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Discussion Forum Index --> Basic Tax Questions --> Rebates-Amended Return
Discussion Forum Index --> Tax Questions --> Rebates-Amended Return
Taxestaxes (talk|edits) said:
| 8 March 2008
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| Anybody ran into this: Since the IRS finally announced how social security benefits, etc. was to be handled for the rebate, they have stated some may need to go back and amend returns if they did not show proper income to qualify for rebate. I had a couple, had w2 wages of about $2500, they received social security as well....it wasnt included on original return; now that it needs to be only so IRS knows they qualify for rebate, I know I need to do an amended return; however, how do I do that? Soc. sec. benefits arent taxable and dont change the AGI, so it doesnt even show on 1040x? Should I just note at bottom of form amending for stimulus rebate and attach a corrected copy of 1040; highligting soc. sec benefits?
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Kevinh5 (talk|edits) said:
| 8 March 2008
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| Paper 1040-X include copy of amended 1040, explain in 'why' section what you are doing. If all else fails, give them the credit on their 2008 return.
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EZTAX (talk|edits) said:
| 9 March 2008
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| Kevin - I can't quite get my head around how in this particular situation they would get the 300 on the return. I understand that on a return with a tax liablity, if they don't get the rebate they can get the credit in 2008. But if they are only eligible for the $300 for qualifying SS income, do you think that will also be available in 08 if they do not get the rebate?
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CalifCPA (talk|edits) said:
| 9 March 2008
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| EZTAX, Section 6428 specifically designates the 2008 credit as a refundable credit (much like EIC).
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