Monday, February 16, 2009

Recovery Rebate Credit

Some taxpayers may file for the Recovery Rebate Credit for 2008. St. Paul IRS Spokeswoman Carrie Resch says most will not qualify, but those who had a change in their job situation last year, and did not receive the maximum $600 rebate, may be able to file for it now on form 1040. Resch says if there was a birth or an adoption in the family, there may be an additional $300 credit. She says there has been a high rate of error in filing for the credit. Taxpayers must use the worksheet before entering the figure on the tax form.
Last year's rebate is not taxable.

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