2007 stimulas rebate carryover

Apr 07, 2009 1 Replies
M

The rebate was $600/person. And if your income is over a certain amount, it is reduced.; but you have another crack at it in 2008.



Well, for the 2007 tax return, I qualified for approx. $450. In 2008, my earned income is over $3K plus investment income. My federal tax is approx. $120. Should I be getting a credit of at least $120 out of the $150 left over from 2007?



I am asking because TurboTax did not give me that credit. So I am wondering whether I miss checking a box somewhere in TurboTax.



TIA


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A

The stimulus payment maximum was $600 per person. The minimum was $300 if you had qualifying income of $3000. To get more than $300, your taxes had to be more than $300. Assuming you did not have a qualifying child under age 17, you received $450 because your taxes were $450. A careful reading of the law tells one that the stimulus payment was really an advance (not a rebate) of a

2008 tax credit. Your 2008 tax return qualifies you for a $300 recovery rebate credit less the advance of $450 you already received. You received $150 too much stimulus. Thanks to Congress & the President, you do not have to pay back the excess you received.
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