IRS Rebate Program 2016

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IRS Rebate Program 2016

IRS Rebate Program 2016 was a rumor spread in late 2015 to give consumers false hope for a federal tax rebate. The last time there was any form of IRS tax rebate program was in 2008. Consumer Rebate Program 2016 IRS information:

There seems to be an IRS tax myth circulating that there is some sort of new IRS rebate on any retail purchases made.  There is no such federal tax rebate program. At the end of the year the sales tax deduction on your income tax return was made a permanent part of the tax law. When you itemize deductions on your tax return one of the deductions available is for your state and local sales tax for major purchases such as vehicles, boats, etc. and for general retail purchases. IRS Rebate Program 2016Taxpayers can choose to save every receipt and enter the total or let the tax program calculate the amount based on a formula including your AGI.

But no tax rebate that will affect your tax refund.  $42.4 Billion in Tax Rebates Reported in Alleged Ad

 

 

 

from IRS.gov regarding 2008 IRS Rebate Program:

Recovery Rebate Credit Information Center

The recovery rebate credit is a one-time benefit for people who didn’t receive the full economic stimulus payment in 2008 and whose circumstances may have changed, making them eligible now for some or all of the unpaid portion.

Generally, a credit adds to the amount of your tax refund or lowers the amount of taxes owed. Therefore, the amount you receive for the recovery rebate credit will be included as part of your refund, as shown on your tax return.

You May Be Eligible

People who fall into the categories described below may be eligible for the recovery rebate credit in their 2008 return:

  • 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.

How to Get the Recovery Rebate Credit

You need to claim the recovery rebate credit on Form 1040, 1040A or 1040EZ. The instructions for these forms will show you which lines to use. Unlike the economic stimulus payment, the recovery rebate credit will be included in your tax refund for 2008 and will not be issued as a separate payment.

The IRS Will Figure the Credit for You in Most Cases

You can let the IRS figure the credit when you file your 2008 Form 1040, 1040A or 1040EZ. If you’re filing on paper, simply follow the line-by-line instructions to choose this option. If you’re filing electronically, the software will figure the credit for you.

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IRS Rebate Program 2016
Consumer Rebate Program Information
Tax Rebate 2016

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