Some questions are starting to pop up about this year’s tax return and last years tax rebate checks that most people received from the Federal Government. A local certified public accountant says he’s getting a lot of questions about the rebate amount showing up on tax returns line forty-seven. If you did not get the full amount on line 47 of the tax return you can then claim an additional credit.
Brad Lynch, President of Lynch and Lynch CPA’s says that misconception is the way in which it is being presented by some tax preparers, and they are including the number on tax returns when it is not necessary. The issue is causing some taxpayers to think that the rebate check amount is being deducted from this year’s returns, and Lynch says that’s just not the case. If you got the rebate, you keep it.