RECOVERY REBATE CREDIT

If you Filed an Amended 2007 Return and did not receive a rebate check in 2008:

In most cases, an amended return will not affect the stimulus payment. While amended returns will be processed to correct the income, deductions and income tax as appropriate, the economic stimulus payment amount will not be adjusted based on an amended return. The reason for this is that the reconciliation provision within the Stimulus Act gives taxpayers an opportunity to claim and receive any underpayment amount as a Recovery  Rebate Credit when they file their 2008 return next year. Goto Line 70 on form 1040 or line 42 on form 1040A for 2008.

In very limited circumstances, amended returns that are filed solely to include previously unreported qualifying income may result in the issuance of a stimulus payment that was not issued based upon a taxpayer's original return. However, these circumstances are generally limited to low-income individuals and recipients of Social Security, some railroad retirement or certain veteran's benefits who filed their original returns prior to the IRS issuing guidance for their situation.

An amended return can result in a delayed stimulus payment if the amended return is received before the stimulus payment is issued. In this situation the stimulus payment will be issued, if applicable, once the amended return has been processed. Due to the high volume of amended returns received, please allow 12-16 weeks for the IRS to process your amended return before making any inquiries about your  return and stimulus payment.