Does the upcoming Economic Stimulus package account for children born after January 1, 2008?
Written By: admin on June 9, 2009
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Or is it simply based on the number of dependants claimed on your 2007 tax return?
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Tags: Financial News, tax returnTags: tax return
It's initially based on what's filed on your 2007 return… But if you have a kid born in 2008, you will receive the extra $300 credit on your 2008 return…
Per the CNN article,
"It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference."