T T B

[JG EA]

I just got my Tax Books!!!!!

I have a question. Forgive me if it has already been discussed.

If last year a dependent was 18 and the parents couldn't get the stimulus rebate for her and this year she is 19 and not a dependent - she can get take it this year? It seems to work, but I have to read in this new book I just got, but thought I'd ask anyway.

[veritas]

The TaxBook?

Mine is probably in the Dalles now, waiting to float on down the Columbia. Hopefully the natives don't net it at Celilo Falls.

[dtlee]

I just got my Tax Books!!!!!

I have a question. Forgive me if it has already been discussed.

If last year a dependent was 18 and the parents couldn't get the stimulus rebate for her and this year she is 19 and not a dependent - she can get take it this year? It seems to work, but I have to read in this new book I just got, but thought I'd ask anyway.

Yes she can.

Eligibility for the stimulus rebate credit is based on the 2008 return. Eligibility for the stimulus payment was based on the 2007 return. She is eligible for the credit for 2008. The amount of the credit is reduced by any payment received. Since she was not eligible for the payment, she gets the full credit computed for 2008.

[Earl]

Stimulus Rebate

What if parents received the $300 for her as dependent. This year she is not a dependent. Can she get full rebate credit.

[taxmom34]

parents couldn't get the rebate, dependent was 18

[JG EA]

Thanks, seems almost too good to be true doesn't it?

[Lion]

Arrived

My Tax Books just arrived. Idiot UPS man dumps packages in my driveway in front of the garage and basement doors. No shelter or overhang, and boxes have actually blown into the forest (or been dragged by animals) or been run over by the next truck. No tip for the UPS man this holiday season. Not unless he shows up at the front door.

[veritas]

Got

my book today!

[Earl]

Stimulus Rebate

What if person was a dependent last year and parent qualified for $300 stimulus rebate.
Now this year person no longer a dependent and qualifies on own income for stimulus credit.
Can they receive the full $600 credit.

[dtlee]

What if person was a dependent last year and parent qualified for $300 stimulus rebate.
Now this year person no longer a dependent and qualifies on own income for stimulus credit.
Can they receive the full $600 credit.

Yes.

The computation for the RRC is based on the 2008 return and that amount is reduced by any ESP already received. Since the person was a dependent in 2007, the ESP would be zero and the person could be eligible to receive up to $600 as a RRC.

RRC=Recovery Rebate Credit
ESP=Economic Stimulus Payment

[Lion]

And,...

And, if mom claimed kid last year and divorced dad claims kid this year, then mom got the $300 last year and dad will get the $300 credit this year.