baltimoresun.com

« DTV: Waitlist for digital television converter coupons | Main | The Naughtiest Business of 2008 »

January 6, 2009

Tax Rebate Recovery

Didn’t get an economic stimulus check last year? Or, maybe your rebate check was smaller than the maximum amount?

If so, you may be eligible for rebate recovery.

The Internal Revenue Services announced today that taxpayers will be able to recover a rebate if they are now eligible for the money, but weren’t before.

The maximum amount is $600 for individuals; $1,200 for couples. Plus, parents can receive up to $300 per qualified child.

The stimulus payments were based on financial information that appeared on 2007 returns, although technically it was a 2008 credit. So, if your financial situation changed last year, you might be eligible for the rebate if before you didn’t qualify.

For instance, if you had a child in 2008, you could get an extra $300. Or, if your income in 2007 was too high to qualify for the rebate, you might be eligible now if your earnings fell last year. Also, if you were ineligible because you were a dependent, but no longer, you can qualify for the rebate.

To recover the rebate, you will need to file a 2008 form 1040, 1040A or 1040EZ.

You can calculate the “recovery rebate credit” yourself using the instruction work sheet that comes with the forms. The IRS also  will offer an online calculator to figure out if you’re eligible for the money and how much. It's not up yet, but the IRS is offering other information online.

Or, you can have the IRS do it by following the instructions under “Credit Figured by IRS.” Tax software programs will automatically calculate the credit.

If you received a partial rebate lat year, you will need to include that amount.

Posted by Eileen Ambrose at 1:04 PM | | Comments (0)
Categories: Tax rebates
        

Post a comment

All comments must be approved by the blog author. Please do not resubmit comments if they do not immediately appear. You are not required to use your full name when posting, but you should use a real e-mail address. Comments may be republished in print, but we will not publish your e-mail address. Our full Terms of Service are available here.

Please enter the letter "u" in the field below:
-- ADVERTISEMENT --

Follow us on Twitter
Most Recent Comments
Baltimore Sun coverage
Personal Finance
Stay connected