What was the last stimulus check for in 2008?

What was the last stimulus check for in 2008?

EXECUTIVE SUMMARY. The act provides qualifying taxpayers an advance tax credit for the 2008 tax year called a “recovery rebate.” An individual taxpayer is eligible for a maximum $600 ($1,200 if married filing jointly) rebate. An additional $300 rebate may apply for each qualifying child.

Who got a stimulus check in 2008?

Tax rebates that were created by the law were paid to individual U.S. taxpayers during 2008. Most taxpayers below the income limit received a rebate of at least $300 per person ($600 for married couples filing jointly).

Is the stimulus check just a tax credit?

Yes. Some tax credits just mean you owe less money to the government, so if you don’t owe anything, they don’t apply to you. But the stimulus check is the other kind of tax credit: a refundable tax credit, like the American Opportunity Tax Credit or Earned Income Tax Credit.

Do you get money back from stimulus check?

Anyone who newly qualifies will get the money they’re owed in the form of a refundable tax credit (a higher tax refund or a lower tax bill), and anyone who no longer qualifies will not get their money clawed back.

How to get your stimulus check faster IRS?

We may be compensated if you click this ad. If you have not filed your 2020 tax returns, the IRS suggests that you file immediately to get your Stimulus Check. Complete your tax returns using E-File and include your direct deposit information to expedite your payment.

What happens to your stimulus check in 2020?

A lot of Americans will find that, by the time they’re filing their 2020 tax return, their circumstances have changed in one of the two ways that affect your stimulus check amount — you could gain or lose a dependent, for example, or your income could change significantly.

How did the stimulus affect tax refunds for 2008?

The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. According to the IRS, the stimulus payment did not reduce taxpayers’ 2008 refunds or increase the amount owed when filing 2008 returns.

Do you get an economic stimulus rebate in 2008?

You will not receive an economic stimulus rebate in 2008 if: Your net income tax liability is zero and your qualifying income is less than $3,000.

Do you get a stimulus check on your tax return?

However, “if you don’t by chance make the deadline, and get your economic stimulus check in time, you can get it as a credit [a recovery rebate credit] on your 2008 tax return,” said an IRS spokesman.

What was the purpose of the economic stimulus in 2008?

The economic stimulus package is a change in the tax code that will eliminate the 10% bracket from 10% to zero for the first $6,000 of taxable income in 2008. But the government decided to do this based on tax filer’s 2007 taxes so they could distribute this money so taxpayers would spend it now and (hopefully) boost the economy.