2010 Economic Stimulus Checks

The 2009 economic stimulus checks are not really a new stimulus plan but rather a second chance at your 2008 stimulus check. Many Americans received a less than expected stimulus check in 2008 or they did not receive one at all and may be eligible to receive the additional stimulus money. This may be due to some following factors:

• The rebate checks were limited to the amount of your net tax liability. This is the amount that is found on line 57 on Form 1040, Line 35 on Form 1040A, and line 10 on form 1040EZ.

• Your income exceeded certain levels and reduced your rebate amount.

If you were one of the individuals who were affected by some of the guidelines that were in effect in 2008 then you might receive some additional rebate funds under the 2009 recovery rebate credit. This will be a one-time credit to those who did not receive the full amount of their rebate

Who will receive more money?

You may qualify for more money if your income decreased from 2007 to 2008, you had another qualifying child in 2008 or, if you did not have a valid social security number in 2007 but you did as of 2008.

How do I claim this credit?

This credit can easily be claimed on your 2008 tax return and will be included in your tax refund. This rebate will not come in the form of a check as it did in 2008.

To learn more about the 2009 stimulus plan and checks, visit TurboTax Online. TurboTax Online offers free tax calculators that can help you determine your rebate amount.