If you received the Economic Stimulus Payment last year, you will likely not be eligible for the “Recovery Rebate Credit” for 2008. However, you can take comfort knowing that the Economic Stimulus Payment is at least not taxable. The Recovery Rebate is based on tax year 2008 (instead of 2007) and is a credit of up to $600 ($1,200 if married filing jointly) with an additional $300 for each eligible dependent child. But stay-tuned – I wouldn’t be surprised if the new administration initiates a new stimulus program.
IRS Pub 1040 Instructions, p. 6 and 61.
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