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Didn't Qualify For A Tax Rebate? Second Chance For Those Who Lost Jobs In 2008A Tax Fact from The Tax Institute at H&R Block With the nation’s jobless rate at a 14-year high of 6.5 percent as of October 2008, many of today’s unemployed may now be eligible for a recovery rebate credit when they go to file their 2008 tax returns. More than 1.2 million jobs have been lost so far this year. For many of these now unemployed workers, if their 2007 income was too high to qualify for a tax rebate payment, their 2008 adjusted gross incomes may now be within range to receive a recovery rebate credit instead. Though the tax rebate payment was based on 2007 tax return information, it was actually an advance payment for a credit that will be calculated based on 2008 tax return information. The good news is that if you weren’t eligible in 2007, but are now eligible in 2008, you can claim the credit when you file your 2008 return. How much could my recovery rebate credit be worth? The credit is phased out by five percent of AGI over $75,000 (or over $150,000 for joint filers). For taxpayers without children, the maximum payment is fully phased out at $87,000 (and at $174,000 for joint filers). In other words, if you’re an individual with an AGI of $87,000 and above or a joint filer with an AGI of $174,000 and above, you are not eligible for the tax rebate. Any funds that you are now eligible to receive but missed in 2007, will be paid out as part of your refund with your 2008 tax return that you will file in 2009. How will you calculate your recovery rebate credit? The IRS also will have tools to help calculate their 2008 recovery rebate credit on their website www.irs.gov This Tax Fact is brought to you by The Tax Institute at H&R Block. To view other helpful tax information or listen to our Tax Fact podcasts, visit www.digits.hrblock.com As always . . . everyone’s tax situation is different, so be sure to consult a tax professional or financial advisor before making important financial decisions. This Tax Fact is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice, nor is it intended to be used to avoid IRS penalties.
Views: 6159 | Comments: 14
i filed my taxs in mid februry, do i get a a check this year?  lanell , 8 May 2009 14:04:29 GMT Booger Bill-
You may still be able to get a stimulus. In order to find out what you qualify for then please go to http://www.irs.gov/pub/irs-pdf/i1040gi.pdf and go to page 62 & 63.
-AshleyV, H & R Block TaxPro AshleyV , 9 Mar 2009 15:43:31 GMT Can I still get my stimulus check if I did not recive it because I did not make enough money in 2007 but I made money in 2008 and got laid off nov. 2008 I was hired feb. 2008 Booger Bill , 6 Feb 2009 05:29:30 GMT bz ...
You stated that your tentative recovery rebate credit (RRC) is $1,200, before considering the amount that you already received. You also stated that you received a stimulus check for $600. Thus, it would make sense that you would be able to claim a recovery rebate credit for the difference ($1,200 tentative RRC - $600 already received = $600 yet to claim.)
And remember, the credit doesnt come from your refund. Any credit you qualify for is added to your regular refund. You may request that your 2008 refund be sent as a check or electronically deposited into up to three accounts.
Best regards,
Brenda Schafer, The Tax Institute at H&R Block; MSA, CPA, CFP, EA
Brenda Schafer , 4 Feb 2009 18:30:55 GMT bz ...
You stated that your tentative recovery rebate credit (RRC) is $1,200, before considering the amount that you already received. You also stated that you received a stimulus check for $600. Thus, it would make sense that you would be able to claim a recovery rebate credit for the difference ($1,200 tentative RRC - $600 already received = $600 yet to claim.)
And remember, the credit doesnt come from your refund. Any credit you qualify for is added to your regular refund. You may request that your 2008 refund be sent as a check or electronically deposited into up to three accounts.
Best regards,
Brenda Schafer, The Tax Institute at H&R Block; MSA, CPA, CFP, EA
Brenda Schafer , 4 Feb 2009 18:30:53 GMT I filed my 2007 taxes in Oct. I didn't get my rebate check until January. They told me b/c they didn't cut my check before Dec 31st, there would be an opportunity to get it back with 2008 taxes. I bought the Fed/State H&R software. I have input most of the info. However, when I changed the amount from "0" to "600" that I got for a rebate, it didn't change the amount that I was to get back. I was testing it. My actual amount is $1200.00 that I should get... will that amount be added to the amount that the software tells me I am to get back? That would make sense...but I read somewhere that the tax stimulous amount comes with your refund and is not a seperate check this time. Confused?!?! Please help. Thanks so much!! bz , 4 Feb 2009 13:11:30 GMT vogele ...
Unfortunately, no.
There is no special tax benefit for having lost a job more than once in a single year.
I hope you have better luck this year!
Best regards,
Brenda Schafer, The Tax Institute at H&R Block; MSA, CPA, CFP, EA Brenda Schafer , 2 Feb 2009 16:39:00 GMT This will help me determine how to approach this situation. bobby , 30 Jan 2009 04:45:07 GMT If I lost one job due to nonpayment of wages with a company that went bankrupt and was laid off from the next job six months after starting, do I qualify for additional credit for having lost a job two times in 2008? vogele , 30 Jan 2009 04:12:17 GMT In response to the question below about filing an amended return but not having received the rebate...the IRS will review any stimulus request for 2008 and compare to what has or has not already been paid to a taxpayer for the 2007 filing...if the records prove out that you did not receive your rebate, then it will be issued to you as an additional refund to your 2008 filing. In order to check for yourself to see if perhaps the rebate was sent out buy not received by you, go to the IRS website to the area "How much was my stimulus payment?". Follow through the input screens, this should then tell you how much, if any, the IRS thinks they sent to you. carmedekalb , 29 Jan 2009 07:12:03 GMT kimberlybeauregard... Unemployment is taxable income. You will be taxed on this income unless you elected to have taxes withheld from your payment. I wish I had better news for you ... Best, Denise Denise Sposato , 15 Jan 2009 00:12:23 GMT What if I was terminated in 07/31/2008 and rehired in 009/29/2009 but received unemployment for a month is that tax deductible? kimberlybeauregard , 11 Jan 2009 03:28:08 GMT What do you do if last year, after your taxes were amended, you qualified for the stimulus but have not received it? tdula , 9 Jan 2009 03:06:31 GMT As someone who lost their job this year, this is great news! Thanks for pointing this out. I'm sure a lot of people would miss it without your help. Jonathan , 7 Jan 2009 19:15:50 GMT
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10 Dec 2008 16:07:15 GMT
Tags: return,strategies,tax,taxes
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