2009 Economic Stimulus Package
Are you wondering if you will receive money from the 2009 economic stimulus package?
First of all, what is the economic stimulus package? It is an economic stimulus payment that more than 124 million households will receive. Don’t worry, it’s not taxable, it will not reduce your refund if you’re getting one and it will not increase the amount you owe if you have to pay.
Here are some common questions
Are you eligible?
Can you use an individual taxpayer identification number or do you have to file with a social security number?
What if I’m not eligible at this current time?
How do you get it?
How much do you get?
Can you estimate your payment?
How will you receive your payment?
What if some of your income consists of Social Security or other benefits?
If you received an economic stimulus payment in 2008, you will need to know the amount of that payment. Some taxpayers who received the 2008 stimulus will not be eligible to receive the recovery rebate credit of 2009. If you check with TurboTax, they have calculators that can quickly help you determine your status. It is worth checking out.
If you didn’t happen to get any stimulus payment credit last year even though you were eligible, it’s not too late.
Perhaps your life circumstances have changed. Did you add a family member? If you received less than the full amount last year, you may have more money coming to you this year. Of course all of this depends on your filing status. The rules change for each individual situation. Maybe you didn’t have a social security number last year and now you do. You would now be eligible if all of the circumstances were qualifying.
The economic stimulus payment of 2008 was mailed out in a separate check but, the economic stimulus package of 2009 will be included in your tax return. If you’re filling out your form on paper, follow the step by step instructions on your form. If you happen to be filing online using electronic software, it will figure the credit for you.
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