IRS tips to avoid tax form errors regarding stimulus checks - WLOX.com - The News for South Mississippi

IRS tips to avoid tax form errors regarding stimulus checks

BILOXI, MS (WLOX) - Most taxpayers who received the economic stimulus payment last year will not be able to claim the Recovery Rebate Credit on their 2008 federal income tax returns. A small number of taxpayers who did not receive the full economic stimulus payment last year may be eligible to claim the Recovery Rebate Credit on their 2008 federal income tax return.

Figuring the Recovery Rebate Credit incorrectly or entering inaccurate information will delay the processing of your tax return and any refund due. Below are the four things every taxpayer should know about this one-time credit, which is related to last year's Economic Stimulus Payment:

  1. You do not have to pay back your Stimulus Payment and the payment is not taxable.
  2. Fewer than an estimated 3 percent of taxpayers are eligible. The vast majority of taxpayers are not eligible to receive the Recovery Rebate Credit. 
  3. Did you have a major life change? If so, you may be eligible to claim the Recovery Rebate Credit. 

Some of the major factors that could qualify you for the Recovery Rebate Credit include:

  • Your financial situation changed dramatically from 2007 to 2008.
  • You did not file a 2007 tax return.
  • Your family gained an additional qualifying child in 2008.
  • You were claimed as a dependent on someone else's return in 2007, but cannot be claimed as dependent by someone else in 2008.

Any Recovery Rebate Credit amount will be included in your refund. The IRS will figure the credit for you and include it in your refund, or put it toward any taxes owed.

  • NEWSMore>>

  • 'Santa Wears a Badge' program hoping for more donations

    'Santa Wears a Badge' program hoping for more donations

    Monday, December 11 2017 11:26 PM EST2017-12-12 04:26:25 GMT
    The Jackson County Sheriff's Dept. will be accepting toys all the way up until the distribution date on December 19 and 20. They're also still accepting applications for kids to be on the receiving end. (Photo Source: WLOX)The Jackson County Sheriff's Dept. will be accepting toys all the way up until the distribution date on December 19 and 20. They're also still accepting applications for kids to be on the receiving end. (Photo Source: WLOX)

    The Jackson County Sheriff's Department is joining efforts with the community to make sure children in need can have a good Christmas. 

    More >>

    The Jackson County Sheriff's Department is joining efforts with the community to make sure children in need can have a good Christmas. 

    More >>
  • How the POTUS announcement about space exploration may benefit Infinity, Stennis

    How the POTUS announcement about space exploration may benefit Infinity, Stennis

    Monday, December 11 2017 11:13 PM EST2017-12-12 04:13:39 GMT
    Officials with the Infinity Science Center ?believe NASA's new task of sending astronauts back to the moon will fuel a renewed interest in rocket science. (Image Source: WLOX News)Officials with the Infinity Science Center ?believe NASA's new task of sending astronauts back to the moon will fuel a renewed interest in rocket science. (Image Source: WLOX News)

    Officials with the Infinity Science Center ?believe NASA's new task of sending astronauts back to the moon will fuel a renewed interest in rocket science.

    More >>

    Officials with the Infinity Science Center ?believe NASA's new task of sending astronauts back to the moon will fuel a renewed interest in rocket science.

    More >>
  • Coast schools honored by state education leader

    Coast schools honored by state education leader

    Monday, December 11 2017 10:16 PM EST2017-12-12 03:16:36 GMT
    The plaque received by the district has empty slots on it. The expectation is to remain an A rated district in the future as well. (Photo source: OSSD/Twitter)The plaque received by the district has empty slots on it. The expectation is to remain an A rated district in the future as well. (Photo source: OSSD/Twitter)

    The Mississippi Department of Education is on a statewide Celebration of Excellence Tour. It's designed to recognize and congratulate the Mississippi's highest ranking school districts.

    More >>

    The Mississippi Department of Education is on a statewide Celebration of Excellence Tour. It's designed to recognize and congratulate the Mississippi's highest ranking school districts.

    More >>
Powered by Frankly