I am a single parent (1 minor child) and self-employed. I did not qualify for the $600 stimulus payment last year because I could not prove I earned at least $3,000 through Form 1099's. However, I was paid over $5,000 in January 2008 for work performed in 2007. I have my time sheet, which the company signed. They will now issue me a Form 1099 for that work. Had I known about the stimulus plan in December 2007, I would have asked him to pay me at least $3,000 before year-end. I did not receive any government assistance. Can I file for last year's stimulus payment on my 2008 return, using this 1099? If so, how?
"Hello, Newman."
"Hello, Jerry."
I don't know yet about the details, but I've been reading on the IRS website about the Recovery Rebate Credit . It looks like a person who didn't receive an economic stimulus payment can get a recovery rebate credit. You can check the IRS website or ask a tax professional for more specific information.
Thank you for the reference to the IRS webpage! This is perfect because I will owe FICA and wanted to recover the stimulus payment to offset that.
You will file a schedule C (or C-ez) for the 1099 self employment income you received. The stimulus recovery credit will be based on your net income from self employment AND the amount of INCOME tax (not self employment tax) you owe. You still may not qualify for the full amount.
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