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You can file for both the tax year, 2007 and 2008.
You will have to report the income in the year you earned. So 2007 income is reported on 2007 tax return and 2008 on 2008 tax return.
Even if you did not make much in 2008, you may qualify for $300 in recovery rebate credit.
Let me know if you have any question.
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.
When you say do I have time-
Yes, you can file the 2007 tax return though it is late.
For 2008 tax return the due date is April 15th. So you have some time.