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Saturday, April 26, 2008

Tax rebate is coming!!

Word has it that the first of the tax rebates will be disbursed starting next week.

If you have been stuck under a rock for the last 3 months and have absolutely no clue what I am talking about, here is a little summary:

WHAT IS IT?:

It is an economic stimulus "payment" from the government. It is non-taxable, won't reduce your 2007 or 2008 tax refund, and will NOT increase the amount you owe on your 2008 tax return. (I don't know why some folks are going around posting that we would have to pay this back. Uh no we won't!)


WHO IS ELIGIBLE?:

Anyone who files an income tax return with a valid SSN, can not be claimed as a dependent, and have at least $3000 in qualifying income. There are some folks who don't regularly file a tax return that may qualify also. More info here.

HOW MUCH DO YOU GET?

The IRS website has a nifty calculator that you can use to determine if you qualify for the stimulus payment and if so, how much.


WHEN IS MY MONEY COMING?

All you gotta do is check out the payment schedule to find that out. There are two ways to receive your stimulus payment.


1. Did you use direct deposit for your tax refund or added your bank information to your tax return if you owed the government??

If yes then check out the schedule below, if no then go to number two.

Using the last two digits of your SSN, find what date your stimulus payment will be deposited.

DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted by:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16










2. If you did not use direct deposit or had your account information on your tax return then you will be receiving you payment via check. Going by the last two digits of your SSN, look at the schedule below to see when your check will be mailed:


PAPER CHECK

Last two SSN digits: Payments will be mailed by:
00 through 09 May 16
10 through 18 May 23

19 through 25

May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11

















Based on the information I gave above, I will be receiving my $900 payment on May 16th via direct deposit. And after much thought and consideration to the current economic status and my financial status, I have decided to put ALL that money in my savings. That will bring my savings total to a little over $5Gs. I'll go into that in a future post.


How much are you getting and what are you planning to do with iyour economic stimulus payment?


5 comments:

HighClassLowIncome said...

Good post! I was getting worried too about having it as an advance on our 2008 refund so I had to research that myself! LOL. I may use a portion of mine to retake the GRE (Yeah, I didn't too hot, so I may retake it), then put maybe $20 in my E-fund, then split the rest between debt and my vacation fund.

Anonymous said...

Apparently the rebate checks are coming early!!

thriftyfemme said...

Sorry, anonymous @ 10:45 is me. Still figuring out this OpenID things...

Melissa said...

Ugh, that inaccurate info that everyone has been posting about having to pay it back is due to MSN. They had the wrong information in an article when everything was originally announced and later took it out (but never admitted their fault!). I'm happy to see that we're getting the rebates early though.

Roman said...

Very informative, explained it bettered then the government