Does Obamas new stimulus plan include rebates for families?
I am not talking about tax credits, but actual rebates sent to us like the money we got last year? I heard it did, but was wondering if anyone knew for sure and how much. Thank you.
- Anonymous1 decade agoFavorite Answer
In March of 2007 the internal revenue service announced that they would begin mailing stimulus checks to those who qualified. Many taxpayers received their checks by the end of July but many people were surprised that the amount was less than they had anticipated.
It was originally thought that couples would receive $1,200.00 and then an additional $300.00 per qualifying child. This amount was decreased either because your income levels were to high or you did not pay enough in tax liability in the 2007 tax year.
If you did not received a stimulus check in 2008 or it was less than you thought it would be, then you may be able to claim those additional funds on your 2008 tax return as a credit. It is being called the rebate recovery credit.
Here is a list of the forms necessary and what lines you will need to claim this credit on:
Form 1040- Line 70
Form 1040EZ-Line 9
Even if you do not plan on filing a 2008 tax return, it is necessary to claim this credit. You may qualify for this additional rebate if your income decreased dramatically in 2008 or you added an additional qualifying child to your household.
The IRS will automatically figure how much more of the rebate you are entitled to or you can do it yourself at the IRS website. These funds will not be delivered to you in the form of the 2008 Stimulus checks. They will be added to your 2008 tax refund.
- bidatschLv 44 years ago
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- Wayne ZLv 71 decade ago
There are no plans to issue additional checks this year.
The "stimulus" will be in your paycheck a little at a time.
- JudyLv 71 decade ago