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Mail Rebate
Facts About Your Tax Rebate or Economic Stimulus Package Payment
More than 130 million households will begin receiving economic stimulus payments beginning in May, and there is still a lot of confusion about them. People are not sure when they should receive their payments, the amount they can expect, or if they are even eligible. The information in this article should clarify things for the majority of you and, for those that still have questions, full details are available at the IRS website. The following link will take you directly to the page: Economic Stimulus Payments Information Center.
To Be Eligible:
• You must have a valid Social Security Number (SSN). If you are filing jointly, BOTH parties must have valid Social Security Numbers or neither will receive a payment. Neither party can use an Individual Taxpayer ID Number (ITIN) in place of an SSN. Individuals that become eligible after they file their taxes can file an amended tax return after April 14, 2008 and after 8-12 weeks can inquire about their payment.
• You must have a qualifying income of at least $3000. A qualifying income can be any combination of earned income and certain benefits from Social Security, Veterans Affairs, or Railroad Retirement. For anything other than earned income, you should check the IRS website at the link above for specific eligibility details. Supplemental Security Income (SSI) does not count.
• Your income cannot be too high. The specifics are too detailed to list here, but there is a link to a calculator below to estimate your refund.
• You must file a tax return for 2007. If you are eligible for a rebate but do not normally file taxes because your income is below the filing threshold, you will still need to file to receive a payment. If you are filing just for the purpose of receiving a payment, you can file free online with a simple form at the following link: Free File - Economic Stimulus Payment.
• You cannot be claimed as a dependant or be eligible to be claimed as a dependant for 2007.
• To receive money for your children, the child must be eligible under the Child Tax Credit and have a valid SSN.
How Much You Receive:
• Eligible individuals will receive between $300 and $600, and joint filers that are eligible will receive between $600 and $1200. You may receive $300 extra for each eligible child.
• If you have already filed your taxes for 2007, you will need a copy of your tax return and you can estimate the amount you can expect at the following link: Economic Stimulus Payment Calculator.
When Payment Will Be Sent:
• Beginning May 2, payments will begin to be issued. You will receive an electronic payment if you elected to receive your refund electronically when you filed your taxes. If you did not supply the information for direct deposit you will receive a paper check. The date your payment will be issued is determined by the last two digits of your SSN according to the charts below:
DIRECT DEPOSIT
Last 2 SSN digits 00 through 20, Issue Date May 2
Last 2 SSN digits 21 through 75, Issue Date May 9
Last 2 SSN digits 76 through 99, Issue Date May 16
PAPER CHECK
Last 2 SSN digits 00 through 09, Mail Date May 16
Last 2 SSN digits 10 through 18, Mail Date May 23
Last 2 SSN digits 19 through 25, Mail Date May 30
Last 2 SSN digits 26 through 38, Mail Date June 6
Last 2 SSN digits 39 through 51, Mail Date June 13
Last 2 SSN digits 52 through 63, Mail Date June 20
Last 2 SSN digits 64 through 75, Mail Date June 27
Last 2 SSN digits 76 through 87, Mail Date July 4
Last 2 SSN digits 88 through 99, Mail Date July 11
• If you file your tax return late, then you can expect a delay in receiving your rebate.
As mentioned before, there is a lot more information available at the IRS website. The information contained here is a summary of the more basic information provided by the IRS, and the data in the payment timetable is taken directly from their site.
About the Author
Kevin Maher is the Agency Liaison at Debt Management Credit Counseling Corp (DMCC), a 501c(3) non-profit charitable organization offering free financial education and budget counseling across the USA. Call us at 866-618-DEBT or visit http://www.dmcccorp.org. Email Kevin at kevin@dmcconline.org
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