May
7
Didn’t get your full economic stimulus payment this year? Good news, you have a second chance to get your stimulus money in 2009.
Didn’t Get the Full Stimulus Payment?
Many people didn’t get the full stimulus payment. There are several reasons for this. A large number of people had to file amended tax returns. Several people reported problems with other people claiming their dependents.
Others either made too much money or too little money in 2007. Because of this they either weren’t eligible for the stimulus payment at all, or received a reduced payment.
How Can I Qualify Next Year?
Because the stimulus package is actually an “advanced tax credit on the 2008 tax return” you have second chance to qualify. If your tax situation changes you could qualify for the portion of the stimulus payment that you didn’t receive this year.
What type of changes will help you qualify?
- Increased Income
- Decreased Income (See the phaseout details here)
- Getting Married or Divorced
- Having a baby
- Adopting a child
So if any of these change you eligibility for the payment can change.
So How Do I Get My Money in 2009?
The IRS will include a worksheet on 2008 tax returns. The worksheet will help you calculate if you are eligible for a tax credit on your 2008 taxes.
Can I Get My Money in 2008?
If you didn’t file taxes or you weren’t eligible at the time you filed, you’ll have to wait until 2009 to get the money. Also if your tax situation changed after you filed taxes (you lost your job, started a new job or had a child), you’ll have to wait until 2009 to get your money. You should check with the IRS if you have specific questions about your situation. I highly recommend you contact the IRS if your situation is very unique.
Stimulus Payment is an Advanced Tax Credit
Finding details on how the stimulus payment actually works is difficult. I usually only like to refer to first hand sources like the IRS stimulus payment web site. However after many unsuccessful searches of the IRS site for information regarding the actual mechanics of the stimulus package, I’ve resorted to using other trustworthy sources.
My Sources
The best page I could find that is both trustworthy and accurate is this TurboTax stimulus second chance help page. I corroborated the details with this CNN Money article on the stimulus payment so I’m fairly certain I have accurate information. If you have any better trustworthy sites that have information, please post a link in the comments.
Categories Government Taxes
Tags Economic Stimulus Government IRS Rebate Stimulus Payment TaxesRelated Posts
- Will There be a Second Stimulus Package or Payment?
- Is the Economic Stimulus Payment Taxable Income?
- IRS Stimulus Payment - Questions and Answers
- IRS Stimulus Payment Rebate Calculator
- IRS Stimulus Payment: How Much Will You Get?
