Part 1: Everything you want to know about the tax rebate (almost)
Uncle Sam has mailed out tax rebates before. But never has there been so much confusion as this last round of checks.
The IRS started sending checks out last week. By year-end, nearly 130 million rebates will be distributed.
The tax agency says it’s been bombarded by questions. The most common: When will I get my rebate?
The rebate is being sent out based on the last two digits of your Social Security number.
For those who are having their rebate directly deposited in the bank: Your payment went out by May 2 if your Social Security number ends in 00-20; May 9 for 21-75; and May 16 for 76-99.
For those getting a paper check: Your check will be mailed out by May 16 if your Social Security number ends in 00-09; May 23 for 10-18, May 30 for 19-25, June 6 for 26-38, June 13 for 39-51, June 20 for 52-63, June 27 for 64-75, July 4 for 76-87 and July 11 for 88-99.
The rebate might be delayed if your paper return was filed but not processed by April 15, the IRS says. And the agency says it will need more time to calculate the rebate for a small percentage of tax returns.
If that doesn't answer your question, here are some of the IRS answers to frequent questions:
Q. I filed after April 15 and the payment date for my Social Security number has passed. How long will it take for me to get my stimulus payment?
A. It will generally take a minimum of six weeks after you file your return to get your stimulus payment.
Q. I filed my return on time, but I haven’t received my stimulus payment, even
though the payment date listed for my Social Security number has passed. Why?
A. In general, the payment schedule only applies if your return was received and the IRS finished processing it before April 15. If you filed your return on time, but close to the April 15 deadline, the IRS may not have finished processing it before April 15.
Processing times for tax returns and stimulus payments vary. If you are getting a regular income-tax refund, the IRS will send you that refund first. Normally, your stimulus payment will follow one to two weeks later.
If you are not expecting a regular tax refund, your stimulus payment generally should arrive a minimum of six weeks after you file.
Also, if you chose direct deposit and requested a Refund Anticipation Loan (RAL) or had your refund deposited into more than one account, you will receive a paper check based on the distribution schedule for paper checks.
Stay tuned for Part 2
Comments
q. what if i have'nt filed yet? when will i get my money?
EA: The IRS says it takes six weeks after filing to get the rebate.
Posted by: robie | May 8, 2008 7:21 AM
Will part II address next years taxes? And by that I mean are we going to be taxed on this money next year. I know Mr. O'malley and the rest of his crew in Annapolis will want their fair share, but what about the Federalies?
EA: The IRS has repeatedly said this money won't be taxed next year. You may have to indicate on your return that you received it. That's not been decided yet. But the IRS will need to find a way to determine whether someone deserved a rebate but didn't get it, or deserved a bigger rebate than he or she received.
Posted by: Mike | May 8, 2008 11:39 AM
If i owe the IRS will I still get a rebate refund .
EA: Yes, if you meet the income and earnings limit.
If you mean that you owe taxes going back years and the IRS is garnishing your wages now, then, no, your rebate will go toward your oustanding tax debt.
Posted by: crystal evans | May 8, 2008 10:46 PM
Does everyone who paid taxes get a rebate? Specifically, will a college student working part-time receive a check?
Thanks.
EA: No. Check the Q&As, and you'll see the earnings limits necessary to get a rebate. Plus, ifyou are claimed as a dependent on your parent's return, you won't get a rebate.
Posted by: J | May 8, 2008 10:49 PM
How about individuals who owed the IRS for 2007? If they paid IRS electronically using their bank account, and atleast six weeks ago, what rebate scehdule can they expect?
EA: You can still qualify for the rebate if you owed taxes, provided you meet the income limits. Your rebate should arrive according to your Social Security number. Check the Q&As for the income limits and the mailing time of rebates. You can also check the IRS Web site at www.irs.gov and click on Where's My Refund, and look for the link of Where's My Economic Stimulus Payment.
Posted by: Andrew Kopac | May 9, 2008 8:10 AM
You won't be taxed on the money next year. This is your 2008 tax refund. If you qualify for a bigger refund, you will get the difference. If you don't, it was a gift from the FG. If you owe taxes, I don't know how that comes in to play; but I know I will fall into that category.
What about those that filed in February, owed a ton of money and paid the IRS electronically? Do we get direct deposit, or do we have to wait for the paper check? My SS is the last number possible, what a load of crap if I have to wait for a paper check.
EA: If you filed your return and put your bank routing number on the return, you should get your rebate directly deposited in the account. If not, then you will have to wait for the paper check.
Posted by: Towson | May 9, 2008 8:15 AM
Why do people keep asking the same questions that have been answered about 50 million times by millions of different people, and not only that but ALL of these answers can be found by spending about 45 seconds on the IRS website. Why people don't take 3 minutes to do some research before asking a question, nevermind a question that has been answered COUNTLESS times before, boggles my mind.
Posted by: Steve | May 9, 2008 5:47 PM
I filed married with 2 dependents (college students, ages 20 & 23. Both of my dependents filed a 1040 because they earned an income. Will they received their own rebate checks or will it be combined with mine.
Rebates are for dependents under the age of 17 as of the end of last year. Sorry, it doesn't appear they qualify. -eileen a
Posted by: Robert D | May 12, 2008 8:43 AM
We have not received a stimius check yet. according to the last 2 digits we should have received this in June. Spoke to our senators office and they said it would be coming no explanation, that was 3 weeks ago. and still nothing
DD: Larry, did you try calling the Stimulus Payment Hotline at 1-866-234-2942?
Posted by: Larry Zeller | July 30, 2008 11:55 AM