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If you've already filed your taxes, here's when to expect your rebate
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Week 1 Wrap-Up:
Treasury Sent 7.708 Million Stimulus Payments This Week
This week the Treasury Department sent out 7.708 million economic stimulus payments to American households totaling $7.091 billion.
Week One (April 28-May 2)
- Total Number of Payments: 7.708 million
- Total Amount of Payments: $7.091 billion
The Treasury Department will announce at the end of every week the total number of payments that have been sent to households, and the total amount of payments sent. Payments began April 28th and will continue via direct deposit or paper check through mid-July. For a single filer, the minimum payment is generally $300 and the maximum payment is $600. For joint filers, the minimum is generally $600 and the maximum $1,200. There is also an additional $300 payment for each qualifying child.
For tax returns processed by the Internal Revenue Service by April 15 households will receive their payments according to the last two digits of the Social Security number on the tax form. On a joint return, the first number listed will determine when a stimulus payment will be sent.
Direct Deposit Payments
If the last two digits of your Social Security number are: |
Your economic stimulus payment deposit should be transmitted to your bank account by: |
00 - 20 |
May 2 |
Paper Check
If the last two digits of your Social Security number are: |
Your check should be in the mail by: |
00 - 09 |
May 16 |
A small percent of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15. In these cases, the stimulus payment will be issued approximately 2 weeks after the tax return is ultimately processed.
For more information, visit www.irs.gov.
If you haven't filed a tax return yet, here's what to do |
The Economic Stimulus Act of 2008 provides for tax relief payments to be made to more than 130 million American households with qualifying income of $3,000 or more. The payments will be made starting in May 2008. To receive a payment you have to file a 2007 tax return.
There are certain categories of people who may be eligible for the stimulus payment -- such as seniors and disabled veterans -- who may not otherwise file an income tax return but need to do so this year to receive their stimulus payment. Filing a tax return when you do not owe any taxes will not change your tax status and will not affect your Social Security or VA benefits.
Additional information can be found at the links below. Please feel free to contact my office if you have additional questions. Click here to visit my contact page.
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