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Posted: 1:02 PM Jan 4, 2009
Recovery Rebate Credit for Those Who Qualify
WTAP News If your financial situation changed last year and you didn't get the maximum amount from the economic stimulus check you could get the difference this year. Reporter: Leslie CebulaEmail Address: leslie.cebula@wtap.com |
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If your financial situation changed last year and you didn't get the maximum amount from the economic stimulus check you could get the difference this year.
It is called the Recovery Rebate Credit. The federal government will be issuing the rest of the money from the Economic Stimulus Payment to those who qualify in their tax refund this year.
"For instance it was up to $600 per individual, $1200 for a married couple. If you didn't get the full $600 or $1200 it is possible that you could get the rest of it this year if your tax situation changed," said Lonnie Z. Bennett, owner of Bennett Tax and Financial Service.
According to the IRS you could also be eligible if you did not receive an economic stimulus check at all last year, if your income changed, if the number of dependents is different or if you were no longer a dependent in 2008.
In addition if you did not have a valid social security number in 2007 but did in 2008.
Also according to the IRS Web site you cannot claim this credit if you have received the maximum amount from the economic stimulus payment.
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