So after finally filing my 2007 taxes in mid-October, I get a form letter from the IRS telling me I'll be getting a check for $700 out of the possible $1800 I could have gotten, because my income was too high.
Will I be able to collect the balance when I file my 2008 return, assuming my income isn't too high? (I had some extra income in 2007 that pushed my income up higher than $150K which won't happen this year.)
Or is it "Lost and Gone Forever"?
Thanks!
The governor has granted you a reprieve.
You get one more shot at it this year.
You can qualify for the remainder in your 2008 return that is filed in
2009. Basically if your 2008 income is below 75k if single, or 150k if married, you will get the full stimulus. But the stimulus refund on your 2008 return will be reduced by the amount you received in advance this year. If you had a new child in 2008, then you will qualify for an additional $300. You can look at ways to reduce your income, such as contributing the maximum to a 401k, IRA, stock loss, moving money earning interest/tax into a tax free muni bond. All of these have risks and trade-offs though. Increasing your deductions, like donating more to charity, does not reduce your AGI so does not affect the stimulus payment.BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.