Did you know that if you did not qualify for the tax rebate last year, you can try to qualify for it again this year? For instance, if your income was too high or you did not make enough last year to qualify for the rebate, you might be able to get it this year by asking for it on your 1040 form this year. According to the IRS, this credit is a new refundable credit that is related to the 2008 economic stimulus payment. Generally, a credit increases the amount of a refund or reduces the amount of taxes owed. Those who did not receive their economic stimulus payment (or did not receive what they were fully entitled to) in 2008 are eligible for the credit. Here are a few FAQ’s from the IRS website that will help you determine if you are eligible for the tax rebate this year:
Who is eligible?
Those who were eligible for the stimulus payment but did not receive it (or did not receive what they were fully entitled to) in 2008 are eligible for the credit. Also eligible for the credit are those who did not meet the requirements for the stimulus payment last year but whose circumstances have since changed, causing them to now meet the requirements.
How will the recovery rebate credit payments be made?
The Treasury won’t send out separate economic stimulus payments for 2009. Instead, those eligible will claim the rebate credit on their 2008 returns. Credits generally increase the amount of a refund or reduce the amount of taxes owed.
How do I claim the recovery rebate credit?
Use the recovery rebate worksheet that is found in your 2008 tax booklet to figure the credit you can take, if any. Then, include that figure in the payments section of your 2008 tax return.