Tax tip of the Day – Last Year’s Stimulus Payment – Not Taxable

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irs-sealGregg Semanick-New Jersey’s IRS Spokesperson

If you received a stimulus payment last year and you are preparing your tax return keep in mind that the payment is not taxable income on your tax return.  If you did not qualify or did not receive the maximum amount for last year’s Stimulus Payment you may be entitled to a Recovery Rebate Creditwhen you file your 2008 tax return.  Carefully review the tax return filing instructions including the Recovery Rebate Credit worksheet.

For more information on IRS tax tips, go to the IRS.gov Web site at www.irs.gov.


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