If you didn’t receive a rebate check in 2008, or if you think you should have gotten a larger check than you did, you can apply for the Recovery Rebate Credit on your 2008 tax return.

The Recovery Rebate Credit is a special one-time benefit that most people received last year in the form of an Economic Stimulus Payment. But people who did not receive the maximum amount of the Economic Stimulus Payment, or whose circumstances have changed, may be eligible now.

In most cases, the IRS will calculate whether a person is eligible and how much of the credit may be due automatically. To allow the IRS to calculate this automatically, simply file your 2008 tax return and follow the “Credit Figured by the IRS” instructions. However, may choose to calculate the Recovery Rebate Credit themselves instead.

In order to calculate the Recovery Rebate Credit, you to know the amount of the Economic Stimulus Payment you received in 2008. If you’re having your tax return prepared by a tax preparer, make sure you give them this info so they can calculate your return correctly.

For more information, please visit Recovery Rebate Credit Is for Individuals Who Missed Last Year’s Economic Stimulus Payment on the IRS website.

Related Posts:

• W-2s and 1099s Due Monday!
• Final Tax Estimate for 2008 Approaching Quickly
• Good Reads: Interesting Tax Posts This Week

The IRS started sending rebates out on Monday April 28.

If you haven’t gotten yours yet, or you’re just wanting to check to see when you can expect to receive it, the IRS has added a “Where’s My Rebate” feature to their website.

This is an interactive feature that allows you to enter your personal information (Social Security number, filing status, and number of exemptions on your 2007 tax return) to find out the status of your rebate.

You can also review the payment schedule and visit the Economic Stimulus Payments Information Center for more information about the rebate check.

Click here to check the status of your rebate now!

Related Posts:

• Tax Rebates Are On The Way!
• Recovery Rebate Credit for 2008
• IRS to Start Sending Rebates on May 2

The IRS started transmitting payments for the tax rebate today, four days ahead of schedule. If you elected direct deposit on your 2007 tax return, you could receive your rebate as soon as today.

For more information including a schedule showing when you can expect to receive your rebate check, please visit my squidoo lens: 2007 Tax Rebate Checks, or the IRS website.

Related Posts:

• Recovery Rebate Credit for 2008
• Where’s My Rebate Check!?!
• Final Deadline for Filing Taxes and Receiving Rebate Check Approaching Quickly

Okay… you know the IRS will start sending out rebate checks in May. But when will you get YOUR check?

The
first rebate checks will be mailed out starting on May 2, and will be
based on the final two digits of your Social Security number, as well
as when you file and whether you elected to receive any refund by
direct deposit or snail mail.

The IRS says most people will get
their checks by July 11, but if you want to know exactly when to expect
your rebate, here are the details:

If you file your 2007 tax
return by April 15, and request direct deposit for your refund, then
you can expect your rebate according to the following schedule…

SSNs ending in 00-20, deposited by May 2
SSNs ending in 21-85, deposited by May 9
SSNs ending in 76-99, deposited by May 16

Notice that taxpayers who requested direct deposit on their 2007 tax return will receive their rebate by direct deposit as well.

If
you file your 2007 tax return by April 15, and request a paper check
for your refund, or if you owe a balance due on your tax return, then
you can expect your rebate according to the following schedule…

SSNs ending in 00-09, mailed by May 16
SSNs ending in 10-18, mailed by May 23
SSNs ending in 19-25, mailed by May 30
SSNs ending in 26-38, mailed by June 6
SSNs ending in 39-51, mailed by June 13
SSNs ending in 52-63, mailed by June 20
SSNs ending in 64-75, mailed by June 27
SSNs ending in 76-87, mailed by July 4
SSNs ending in 88-89, mailed by July 11

If
you file jointly with your spouse, then use the Social Security number
of the first spouse listed on the tax return to determine when you will
receive your rebate.

One last note: you must file by April 15 to
receive your rebate according to the above schedule. You must file by
October 15 to receive the rebate this year, but if you wait to file,
you could wait as long as December to receive your rebate.

For a complete guide on the 2007 tax rebate check, including who
qualifies for the rebate, how much to expect, and what you need to do
(if anything) to receive your check, please click here.

Related Posts:

• Recovery Rebate Credit for 2008
• Where’s My Rebate Check!?!
• Tax Rebates Are On The Way!

Identity thieves are already thinking up and using scams involving the
economic stimulus package. There are both email and telephone scams using the IRS name to try to steal your identity, so be cautious.

If someone claiming to be the IRS calls or emails you asking for a Social
Security Number, a bank account or a credit card account number, do not
give it to them. The IRS will not be calling or emailing taxpayers, so
any phone calls or emails you receive are a scam.

Related Posts:

• Recovery Rebate Credit for 2008
• Where’s My Rebate Check!?!
• Tax Rebates Are On The Way!

By now you’ve most likely heard about the tax rebate that was passed by President Bush last week, with the intention of jump-starting the economy.

But what you may not know is that you have to file your 2007 tax return before you can get your rebate check.

This was not good news to me, because I’m one of those people who waits until October to file (hey, I don’t get paid to file my tax return, and paying clients come first!).

It also means my workload this tax season will be quite a bit heavier because all of my usual stragglers will be getting their tax info in on time this year to make sure they get their rebate checks (sigh…).

Okay, back to the rebate… If you haven’t heard the details yet, here they are:

The IRS is expecting to start mailing out checks in May.

Single filers with AGI below $75,000 will get rebates of as much as
$600. Couples with AGI below $150,000 will receive rebates of up to
$1,200. If you are above these income limits, you may still get a
rebate, but it will be phased out 5% for every dollar you are above the
limit.

In addition, parents will also receive $300 rebates per child under 17;
there is no cap on the number of qualifying children eligible.

An example: A couple with one child and $100,000 in AGI will get a
rebate of $1,500 ($1,200 + $300). If they have two children, they will
get $1,800 ($1,200 + $600).

Tax filers who do not owe income taxes because of various credits and
deductions but have at least $3,000 in income – which can include
Social Security – will get $300 rebates per person or $600 per couple.

So, what do you have to do to get your rebate check?

You must file a federal tax return for 2007. If you are not normally
required to file a return, you will need to file to receive your rebate
check.

If you file your tax return before April 15, you can expect to receive
your check in May. If you file for an extension, then you may not get
your check until the end of the year.

Related Posts:

• Recovery Rebate Credit for 2008
• Where’s My Rebate Check!?!
• Tax Rebates Are On The Way!

Kay at Don’t Mess With Taxes has posted another great tax carnival.

"Welcome to Tax Carnival #30. In this edition we celebrate the one tax law constant: They are always changing!

Take today, for example. Feb. 11 is phase two of the 2008 filing season. Most folks were able to fill out (or at least start working on) their 1040s as soon as they got their 2007 tax statements. And many have even sent them in to the IRS.

But millions more had to wait until today because Congress changed the applicable laws too late last year as they applied to the alternative minimum tax.

And lawmakers are still messing with the tax laws. Just last week they passed a stimulus bill with several tax provisions.

So our 30th Tax Carnival is dedicated to blog postings aimed at helping us cope with all these continual tax changes. We’ve got lots of good posts, so let’s get to them…"

Click here to continue to Tax Carnival #30

Related Posts:

• Tax Carnival 46 – Inauguration Day
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