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Your Pink Slip Could Qualify You For a Rebate Credit

Just when we'd all but forgotten about those rebate checks many of us received this Summer, the subject is coming up again now that we are approaching the year's end. Now is the time when many Americans begin to organize their documents for the upcoming tax season — can you believe the April deadline is just five months away? As you are entertaining the idea of filing your tax return, keep in mind that there could be more money headed your way than you'd thought.

If your 2007 return didn't qualify you for the initial wave of economic stimulus checks or you received less than the maximum amount, you may be eligible for a recovery rebate credit on your 2008 return (to be filed in 2009). If a job loss has reduced your annual income to meet the stimulus check thresholds or your income fell for some other reason, you would qualify for the rebate credit. The IRS will have tools on its website to help taxpayers determine their recovery rebate credit.

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