Ah, Spring is in the air. Besides green grass and budding trees, you know what that means, right? It is almost time for the economic stimulus payments to be released. Most people, whether they believe the rebates are a good idea or not, will be watching their mailboxes, or their bank accounts with anticipation. I am one of those, so I did a little digging to see what we can expect. Here's the condensed version of what you will see.
Most people will be eligible for a rebate if you filed a 2007 tax return. Even if you haven't filed yet, you will still get the rebate, just not as quickly.
If you filed electronically, you will receive your rebate as a direct deposit credit to the same account in which your 2007 tax refund was placed.
If you did not file electronically, you will receive a check by mail.
Most will receive between $300 and $1200. To find out how much to expect, go to
www.irs.gov and you will see a worksheet to determine the amout of your rebate. You will need your copy of your 2007 tax forms to complete the worksheet and it only takes about 3 minutes.
When will I get my rebate?
If you filed electronically and the last 2 digits of your SSN is 00 through 20 your payment will be transmitted May 2. If the last two digits are 21 through 75 your payment will be transmitted May 9 and those SSNs ending in 76 through 99 will be transmitted May 16.
I know there is much debate, especially among Democratic citizens who are very skeptical of this program. All of us are wondering if it will make a difference. I can tell you, yes, it will for me; I am all for this stimulus to our economy. It is good to get a break, even if some of it will probably go into the gas tank. But, in these times, every little bit helps and I am thankful for this package. For some it may make the difference between buying meds and groceries. For others, it might be just the amount they had to save for a much needed weekend away. Either way, the rebates are almost here. What will you be doing with yours?
