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Rebate as credit on 2008 returns?

I've been told by several people that the stimulus package checks coming out this summer are an advance payment on a credit that will appear on the 2008 returns. In particular, they are saying that if your '08 return qualifies you for more than you actually got the previous summer, IRS will send you the difference; if your '08 return qualifies you for LESS than what you actually got, you get to keep the full amount anyway (and if true this will effect lots of divorced couples who trade their children's tax benefits back and forth). But - I don't see anything like this on irs.gov or the other press releases about the rebates. So what's the deal - will this be part of our '08 tax forms or do we just get checks this summer and that's the end of it?

Reply to
John D. Goulden
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"John D. Goulden" wrote

To the extent that you don't get the rebate based on the 2007 return, or don't get the full credit, yes, there will be an add-back for the credit not received during the year that you shouls have received.

Possibly, yes.

And folks who don't have a child on the 07 returns, but do on the 08 (for a host of reasons).

What, you expect them to tell you how to game the system?

For most people, they'll get a check (or direct deposit) this summer and that's the end of it. Others - many others based on the last time they played this shell game - will have some extra coming on the 08 returns.

Reply to
Paul Thomas, CPA

You must not be looking very hard. There is a massive amount of information available at the IRS website. At the top of the main page there is a link to "Rebate Questions?" The page it links to is being updated almost daily as more information is available.

Ira Smilovitz

Reply to
Ira Smilovitz

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