Does Uncle Sam owe you a rebate? Read this to find out.
Even with new tax legislation still bouncing around Congress, you may be entitled to a tax rebate check right now. You were owed one last year based on this year's taxes. If you didn't get a rebate check in 2008 because you didn't file your 2007 tax return in a timely manner, don't despair. You may still be entitled to money based upon the filing of your 2008 tax.
So before you file your 2008 tax return, compute the credit you're entitled to based on your 2008 tax data and then subtract the rebate you received in 2007. If you're entitled to a larger amount than you received as a rebate in 2007, declare the credit amount on line 70 of your 2008 1040. If you're not sure how much you received in 2007 as a rebate, see "Information on 2008 stimulus check in 2009" in Related Links below for a link to information and a calculator at the IRS's; Web site. Entering your social security number, filing status, and number of exemptions to get the amount you received. The credit amount is up to $600 per taxpayer or $1,200 on a joint return.
If you find you received too much of a rebate in 2008 based on your 2007 data, you don't have to pay it back and the rebate or the credit is not considered taxable. If you don't see an amount on line 70 of your tax return, ask yourself or your tax preparer if the calculation was overlooked. With these hard economic times, make sure you receive all the tax incentives you've got coming to you.
Veterinary Economics Editorial Advisory Board member Gary Glassman, CPA, is a partner with Burzenski and Co. in East Haven, Conn.