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| Tax Recovery Rebate Credit: See If You Qualify |
Submitted by:
christyp 01/27/2009 11:19 AM
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I just found out that I might be able to get the economic stimulus payout that I never got last year!!
My husband and I had a good year financially in 2007, and as a result we missed out on the economic stimulus tax rebate that was paid out in 2008. The government used 2007 earnings to determine eligibility. Of course, 2007 turned out to be the only year that we've ever made over the cutoff amount (cut off for joint was $150k and for single was $75k).
In 2008, my husband was laid off. Well, it turns out that we qualify to get the 2008 rebate afterall. Apparently, the government used 2007 to estimate who qualified, but if you ended up falling below the cut-off figures in 2008 due to job loss or whatever, you're eligible for the rebate. From the IRS website:
If you didn't qualify for the 2008 financial stimulus and your income has fallen dramatically, you could qualify for a "recovery rebate credit" on your 2008 tax return.
If we qualify for the rebate retroactively, that would mean an $1800 return for my family!!
I would definitely recommend looking into this to see if you qualify for the rebate. I am sure a lot of you are in the same boat as my family, with all of the layoffs in 2008. Good luck.
Here is the IRS link: IRS Recovery Rebate Credit |
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