2008 Economic Stimulus Payment is now the Recovery Rebate Credit

Good news, we still get our economic stimulus payment. It dawned on me the other day that I just submitted our 2007 income tax return, and we needed to file our 2007 return to be eligible for the stimulus payment.

I went to the IRS web site to read the details of how/when/if I could get my payment, and learned that the IRS was no longer issuing economic stimulus checks, but individuals could claim a one time recovery rebate credit on our 2008 tax returns. While we won't get the joy of opening up a nice check, it will still be good to save some money on our tax bill this year.

This may also be noteworthy for anyone whose situation has changed since they filed their 2007 tax return. If you had any kids in 2008 or significant changes in your income you might be eligible for a larger stimulus payment/recovery rebate.

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Comments (2)

On the other hand, the downside is if you earn more in 2008 than you did in 2007 and become phased out of the rebate, then you're SOL for submitting a late return =(

I was eligible for this - thanks for the tip! I'm not a fan of bailouts, but lower taxes sure help me stimulate the economy!

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