Submitted by SadInAmerica on Fri, 04/25/2008 - 9:16am.

Treasury Department says it will deposit the first 800,000 rebates - five days earlier than expected - in effort to boost economy. ~ See UPDATE

The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday.

The department had said last month that it would begin giving rebates on May 2.

Instead, 800,000 tax filers daily will get rebates on Monday, Tuesday and Wednesday. No rebates will be distributed on Thursday, and 5 million payments will be made on Friday.

The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman.

Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said.

The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy.

Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting rebates before those who use the mail.

The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate.

Rebates to taxpayers slated to get paper checks will start to go out on May 9 - one week earlier than originally planned.

The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers.

Who gets a rebate?
  • $600 to singles making less than $75,000
  • $1,200 to couples making less than $150,000
  • $300 rebates per child



Here's a schedule for tax-rebate payments for federal tax returns processed by April 15. (File after April 15 and you'll receive a refund about two weeks after you get your refund, if eligible, but not before the scheduled date below. To learn more, click here.)

Direct-Deposit Payments

If your last two Social Security digits are: Your deposit should reach your account by:
00-20 May 2
21-75 May 9
76-99 May 16

Checks by Mail

If your last two Social Security digits are: Your check's in the mail by:
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

Source: IRS.gov.

Catherine Clifford - CNNMoney.com staff writer - April 25, 2008 - posted at http://money.cnn.com/2008/04/24/pf/taxes/

Email this information to family and friends.





On May 9th the first Income Tax checks from the Internal Revenue Service will be mailed out.

Beginning Monday, April 28th, those eligible for rebate checks can expect to receive rebates (by derect deposit) up to $600 per person, $1,200 per couple, and $300 per child. "For a middle-class family of four, that is $1,800, including $300 for each child. If they have more children, then of course, their check would be more," House Speaker Nancy Pelosi said in a press conference Friday.

For those who have already filed an income tax return, the rebate is on the way, Bush said, and even those who don't owe income taxes may still be eligible for a check, but they need to file a form with the IRS. It's not too late to do so, the president said. People can go to the IRS website or contact their local IRS office.

"We want to make sure everyone who's eligible for a check gets one on a timely basis. This money is going to help Americans offset the high prices we're seeing at the gas pump and at the grocery store, and it will also give our economy a boost to help us pull out of this economic slowdown," said Bush.

Meanwhile, Pelosi hinted that a second stimulus package could be on its way.

"The strain of the economic downturn on middle- and low-income families demands, in my view, a consideration of a second stimulus package and we have begun some conversations with the Administration and the Republicans on that," she said.

"Specifically, we are working on efforts to pass additional sweeping legislation to keep millions of families in their homes, provide relief to millions of out-of-work Americans, and reduce the strain on families who are struggling with rising gas and grocery prices," said Pelosi.

She called the tax rebates an example of what Congress can accomplish when they work together in a bipartisan way.

Melanie Hunter-Omar - April 25, 2008 - posted at www.cnsnews.com


Tag this page!
Submitted by SadInAmerica on Fri, 04/25/2008 - 9:16am.


Anonymous | Tue, 05/06/2008 - 11:08am

i recieved my refund on a h&r block rapid refund emeraled card so do that mean its direct deposit or not because im confused on when im really gonna recieve my rebate