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The Truth About Second-Chance Rebates

Updated for Tax Year 2008


Note: The content of this article applies only to taxes prepared for 2008. It is included here for reference only.

You might be hearing a lot about "second-chance rebates" and wondering if you qualify. The truth is that most people won't.

The IRS says the vast majority of people who qualify for a tax rebate, or stimulus payment, already got theirs last year.

A small percentage of folks — who didn’t get a 2008 rebate or got less than the full amount — will qualify for payments this year, based on their 2008 tax returns. Officially, these are known as recovery rebate credits.

If you do qualify for a recovery rebate, TurboTax will make sure you get all that you’re entitled to. Just prepare your taxes normally and we’ll take care of the rest.

Who is eligible for a recovery rebate?

In general, people who had:

  • Major life changes, such as having a baby or getting married or divorced
  • A sizable increase or decrease in income
  • A change in tax filing status, for example, no longer counted as a dependent on someone else’s tax return

So, whether you’re eligible or not has already been determined by your situation last year.

Most people to get NEW tax breaks in months ahead

However, you’ll most likely enjoy some kind of tax break this year, thanks to the American Recovery and Reinvestment Act of 2009, the stimulus bill signed into law February 17.

To learn more, read 2009 Stimulus Package: What's In It For You, and When.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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