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Monday 3/17/08 UPDATE: IRS Finally Releases Mailing Dates
The following information is courtesy the Detroit Free Press, which has listed the information very succinctly. Here’s how the checks will roll out:
If you file your return on time and request that your federal income tax refund is directly deposited, the stimulus payments will directly go into your bank account by May 2 if the last two digits of your Social Security number are 00-20.
If the last two digits are 21-75, the date to remember is May 9.
If the last two digits are 76-99, you’d get that money by May 16.
But if you do not use direct deposit to get your federal income tax refund – or you are paying taxes owed when you file that 2007 return – you’re going to get your tax rebate check later. The rollout times are more complicated, too.
If your last two digits of your Social Security number are 00-09, you could expect that rebate check to be mailed by May 16.
It’s by May 23 if the last two digits are 10-18.
It’s May 30 if the digits are 19-25.
It’s June 6 if the digits are 26-38.
It’s June 13 if the digits are 39-51.
It’s June 20 if the digits are 52-63.
It’s June 27 if the digits are 64-75.
It’s July 4 if the digits are 76-87.
It’s by July 11 if the digits are 88 -99 and the person did not use direct deposit of a refund this year – or if you wrote a check to cover money owed for the 2007 tax year.
Note: an email going around for several weeks gave the dates in an August - October range. The email was incorrect.
Monday 3/10/08 UPDATE: Who won't recevie a check?
We've heard so much about the upcoming tax rebate checks....which for most taxpayers will mean an $300, $600, or $1,200. But what about all the people who won't get a rebate? That's right: Millions of Americans won't qualify for a rebate check. So a quick look at who won't qualify for the upcoming government gift.
You won't get a check if....
Most taxpayers earning less than $3,000 a year won't get a check.
Nor will people who earn more than $85,000 a year....or $174,000 as a couple.
There's no rebate for most 18 - 20 year old college students still claimed as dependents by Mom and Dad.
And people on SSI (Supplemental Security Income) disability don't qualify.
However, here's the tricky and confusing part: Seniors who receiveat least $3,000 in Social Security benefits will receive a check. Also, people on SSDI (Social Security Disability Payments) will receive a check, as they worked long enough to qualify for Social Security.
Still confused? Check the irs website, irs.gov ...Or call the IRS for more specific information.
Tuesday 2/19/08 UPDATE: What if you Don't File Taxes?
Many Retirees and others who don't pay taxes have been e-mailing me to ask if they will have to file tax forms to receive their Rebate Check. Yes, you will.
The IRS is deciding who receives a check based on your 2007 Income Tax Filing....which means that to receive a rebate you must file a tax form this spring. For people who normally don't file taxes, because you don't earn enough to file, you will have to fill out a 1040A by April 15th. If you don't file, you don't receive a Rebate Check. It's that simple.
Thursday 2/14/08 UPDATE: Will we have to Return the Money Later?
Viewers are bombarding me with emails about the upcoming tax rebates. So I thought it would be a good idea to clear up a common concern: Will you have to repay your rebate next year at tax time?
Rumors are swirling that we're not really getting any extra money....that we will have to at least pay taxes on our 600 dollar rebate checks. The rumors are untrue.
You will not be taxed on your rebate check.
You will not have to repay it at tax time next year.
One reason for the rumors: An incorrect CNN report last week, that has since been corrected. However, the incorrect version is now being spread by e-mail.
This is an advance on an upcoming tax cut: You are not taxed on tax cuts.
Tax Rebate: The Basics
Rebate checks should now be on their way in May, as the government attempts to jump start the economy and minimize the impact of a recession this year. How much you receieve depends on your Gross Adjusted Income for 2007, as stated on the 1040 form you'll send the IRS this spring.
Most individual taxpayers will receive a $600 check, Couples will receive $1,200, with another $300 per child.
Individuals who don't earn enough to file Federal Taxes, but who earn at least $3,000 a year, will receive a smaller check of $300.
You will receive a smaller check if you earn more than $75,000, or $150,000 as a couple filing jointly.
The cutoff is $85,000 a year for individuals, $174,000 for couples: Beyond that, you no longer qualify for any check.
Again, the good news for lower income consumers who pay no Federal Income Tax, and Seniors on Social Security, : they will still be able to receive a check.
The IRS will begin mailing out checks in early May, based on the last digits of your Social Security number (as they did in 2001). All checks should be distributed by August
IRS Finally Releases Mailing Dates
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