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Important Rebate Information

by Kelly on April 30th, 2008

I have received a ton of emails asking about the status of the tax rebates, many sounding quite desperate.

First of all, I have to say that the level of concern about the timing of payments is really discouraging and indicative of the severe state of our economy. Taxpayers are telling me that they need the rebate checks in order to get groceries. Groceries. And indications are that things are generally quite dire.

This tells me that this rebate plan is not what’s needed - we need a more comprehensive strategy for dealing with the recession. Yes, I called it a recession.

All of that said, the IRS still indicates that the first checks would be “transmitted to your bank account” beginning as early as April 28 and by the dates as outlined on the revised schedule. A couple of notes:

1, This schedule is applicable to taxpayers who filed by April 15. Late filers may have their rebates delayed as much as two weeks.
2, Your bank may have processing rules for direct deposit that could affect your availability of funds.
3, A small percentage of tax returns will require additional time to process and therefore, will have rebates delayed.
4, As of yet, there is no “automated feature” for checking the status of your rebate (as for refunds, that’s a different story). I would not suggest calling the IRS to check on the status this early as I am willing to bet that you will need to wait at least two weeks before you will get an update.

As soon as I learn any additional information, I will pass it along!

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