In 2008, a new client's AGI who filed Single was $76,501, so the ESR was reduced by $75.05. However, after meeting with me this year, we filed an amended return for 2007 in January which reduced her AGI below the $75,000 threshold. My question, is when I file 2008 can I claim the add'l $75.05 on this year's return assuming she has not received it? Or do I have to go through other channels to get the remaining balance?
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She may get it on the 2008. The 2007 stimulus payment amount was based on the 2007 return, the 2008 recovery rebate credit amount is based on the 2008 return. As long as she qualifies for the full amount based on 2008 she'll get the difference between what she got last year and the max. If she doesn't qualify for it based on 2008, she won't get it at all. -
Took another look at my post. I meant to say in 2007, client's AGI was $76,501, not 2008. Darn, I always re-read those things but missed it. Since we amended 2007, she is due the entire $600 for 2007.Comment
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If I'm understanding you correctly, 2007 income will decrease with the amended return, if that be the case as David1980 pointed out, there is nothing you can do to get the extra back, it is a rebate for 2008, that was estimated based on 2007's liability.Originally posted by Burke View Post
I had a new client this year that 2007's preparer forgot to file an extension, and never filed the return, they had a large balance due, sent a check as all paperwork was completed, then never received the stimulus.
2008 tax liability is under $600, therefore, that is all they are getting and there is no going back to 2007 when they should have received $1,200.Comment
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Gotcha. Thanks for the brain upgrade. Was not exactly thinking straight, I wonder why?!!!!Comment
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