Kacie at Sense to Save alerted me to this awesome news: If you had a baby in 2008 you might be eligible for a $300 Recovery Rebate Credit on your taxes! This is a carryover from the first Economic Stimulus package, and it looks like we'll be getting a bit more cash back this year than I had anticipated!
According to the IRS website, all of the following circumstances may qualify you for this credit:
- Individuals who did not receive an economic stimulus payment.
- Those who received less than the maximum economic stimulus payment in 2008 — $600 per taxpayer; $1,200 if married filing jointly — because their qualifying or gross income was either too high or too low.
- Families who gained an additional qualifying child in 2008.
- Individuals who could be claimed as a dependent on someone else’s tax return in 2007, but who cannot be claimed as a dependent on another return in 2008.
- Individuals who did not have a valid Social Security number in 2007 but who did receive one in 2008.
If you think you may qualify for this and you have additional questions, speak to your tax professional or check out the IRS Recovery Rebate Q&A page.