The first round of those tax rebate “stimulus” checks go out Monday, with some 8 million taxpayers getting them a week earlier than originally announced.
The checks range from $300 to $1,200. In all, about $160 billion will be “rebated” and the hope is that the money will go back into the economy as people start buying.
Oh, they’ll be buying all right. Not the LCDs and plasmas and furniture. Instead, they’ll be paying for $3.50 gas and more expensive food.
The IRS said all checks for those who filed their tax returns on time are scheduled to deposited or mailed by July 11. And if you filed electronically and provided direct-deposit info, you’ll likely get your money faster.
I filed my tax return on April 14 and Uncle Sam managed to put back a meager amount a week later. So maybe some of us will get the tax rebate money in before July 11. We’ll need it to pay for the $4-plus gas that we’ll likely have by then.
I thought they gave you an additional $300 for each child you had also. Married couples $1200 plus $300/kid.
Yup, kids will get you $300 a pop.
Here’s a snippet from the 3Qs with Dana Peters that ran in March:
The Internal Revenue Service in May will start sending out stimulus payments to more than 130 million Americans in an effort to jump-start the floundering U.S. economy.
Tax filers will receive up to $600 for an individual return and $1,200 for a joint return, plus an additional $300 for each qualifying child.
The Daily Journal spoke with Dana Peters, a compliance officer with BancorpSouth and a five-year volunteer with the IRS Volunteer Income Tax Assistance program, to find out more about the stimulus payment.
Q: When will the payments go out?
A: If you have direct deposit on the regular tax filing, they will start going out May 2 for tax returns received and processed by April 15. The order is based on the last two digits of your Social Security number. (On a jointly filed return, the first Social Security number listed will determine the mail-out time.)
• 00 through 20 will be May 2
• 21 through 75 will be May 9
• 76 through 99 will be May 16
Paper checks will go out starting May 16.
• 00 to 09 will be May 16
• 10 to 18 will be May 23
•19 to 25 will be May 30
• 26 to 38 will be June 6
• 39 to 51 will be June 13
• 52 to 63 will be June 20
• 64 to 75 will be June 27
• 76 to 87 will be July 4
• 88 to 99 will be July 11
For the IRS’ stimulus info center, go here:
http://www.irs.gov/irs/article/0,,id=177937,00.html
Crap, I will not get mine until June.
OK. Dennis informs me I am behind the times. At least I’m in good company. The IRS has yet to update the schedule on its Web site.
Now, all the dates posted above are bumped up a week earlier.
i had to pay the IRS this year so i guess i’ll get a paper check and lucky me will have to wait till june.
I found a really good article regarding the new dates. It is http://www.wkyc.com/news/news_article.aspx?storyid=85299&provider=gnews. According to it, the first direct depositis will be made as early as Monday the 28th.
Ugh. I’m still waiting for my check.
My last two numbers are in the 00s. It’s Thursday and still no money. I’ve seen lots of stories on the wire about the money going out, but haven’t read a single quote from anyone who has gotten his/her check yet. Makes me wonder if everything is on schedule. The feds were quick about deducting my tax payment to them, but this is the first time we’ve had a stimulus program. Wonder if everything is running on schedule.
Biz, wasn’t there a tax rebate in 2002?
Yes, there was a rebate, either in 2001 or 2002. If I remember correctly, we got back around $600.
I checked the bank this morning, and we still have a big fat NOTHING from the IRS. Since it’s May the 2nd, which was our deadline, I’m a little concerned that it’s not in there. Maybe it will be after 8am, but I doubt it. Did yours come today Carlie?
Thie IRS now has a “Where’s My Stimulus Payment?” thing on their website. I can’t get it to work with mine or my husband SSN. It keeps telling me that I made a mistake, so I called the IRS. There’s no one there this early, but they have an automated system that is supposed to give you the status of your payment. According to it, “the IRS is having technical difficulties at this time, and no further information is available. Please call back at a later time.” Doesn’t sound too good for those of us expecting a payment by today!!
Ugh. I’m thoroughly peeved with the IRS. After getting the same “you must have made a mistake” message on the IRS’ Web site, I called the hotline, only to be on hold for 25 minutes (don’t worry, Dennis - I was multi-tasking).
The lady then informed me that the earliest I can expect to get my money is May 19. Even though the IRS said it was doling out the money based on SSN, when you filed does figure in to the equation. She said that since I filed at the beginning of April and had to pay the IRS money (of which they promptly directly withdrew the entire thing the next day from my checking account), my tax return won’t process until Monday. Oh, that irks me that they’ve had my money for a month now, but it still hasn’t “posted.” I’d like for them to explain that concept to my bank.
So, she said that once my return posts, it will take another two weeks before the money is directly deposited.
She added that people who filed in April most likely won’t get their economic stimulus payment on time because the huge influx of people has slowed down the processing time. Granted, this isn’t the official position of the IRS (I called as a taxpayer not a reporter so no official statements), but it is what a customer service rep is advising people. Oh, how frustrating.
If you want to check the status of your stimulus payment, the hotline is 1-866-234-2924. The online app to check the status is here:
https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC
I got something along the same lines when I called them this morning. I too am PEEVED!! We had to file an amendment, which I prepared myself (I used to do taxes) and mailed the end of February. The IRS shows that they received it on March 4th, but they have yet to finish processing it. It only made a $15 difference, which btw, was a refund for us. Yet, they still can’t release our stimulus payment until they finish processing our amendment, which can be anywhere between now & the end of May. How ridiculous!! Just how long does it take to make one change to a tax return and mail a measley $15 check anyway??
It just irks me that all of the information the IRS put out said that the rebates were based on your SSN, not when you filed, as long as you did it before April 15.
If I would have known it would have made a difference, I would have put my butt in gear and done it earlier.
I hear ya. I would have waited to file the amendment after the stimulus payments were sent. We had like 3 years from the date of the original return to file it I think!! A little heads-up from the IRS would have been nice.