Don’t Miss Out On the 2008 Stimulus Plan Tax Credit
February 2, 2009 by Erik Folgate
Filed under Economic Policy, Economy
For those of you who did not qualify last year for the stimulus refund money or you did not receive it in 2008, you still have a chance to receive the money in the form of a tax credit for your 2008 tax return.
How can I still get the last stimulus plan’s money?
The stimulus refund checks that were sent out last summer were an advance on a 2008 tax credit specifically put into legislation by the Bush administratiion at the beginning of 2008. In an effort to get the money out as quickly as possible, the IRS sent out the money early in 2008 based on qualifications from your 2007 tax returns. If you made less than $3,000 or more than $87,000 in adjusted gross income in 2007, you may not have received the full amount of the refund money or any at all. If your AGI is between those numbers for 2008, then you should claim the 2008 stimulus refund tax credit on this year’s tax return.
Should I claim the refund money as earned income on my 2008 tax return?
No, it is not considered earned income. It was merely an advance on a tax credit for this year’s tax returns. There was a rumor flying around last summer that you would be required to pay back the money in your 2008 tax return if you received a check, but that’s not true. You simply can’t claim the credit for 2008’s return if you received the mone in advance.
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