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Tax Rebates are Here (Sorta)!

By: Jake | May 05, 2008 | Category: Money

We're starting to see economic stimulus payments (or tax rebates) in our bank accounts! Or at least some of us are. If you want to know when you'll get it, the Internal Revenue Service has created a "where's my stimulus payment" calcultor where you can enter some information and see when you should get your payment.

Animated Guy with a Tax Check The IRS is sending payments out in order of the last two digits of a taxpayer's social security number. So those of you who qualified for the payment, opted for direct deposit and whose SSN ends in 0-20 got rebates last week.

The IRS rebate schedule says that those of us with higher numbers at the end of our SSN will have to wait a few more weeks to get our direct deposit payments. Those who opted for paper checks will start to get checks in mid-May.

This SSN schedule assumes the IRS processed your tax return by April 15. If the IRS did not process your return by April 15, you should get your economic stimulus payment up to two weeks after you receive your refund (regardless of direct deposit or check it seems). If you did not expect to get a refund or you filed your return after April 15, it will take a minimum of six weeks after you file to receive your stimulus payment.

If you don't remember or don't know how much money you qualified to receive, you can use the IRS Economic Stimulus Payment Calculator to find out. Keep in mind you could receive less than the amount calculated here if you owe back taxes, child support, money for student loans and other reasons. Around the same time you get your payment, the IRS will send you a notice to break down how it was calculated. Keep this statement for your records.

If you did not file your 2007 income tax or an extension, you can still file your federal income tax by October 15, 2008 to see if you qualify for an economic stimulus payment. The sooner you file though, the sooner you'll get results.

If you have other questions call the IRS or contact your local IRS office.

Permalink | View Comments [23] | E-mail This Entry | Tags: economic jake money payment rebates stimulus tax

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Comments (23):

Posted by delashmitc on May 05, 2008 at 09:50 AM EDT

I don't understand why working college students claimed by parent, but work, cannot receive stimulis rebate. They would be more likely to spend the money and stimulate the economy than the parent trying to pay the bills!

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Posted by Austin Chu on May 05, 2008 at 11:58 AM EDT

Great Post. I work for a company that manages and tracks gift cards, we blogged about this issue on savvywallet.com. There are many questions as to how to spend your stimulus. There are retailers who are offering 10% bonuses in gift cards in exchange for your checks. Be careful. Consider this: $100 was spent in gift cards last year, and $8B was lost and unclaimed. My advice? Save it, put it towards debt and your IRA. As for the college student? Claim yourself, and get the cash!

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Posted by Citizen Jmaximus on May 05, 2008 at 04:35 PM EDT

I would like to know the total amount paid out to individuals versus businesses, who is getting the lions share? The only thing I heard is that the toatl is something like 150 billion, but nothing about how it is divided.

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Posted by Freedom on May 05, 2008 at 08:32 PM EDT

I am appalled and distressed at the fact that attending our colleges here in the United States of America are adolescent aged foreigners, mostly of Asian origin, likely Chinese. Some of which are younger even than 15 years of age. To allow such adolescent aged individuals to be in an environment and exposed to a majority of adult aged Americans is not using good sense. It is only compounding the serious problem of illegal adult interaction with adolescents. In a college this makes the problem even worse.

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Posted by us army ret, jibarito FM SAN LORENZO MAD AS HELL on May 06, 2008 at 12:19 PM EDT

THIS IS STRICTLY A BUNCH OF HOG WASH, FOR LACK OF BETTER WORDS, IM THE ONE WHO SACRIFICED HIMSELF FOR GOOD OLD USA, AND JUST BECAUSE IM MARRIED TO A NON AMERICAN I DONT DESERVE CREDIT FOR THE SO CALLED ECONOMIC STIMULUS, I AGREE SINCE MY WIFE DOES NOT HAVE A SS NR. NOT TO RECEIVE BENEFIT, BUT IM THE ONE WHO HAVE EARNED IT. WHY SHOULD I BE PENALIZED FOR IT.? HELL I LEFT THE COUNTRY BECAUSE I COULD NOT MAKE IT ON MY PENSION ALONE, BOY THIS IS CERTAINLY A GOOD WAY TO SHOW HOW THE COUNTRY SHOWS ITS GRATITUDE. I KNOW FOR WHOM IM GOING TO VOTE... FOR NONE

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Posted by Janet in GA on May 07, 2008 at 09:12 AM EDT

We have filed and received our refund about 2 months ago. We have yet to see the notice that was supposed to come. We fall into the guidelines of the economic stimulus but what happens if you don't get the notice and can't find a phone number to talk with a live person to ask?

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Posted by Jake on May 07, 2008 at 12:24 PM EDT

Sorry I haven't been able to respond to your comments recently. I've actually been involved in this emergency exercise and my blackberry isn't letting me respond to comments.

Austin, Thanks for your advice on what to do with the money. I plan to pay off debts and save it. I don't know if college students who know their parents are claiming them as dependents should be applying for the rebate. THe IRS will most likely catch it and the student won't get anything. If student does get something the IRS will catch it later and you'll have to pay the money back. If I were a college student, I'd just ask my parents to give me a cut of the rebate. :)

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Posted by Jake on May 07, 2008 at 12:29 PM EDT

Citzen J,

I am looking for that information about what cut Small Business's get. I'm going to email IRS and see what they tell me.

