Q. My son graduated college in 2007 and was our dependent. He worked full time in 2008, but he didn’t get a stimulus rebate. Wasn’t he entitled to one? R.T., Frederick, Md.
A. Yes, assuming he was not affected by the phaseout rule. The economic stimulus rebates authorized last year were actually advance payments of credits against 2008 tax liability. But the rebates were based on tax return information for 2007 when your son was still your dependent. Assuming you did not claim your son as a dependent in 2008, he probably is entitled to a credit of up to $600. Claim the credit on Line 70 of Form 1040 (or Line 42A of Form 1040A or Line 9 of Form 1040EZ).
Tip: If your son filed his ’08 return without claiming the credit, he can file an amended return (Form 1040X).
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/26977/stimulus-rebates-better-late-than-never "