Entry bubble 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 CheckThe 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.  

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