Life Support - Tax Facts
Tax Rebate Money Shot: When Will I Receive My Stimulus Payment?
A Tax Fact from The Tax Institute at H&R Block
Time Is Money
Okay, so you've filed your 2007 federal tax return by April 15 and now you're wondering when you will receive the 2008 Tax Rebate you've been hearing so much about. Well, you don't have to wonder any longer; the IRS has issued the Tax Rebate timetable and here's what you need to know to determine when - and how - you will receive the payment.
For the purpose of this audiocast, let's first assume you are eligible to receive the Rebate payment, but if in doubt, check out our blog, "130 Million Will Receive A Tax Rebate, Will You" on www.digits.hrblock.com.
All right, you've confirmed that you are indeed eligible, now to find out when you can expect to receive the Tax Rebate payment, you'll need to answer this simple question: did you request Direct Deposit of you refund on your 2007 federal return?
If the answer is yes, the good news is that Tax Rebate payments will be Direct Deposited for all eligible taxpayers beginning April 28, 2008, four days earlier than originally scheduled. Direct Deposit are based on the last two digits of your Social Security Number. For joint returns, it's the first Social Security Number listed on the 2007 federal return.
For Social Security Numbers ending in:
The Other Side of the Coin
For those of you who did not request Direct Deposit of your 2007 federal refund, or took a bank settlement product involving a temporary bank account, or had a Balance Due, you will receive your Tax Rebate in the form of a mailed check from the IRS.
Again, the schedule for mailed checks is based on the last two digits of the Social Security Number, and for joint returns, it's the first Social Security Number listed on the 2007 federal return.
Buck Stops Here
Here's the schedule for when mailed checks should be in the mail, NOT in your mailboxes, but in the mail. The dates are:
For Social Security Numbers ending in:
ALL checks for those who filed 2007 tax returns on time are scheduled to be deposited or mailed by July 11.
Better Late Than Never
Now for those of you who file AFTER April 15 and by the Oct. 15, 2008 extension deadline, you will STILL receive your 2008 Tax Rebate payment. The IRS will continue sending weekly payments. People who receive a refund can expect their Tax Rebate payments approximately two weeks AFTER receiving their tax refunds, BUT not BEFORE the date they would have received the Tax Rebate payment if the return had been processed by April 15.
When you do file your 2007 return, remember to e-file and choose Direct Deposit; not only will you receive your refund faster, you'll also receive your Tax Rebate payment faster.
This Tax Fact is brought to you by The Tax Institute at H&R Block.
To view other helpful tax information or listen to our Tax Fact podcasts, visit www.digits.hrblock.com
As always...everyone's tax situation is different, so be sure to consult a tax professional or financial advisor before making important financial decisions.
This Tax Fact is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice, nor is it intended to be used to avoid IRS penalties.
A Tax Fact from The Tax Institute at H&R Block
Time Is Money
Okay, so you've filed your 2007 federal tax return by April 15 and now you're wondering when you will receive the 2008 Tax Rebate you've been hearing so much about. Well, you don't have to wonder any longer; the IRS has issued the Tax Rebate timetable and here's what you need to know to determine when - and how - you will receive the payment.
For the purpose of this audiocast, let's first assume you are eligible to receive the Rebate payment, but if in doubt, check out our blog, "130 Million Will Receive A Tax Rebate, Will You" on www.digits.hrblock.com.
All right, you've confirmed that you are indeed eligible, now to find out when you can expect to receive the Tax Rebate payment, you'll need to answer this simple question: did you request Direct Deposit of you refund on your 2007 federal return?
If the answer is yes, the good news is that Tax Rebate payments will be Direct Deposited for all eligible taxpayers beginning April 28, 2008, four days earlier than originally scheduled. Direct Deposit are based on the last two digits of your Social Security Number. For joint returns, it's the first Social Security Number listed on the 2007 federal return.
For Social Security Numbers ending in:
| 00 - 20 | First wave of Direct Deposits sent to banks Starting April 28 |
| 21 - 75 | Second wave of Direct Deposits |
| 76 - 99 | Third wave of Direct Deposits |
The Other Side of the Coin
For those of you who did not request Direct Deposit of your 2007 federal refund, or took a bank settlement product involving a temporary bank account, or had a Balance Due, you will receive your Tax Rebate in the form of a mailed check from the IRS.
Again, the schedule for mailed checks is based on the last two digits of the Social Security Number, and for joint returns, it's the first Social Security Number listed on the 2007 federal return.
Buck Stops Here
Here's the schedule for when mailed checks should be in the mail, NOT in your mailboxes, but in the mail. The dates are:
For Social Security Numbers ending in:
| 00 - 09 | Beginning May 9 and continuing through May 16 |
| 10 - 18 | On or before, May 23 |
| 19 - 25 | On or before, May 30 |
| 26 - 38 | On or before June 6 |
| 39 - 51 | On or before June 13 |
| 52 - 63 | On or before June 20 |
| 64 - 75 | On or before June 27 |
| 76 - 87 | On or before July 5 |
| 88 - 99 | On or before July 11 |
ALL checks for those who filed 2007 tax returns on time are scheduled to be deposited or mailed by July 11.
Better Late Than Never
Now for those of you who file AFTER April 15 and by the Oct. 15, 2008 extension deadline, you will STILL receive your 2008 Tax Rebate payment. The IRS will continue sending weekly payments. People who receive a refund can expect their Tax Rebate payments approximately two weeks AFTER receiving their tax refunds, BUT not BEFORE the date they would have received the Tax Rebate payment if the return had been processed by April 15.
When you do file your 2007 return, remember to e-file and choose Direct Deposit; not only will you receive your refund faster, you'll also receive your Tax Rebate payment faster.
This Tax Fact is brought to you by The Tax Institute at H&R Block.
To view other helpful tax information or listen to our Tax Fact podcasts, visit www.digits.hrblock.com
As always...everyone's tax situation is different, so be sure to consult a tax professional or financial advisor before making important financial decisions.
This Tax Fact is for educational purposes only and is not intended to be a substitute for seeking personalized, professional advice, nor is it intended to be used to avoid IRS penalties.
