The IRS announced that on May 2nd, they will begin sending over 130 Million tax rebate checks as part of the president’s economic stimulus package. If you direct deposited your 2007 tax refund, your stimulus tax rebates will be given priority for payment. If you chose to receive your tax refund payments via the USPS, you will get your economic stimulus check sometime in mid to late May.  This is because those who leveraged direct deposit are given priority as it is cheaper and more efficient for the IRS to process.

Receiving the Economic Stimulus Tax Rebate is based on Social Security Number

The IRS will use the last two numbers of your SSN to determine the order that the tax rebate checks will be delivered.  The SSN to be used for determination is the one that was first on the tax return. The IRS stated via its public communication that because SSN is being used to deliver rebates instead of name or household address, it is highly likely that other family members will not receive their economic stimulus tax rebates in the same time-frame.

IRS Economic Stimulus Package- Tax Rebate Payment Schedule - (only for federal tax returns filed, received and processed no later than April 15th):

Filers electing the Direct Deposit Refund Option: 
Last two digits of your Social Security Number and related economic stimulus payment rebate bank account deposit date:

00 – 20 May 2
21 – 75 May 9
76 – 99 May 16

Filers electing the “check in the mail” Option: 
Last two digits of your Social Security Number and related economic stimulus payment rebate check mailing date:
00 – 09 May 16
10 – 18 May 23
19 – 25 May 30
26 – 38 June 6
39 – 51 June 13
52 – 63 June 20
64 – 75 June 27
76 – 87 July 4
88 – 99 July 11

If you haven’t filed your taxes yet, here is how to ensure that you receive your tax rebate check quickly.
Electing the direct deposit option ensures that you get your economic stimulus tax rebate check by May 16th at the latest.  More importantly, you MUST file your 2007 federal taxes by April 15th, no exceptions. If you file after April 15, you can expect to receive the   economic stimulus tax rebate payment approximately 2 weeks after you get your tax refund payment. If you plan to file an extension, in order to get your tax rebate by year end, the latest date for filing your taxes is October 15th, 2008.  Because not all tax returns will be received and processed by the filing deadline, the IRS will continue to send weekly payments after the expiration of the above schedule so that everyone gets paid.

In bankruptcy or subject to existing tax liens for delinquent and/or outstanding unpaid debts like child support, back taxes, student loans, it is possible (and most likely) that the economic stimulus tax rebate check will be stopped.  If you are impacted, the IRS will send a letter that explains the justification for the tax rebate offset.

This entry was posted on Wednesday, March 19th, 2008 at 6:12 pm and is filed under Credit Repair, Debt Consolidation, Financial News, Tax Preparation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.