Stimulus Line 70 Who Remembers??

[JohnH]

That's a fairly safe strategy. If 2007 income was over $150K, they didn't get the stimulus check. If they had no income tax liability in 2007, they didn't get it (even if they paid S/E tax). If 2007 tax liability was under the allowable amount of the stimulus payment, then the payment was reduced to the actual 2007 income tax liability. If they filed after the cutoff deadline, they didn't get the payment. If they had a child in 2008, then they're entitled to an additional $300 at least.

I'll bet the above would cover 90% of the cases - maybe more.

[SFBOB]

Really Posted An Interesting Question During The Last Few Days

WOW!!!!! I see 256 members have viewed my EGG ON MY FACE MESSAGE!!!
I really missed this Line 70 during the tax season and thinking back high income people would have been my main oversight. In any event HANG IN THERE GUYS!!!! Regards Bob

[Lion]

New Clients

If they were continuing clients, your software probably flags this for you. At the very least, you can look at last year's return since you prepared it. So, it's only the new clients that you had no info for unless you used the IRS look-up that might be problems. If they brought you last year's return or saved their IRS letter with their rebate, you had the information you needed.

As long as they received the max last year without changed circumstances this year, your returns were still correct on this issue. Like John said, probably 90% of your returns needed nothing done for this issue. Relax. Look over your returns, but don't panic.

[equinecpa]

Egg on Face

I did miss one for a client that was entitled to a rebate. The IRS sent them a check marked as a refund after I filed. I had no idea what it was until I saw they had credited the client for more payments then I had...I then went back and sure enough I had forgot to complete that worksheet.