Wednesday, January 21, 2009

The Economic Stimulus Payment

Did you get your stimulus payment in 2008, the check for $600 per person you were supposed to receive? Don’t despair if you haven’t, you can still get it.

There are a couple of reasons you might not have gotten your rebate in 2008. Your income might have been too high to qualify or you might have filed your tax return late. You are out of luck if your income was too high. That is not bad news. It is better to have a high income than to get a few dollars from Uncle Sam. If your return was late you can get the money by using the Rebate Recovery Credit on your 2008 tax return. Just remember to file the return. The earlier you file the sooner you will have the money.

Suppose you got your stimulus check in 2008. You could be eligible for more if any of the following has occurred in the past year:

* Your income went down from 2007 to 2008.
* You added a child as a dependent during 2008. This could be by adoption or birth.
* You became legally independent in 2008. This happens to people who graduate high school or college.
* You got a Social Security number in 2008. This would apply if you received your green card in 2008 and then got your Social Security number.

How do you calculate the additional amount? Here’s the good news: the IRS will calculate it for you if you wish. Just file your return and wait for the check.

Again you must file a return for 2008 to collect your money.

Check out this link to the IRS web site if you want more information:,,id=186065,00.html?portlet=7

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