 Rebate Checks On the Way
By Mybrotha.COM Staff Writer - April 15, 2008
Washington, D.C. - The federal government will begin sending out economic stimulus payments to tax filers beginning in May. Most single filers will get a $600 rebate check, while married couples should receive $1,200. Parents will get an extra $300 for each dependent child under age 17.
What Is This "Economic Stimulus"?
The 2008 Economic Stimulus Package is designed to deliver between $140 to $160 billion U.S. dollars to individuals and families to help re-energize the economy. The president and Congress hope that when people get the money, they will spend it on consumer items such as food, clothes, electronics, and other merchandise.
However -- many taxpayers have plans to invest the money in their 401(k)s, Roth IRA's, or other investment areas. The government can't tell you how to spend the money and what you choose to spend it on is strictly up to you.
How Will I Get My Rebate Check
The first checks go out in early May and if your tax refund is deposited electronically, your rebate will be desposited electronically. Those who opted for paper checks when filing their 2007 tax returns, will receive a paper rebate check that looks similar to an IRS tax refund check.
You don't need to do anything to receive your rebate check. It will arrive automatically after you file your 2007 tax return. If you ask for an extension or file your 2007 tax return late, your economic stimulus rebate check will also arrive late. Low-income seniors and disabled veterans (and their widows) who have more than $3,000 in income and don't generally file a tax return need to file in order to qualify for a partial rebate.
How Much Will I Get?
Rebates start at $600 for single filers and $1200 for couples who filed their 2007 tax return jointly. The rebates begin to phase out for single filers whose 2007 adjusted gross income (AGI) is more than $75,000 and for married couples whose 2007 AGI is more than $150,000.
When Will I Receive My Check
The following is the IRS Timetable for Rebate Payments to taxpayers who filed 2007 tax returns by April 15:
» DIRECT DEPOSIT PAYMENTS |
| If the last two digits of your Social Security number are: |
Your rebate should be sent to your bank account by: |
| 00 - 20 |
May 2 |
| 21 - 75 |
May 9 |
| 76 - 99 |
May 16 |
» PAPER CHECK |
| If the last two digits of your Social Security number are: |
Your check should be in the mail by: |
| 00 - 09 |
May 16 |
| 10 - 18 |
May 23 |
| 19 - 25 |
May 30 |
| 26 - 38 |
June 6 |
| 39 - 51 |
June 13 |
| 52 - 63 |
June 20 |
| 64 - 75 |
June 27 |
| 76 - 87 |
July 4 |
| 88 - 99 |
July 11 |
|
More Information
Be aware that identity thieves are already pushing scams involving the stimulus payments. At least one telephone scam is growing and using the proposed rebates as bait.
For more information about the 2008 Economic Stimulus Package, visit:
IRS Economic Stimulus Payments Information Center.
To read more articles about the rebate checks:
Have Money, Will Spend.
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