Are you confused about the 2009 economic stimulus plan? We can straighten some of this out right now. This plan is related to the economic stimulus plan of 2008 but, it is a separate plan sometimes referred to as the recovery rebate credit. This is a new refundable credit.

If you are one of the lucky ones who will receive a credit, it will be added to your refund. If you happen to have to pay then, it will be deducted from what you owe. If you did not receive your economic stimulus payment in 2008 or did not receive the full amount you were entitled to, then you should be eligible for the credit.

You may be scratching yourself on the head saying, “What in world is going on?” Just to clarify, if you received the full payment you were entitled to during the year of 2008 then, you have already received your economic stimulus payment. You can consult the IRS or Turbo Tax to see what the full amount was or is for your situation in life.
If you did not receive the payment or if your life circumstances have changed, you may be eligible to receive the economic stimulus payment this year. Having a baby would be an example of a life changing situation.

The 2009 economic stimulus plan works a little bit different this year. You can save yourself some time by not running out to the mailbox to see if your check has arrived yet. This time the checks will not be mailed out separately. Keep in mind, if you have a refund coming then, it will be added to that. If you happen to owe then, it will be deducted from the amount you owe, which is good news right?

We all know our economy needs a kick start and that is the purpose of the 2009 economic stimulus plan. If we will go out into our communities and spend our stimulus checks locally it will help to boost our economy. Just imagine how nice it would be if everyone who received a check would use it in their local neighborhood. The money put into the store owner’s pockets would then be spent on purchasing other products or local services and we could all help each other.

Well I hope this helps to explain the 2009 economic stimulus plan. If you still have questions that have not been fully answered here then, please visit TurboTax Online. Their interactive website has some really great tools that are so easy to use. They also have consultants standing by to answer your questions concerning tax preparations and credits.