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Tax Law Updates/Changes

Economic Stimulus Payments, a Second Chance

Some people who were ineligible to receive the 2008 Economic Stimulus Payment based on their 2007 tax return could be able to file on the basis of their 2008 income tax return, if, for example:

Your financial situation changed dramatically from 2007 to 2008. If you lost a job and your income fell below the thresholds of eligibility (phase-out beginning at $75,000 for single filers and $150,000 for joint filers), you could file based on your 2008 income.
You did not file a 2007 tax return.
Your family gained an additional qualifying child in 2008.
You were claimed as a dependent on someone else's return in 2007, but cannot be claimed as a dependent by someone else in 2008.

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