Where’s The Rebate?

Earlier this month the Treasury began sending economic stimulus payments to more than 130 million households.
To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and filed a 2007 federal tax return.
According to the IRS, qualifying single filers with adjusted gross incomes of less than $75,000 will receive up to $600, and qualifying couples with an adjusted gross income of less than $150,000 will receive up to $1,200.
Parents will receive an additional $300 for each eligible child younger than 17.
Retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return had to do so this year in order to receive a stimulus payment, according to the IRS.
Persons who do not owe income taxes but earned at least $3,000 in income from Social Security and/or veteran’s disability, also will receive a rebate of $300 for individuals and $600 for couples.
Anyone who did not file a tax return for 2007 will not receive a rebate check.
According to the IRS, all checks and direct deposits for those who filed a 2007 tax return on time will be sent out according to the last two digits of the person’s social security number.
First on the list to receive rebates will be those who had their tax refunds direct deposited with social security numbers ending in 00 to 20. They had their rebates direct deposited last Friday, while persons with numbers ending in 21 to 75 are scheduled to have theirs direct deposited today.
Persons with numbers ending in 76 to 99 will have their rebates direct deposited next Friday.
For those who chose to receive a paper check for their tax refund when filing this year’s taxes, rebates will be mailed next Friday, May 16 for social security numbers ending in 00 through 09.
Numbers ending in 10 through 18 will be mailed Friday, May 23; numbers 19 through 25 will receive checks Friday, May 30; and numbers 26 through 38 will be mailed Friday, June 6.
In addition, persons with social security numbers ending 39 through 51 are due checks Friday, June 13, while numbers ending in 52 through 63 will receive a checks on Friday, June 20.
Persons with numbers ending in the 64 through 75 are slated to get a check on Friday, June 27, numbers 76 through 87 will receive checks on Friday, July, and lastly those with numbers ending 88 through 99 are scheduled to get a check on Friday, July 11.
When Congress adopted the economic stimulus payment package the aim was for taxpayers to spend the money just as quickly as they get it in an effort to jolt the ailing economy back to life.
In February, Congress passed the one-time tax rebates that are aimed at pumping about $150 billion into the economy this year and perhaps staving off the first recession since 2001.
This year’s rebate will appear as a simple gift from the government. The rebate amounts are tax-free, according to the IRS.