Economic Stimulus Checks – A Second Chance

An ex-Hellerite who is a goddess in my eyes, points out some valuable information: if your income was above the threshold for receiving an economic stimulus check this past Spring (or you received a reduced amount), you may be still be in luck to collect.

Here’s why:

Under the law, those who paid federal income taxes in 2007 could receive as much as $600 (indivdual) or as much as $1,200 (married filing a joint return), and another $300 for each child. Once incomes exceed $75,000 ($150,000 for joint filers), you lose five percent of the total above the applicable threshold. Example: $50 for each $1,000 above the cap

But if your income in 2008 is projected to be below the cap, there is hope. Under the economic-stimulus law, eligibility is based on your federal income-tax return for either 2007 or 2008.

Therefore, if you didn’t get an economic stimulus check based on your 2007 return or received less than the maximum amount, you could still qualify for a “recovery rebate credit” on your 2008 return, to be filed in 2009. And a family with a child born in 2008, may also be eligible for a credit on their 2008 return.

This is good news and I’m sure you’ll be hearing more about it in the news over the next few weeks and in April 2008 during tax preparation time.

http://online.wsj.com/article/SB122644679231318919.html

Heller Drone
Cruise Director 

 

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