Unclaimed Economic Stimulus Payments
By: Jake | August 04, 2008 | Category: Money
I was surprised to see the Internal Revenue Service report last week that it was sending information packets to 5.2 million people in the U.S. who may be eligible for economic stimulus payments and have not filed yet.
My rebate check is long spent and all that's left to look forward to are state sales tax holidays, (assuming of course I have cash in my spare money envelope). As of July 11, the IRS had issued 112.4 million payments totaling $91.8
billion. The agency has completed most of the direct deposit and mail payments for people who filed their taxes before the April 15 deadline.
Those of you who have filed after the deadline should expect your payment 8-12 weeks after your file date. If it has been more than 8 weeks and you haven't received your payment, or you received a different amount than you expected, the IRS says you can call the toll-free rebate hotline at 1-866-234-2942 or visit a local IRS office to find your payment. Keep in mind your payment will go to your last known address the IRS has on file, so if you have moved and have not received your payment you should fill out a U.S. Postal Service form.
The IRS information packets are going to retirees and veterans who do not normally file a tax return. The IRS has accounted for about 75 percent of the approximately 20 million Social Security and Veterans Affairs beneficiaries identified as being potential stimulus recipients. Payments are based on 2007 tax returns being filed this year and you must file by Oct. 15 in order to get a payment in 2008. If you don't file this year, you can still receive a stimulus payment next year, but it will be based on your 2008 qualifying income.
Beware of email scams asking you to send bank account information in order to receive your stimulus payment. The IRS will not call or email taxpayers about these payments. If you receive a scam email, forward it to the IRS. Remember that the IRS will only contact you by mail about these payments.
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Comment PermalinkTHANK YOU
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Comment PermalinkThey way the law was written is that there is a minimum, if you qualify for a stimulus check of $300.00 and a max of $600 detwermined by the information on your form 1040 for 2007. If you paid at least $600 in Federal Income Tax then you should get a $600 check. Additional amount for married couples and $300 for each child.
Any government debt you have may reduce the amount of your payment by offsetting that debt. Back taxes, child support, deleinquent student loans, etc. The good news.. those debts will be paid off or decreased by the amount of the stimulus check.
Comment PermalinkI wouldn't hold my breath waiting for those economic stimulus payments. :)
Grants,
Yes people are getting email messages about tax rebates and that's why I mentioned that the IRS never emails or calls you about the payment. A couple of us here in the office have gotten emails asking us for our bank account so they can send the payment. We didn't respond to the request.
If you get a call or an email in your inbox that says it's going to send you your tax rebate, refund or anything from the IRS, it's a scam. If you get an email or call, please send the email message or synopsis of the call to phishing@irs.gov.
Jake
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Comment PermalinkIT'S THE BEST EXPLANATION I HAVE HEARD.
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