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Posted by Jake on May 07, 2008 at 12:37 PM EDT

Army ret Jibarito,

Why don't you qualify for a rebate? I couldn't find any information for people living overseas, but I did find info on people recieving a VA pension.
http://www.irs.gov/newsroom/article/0,,id=179203,00.html
Contact the IRS for more info. Here is a link to their international offices:
http://www.irs.gov/localcontacts/article/0,,id=101292,00.html

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Posted by Jake on May 07, 2008 at 12:48 PM EDT

Janet,

The IRS just set up an online "Where's my stimulus payment" tracker you can check out at this website:
https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC

If that doesn't work. You can find contact information to your local IRS office here. They should answer the phone there and if not you can always go to the office in person.
http://www.irs.gov/localcontacts/index.html

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Posted by Joe on May 07, 2008 at 03:30 PM EDT

My wife and I just received our economic stimulus tax refund in the amount of $1,200. At the same time, I received my quarterly real estate tax assessment in the amount of $912.13.
Included with my tax assessment was the semi-annual stormwater fee in the amount of $38.10. I also just received my personal property tax assessment for the year, in the amount of $339.40. The grand total of oll those is $1,289.63.
Its so nice to receive an "economic stimulus tax refund," only to pay more taxes. Kinda depressing.

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Posted by MarkMc on May 09, 2008 at 10:02 AM EDT

COLLEGE STUDENTS: Don't get a rebate and neither do your parents. IT's a bunch of crap. In order for the parent to get it, the child has to be under 17, so you both lose out!

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Posted by WHERE THE CHECK? on May 09, 2008 at 12:41 PM EDT

MY CHECK WAS GARNISHED TO TWO COMPANIES UTILIZED FOR SERVICES IN THE PAST. I WAS SHOCKED SINCE I HAD PAYMENT ARRANGEMENT AND WAS GOINT TO USE THE CHECK TO HELP ME MOVE ANYWAY I JUST LET I GO ATLEAST MY BILLS GOT PAID WITH IT...

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Posted by Jake on May 09, 2008 at 01:25 PM EDT

Joe and Where the check,

I hear ya. It's not so good to get this rebate and then find that pieces have been taken out or you owe more to other people.

Citizen J, I'm still trying to figure out how much went to businesses and how much went to people like yourself.

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Posted by frank on May 09, 2008 at 03:17 PM EDT

I heard that if people dont recieve their check in May that they would see it by July 4th. I think its because of how they're sending them out according to filing dates, and the social security numbers, and few other factors. Either way that's still pretty close together. So people shouldn't worry about waiting 6 to 8 months since it seems pretty conistent that people who claimed to have called or talked about it, are all saying with two weeks to 4 weeks from the start of it all.

Frank
<a href="http://www.ezprintsolutions.com">Full Color Printing </a>

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Posted by TONEYCATHERINEINE on May 12, 2008 at 08:54 PM EDT

I WOULD WHEN I GET MY REBATE CHECK.

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Posted by Jake on May 13, 2008 at 08:48 AM EDT

Tony Catherine,

I got my rebate today. The online rebate calculator didn't tell me I was going to get it until late last week so I'd keep checking.
https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC

If you filed your federal taxes before April 15 and did direct deposit, you should be getting it soon. If you opted for the paper check refund, it's going to be a little while.

You can give your local IRS office a call as well. http://www.irs.gov/localcontacts/index.html

Jake

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Posted by Raymond on May 27, 2008 at 07:36 AM EDT

Jake,

The site that you have provided us, https://sa2.www4.irs.gov/irfof/IRServlet?app=IRACTC

is it legit? My reasons for asking, if you go to the irs.gov directly, it gives this website address:
https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC&selectLanguage=en

the difference is the sa1 and sa2, however what is the difference?

any relfection on this? My girlfriend actually used the link you had provided. I've noticed other people on the web have used it to, I just want to make sure there's no possibility of identity theft there...

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Posted by Jake on May 27, 2008 at 08:34 AM EDT

Ralph,

I got that link off of the IRS page. I used it to check on my own refund and it was accurate and I haven't had any problems. I am checking with the IRS to verify. I'm making the link dead until I get an answer.

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Posted by Raymond on May 27, 2008 at 01:37 PM EDT

Jake,

Thanks for getting back to me so quickly. The sa2 seems to be the same exact site as the sa1. After browsing through the IRS site, there are other links that are directed under sa2, but why would they use sa1 and sa2 for the same site? It doesn't make sense why'd they use two different areas unless they are under the same mirror? Can't hurt to double check with the IRS. Please let me know if you hear anything from the IRS.

p.s. how'd you my name was Ralph and not Raymond? That's kinda freaky, haha.

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Posted by Raymond on May 27, 2008 at 07:24 PM EDT

Jake,

As I've been doing even more research this evening, cnet has an article based on this website:

http://news.cnet.com/8301-13739_3-9938919-46.html

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Posted by Catherine on May 27, 2008 at 08:54 PM EDT

so..since i'm a college student..my parents won't be able to get any tax break for me either?

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Posted by Jake on May 28, 2008 at 08:40 AM EDT

Catherine,

That's a question that's on a lot of students minds. I am not a tax expert, so I can't speak to your parents specific situation. Talk to your local IRS office about whether or not your parents can claim you for the rebate.
http://www.irs.gov/localcontacts/index.html

Generally if you are over 17 and you were claimed as a dependent when they filed in 2007, it looks like they won't get extra $ for you. There may be able to get something for your 2008 tax return though.
You won't get an advance payment, but you can still qualify for some $ next year if they don't claim you as a dependent on their 2008 return. See the quote below I got from the IRS Economic Stimulus Payment Calcultor when I said I could be claimed as a dependent by someone else:

"If you become eligible during 2008, you may be able to claim the credit on your Tax Year 2008 return, but you will not receive the advance payment this year, since that is based on your 2007 return."

http://www.irs.gov/app/espc/qualification.do

Again, call the IRS for more questions. I'm going to do some research into this and hopefully will have a post about it later. I still owe Citizen J, the break down for rebates.

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