebate for this, which should be $300. I just did my taxes on 4/13. Does that mean I will not be getting the ammended amount? Do I have to check somewhere? I saw nothing regarding this subject on there at all. I could really use it. Any input or feedback?

[Greg mcclain]

Your all a bunch of cry babies, if your depending on this money you think you so badly need then maybe,just maybe you need to start working on you finances a little harder. Like crystal brown cried ,( I only got 953.00) boo hoo you received some money rite? Could have not received a damn thing

[lorna alexander]

will i get a stimulus check this year i got one last year.

[amy]

oh sure. if you are here you were looking for yours too. stop hatin'.

[SallyAnne]

?????

[Doug Ridolfi]

I think we've seen it all! People earning great bucks in this great country, do not believe they should pay anything, but are a gift for being here.They usually work no harder, face no more hardships, they've forgotten how to love, care, give, or help anyone else. What would GOD tell you. Don,t tell me. I'm sure sure you have justified an answer with your greedy, selfish, thinking. NOT? ANALYZE IT FROM A SPIRITUAL POINT. iF YOU CAN EVEN GET YOURSELF THERE. MAY GOD HELP YOU AND ALL OF US.

[Doug Ridolfi]

Couldn't Resist another shot at u total idiots who want to dictate their judgemental thoughts on to everyone. Exactly what bus did u miss? Or were u even in line that day? Why should someone like u deserve what u got IN THIS COUNTRY, that u probably wouldn't have got in another, if u can't respect one of your fellow countrymans views let alone their opinion. I really do feel for the others that have to live around you people that think they even have a clue about what life is really about, Judging by your comments "I bet your a democrat with agreat paying job and a handful of money" SHOWS YOUR TOTAL IGNORANCE in these matters to the rest of u> GOD LOVES U ALL! _CARRYON!

[jenn]

Wow, i totally thought that this was a site to ask questions, not burn and break each other down!! Dang poeple, what one person has to ask is not an opportunity to show that you are a mean, bitter, arrogant person, it is them asking for a little help in something that they don't quite understand. God, this is what's wrond with our counrty. the arragance and ignorance of those that have nothing better to do with themselves but try to start something with someone else. We need to stop the bickering and open our hearts to those that are truely in need. God Bless

[j]

i never had a job in 2007 so never filed taxes in 2008 so never got a check i filed this year will i get a rebate check