April 15th is still three months away. While thinking about income taxes in January may be taxing to the brain, not all news from the Internal Revenue Service is depressing.
In fact, some people may be eligible for a credit of all or some of the economic stimulus rebates received in 2008.
Its called the recovery rebate credit, and its for anyone who didn't get the full amount on their economic stimulus check last year, or for those whose circumstances may have changed.
The maximum stimulus amount for an individual was $600. For a couple, it was $1,200, with an additional $300 for each qualifying child.
People may not have received the full amount because their gross income was either too high or too low.
Those who didn't have a social security number last year, but have one this year are eligible. As are those who didn't get a stimulus check at all, which could mean recent Aggie grads.
" If you are a fresh college graduate, you were claimed on your parents return last year, you wouldn't have been eligible for the credit. But this year, if you have a job and you're not claimed on your parents return, you are eligible for the credit and you will probably get the maximum," said Jim Trotter, a certified public accountant.
If you had a baby in 2008, you may also be eligible for the recovery rebate credit. Filers who aren't sure, can let the I-R-S calculate it for them, if they file using form 1040, 1040A, and 1040EZ.
Follow the link below, for information about the program from the IRS.
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.