In 2008 the U.S Government released a new economic stimulus plan. This plan included sending out checks to taxpayers that totaled more than $160 billion dollars. The government hoped that consumers would spend this money and it would give the economy a much needed jumpstart.

The only required form to file for the 2008 stimulus check was a tax return filed for 2007. This return was automatically submitted when checks were being printed. The government used this return to determine if you qualified and for how much. The standard amount was $600.00 per individual and $1,200.00 per couple. There is also an additional $300.00 for each qualifying child. Many people did not receive a check at all or a lesser amount due to high income levels.

2009 Stimulus

The government is reviewing the stimulus package of 2008. Many Americans who had high income in 2007 have since lost their job or have had to take huge pay cuts. There will be a new credit this year called the rebate recovery credit. This credit will allow you to take advantage of the stimulus payment that you may not have been eligible for previously.

This will be a credit that will be offered to you when you file your 2008 return. You will have to claim this credit on your return. If you use tax preparation software, such as TurboTax online, they will automatically alert you if you qualify for this credit. If you receive disability or veterans pay you may still qualify even if you donʼt normally have a tax liability.

TurboTax Online has the answers to all of your stimulus payment questions. Please visit TurboTax Online to learn more!