Quickbooks, Bookkeeping and Accounting Blog

For general information on the 2008 Economic Stimulus Package, see my prior blogs: Bush Signs Economic Stimulus Package; Most People Will Receive Tax Rebates and 2008 Economic Stimulus Package Benefits Business as Well as Individuals. Additional information on some special cases follows:

• 2007 Income Higher Than Normal
  If your 2007 income was too high for you to qualify for a refund, but you expect your 2008 income to be lower, don’t fret. You won’t get a refund, but you will be eligible for a refund when you file for 2008.
• Children Born in 2008
  Your tax refund will be based on the number of children you have in 2007. However, you will receive a $300 credit for children born in 2008 when you file your 2008 tax return.
• Spouse Died in 2007
  Because you can file a joint return for 2007, you can qualify for a $1,200 rebate, the maximum amount a couple can receive. Because excess rebates don’t have to be paid back, you can keep the money even though you are technically single in 2008.
• Child Turned 17 in 2008
  Because your child was 16 years old in 2007, you can get the rebate. Because excess rebates don’t have to be returned, the fact that your child turned 17 in 2008 is irrelevant.

As additional information about the rebates becomes available, I will do my best to report on it in this blog.