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!
{ 7 comments… read them below or add one }
Thank you for your prompt response regarding the revised stimulus payment schedule.
YOU ROCK!
Thanks Renee!
Kelly
Are the rebates going to be taxable income for 2008?
Jim,
No, the rebates are not taxable income for 2008.
It is my understanding, however, that they will be reportable but I have not seen the new forms 1040 yet.
What I dont understand is why I have not recieved this Rebate and my SSN ends with 53. I seem to qualify for the rebate and I did my taxes back in February with a direct deposit of my refund. I dont know who I can call to check on why I dont have the money in my account or what the hold up is. Why did some people get the money and others did not? i.e. my friends and my family all with SSN higher than mine got theirs. I am very very confused…..
I filed electroncially and received a refund. My numer ends in 75 but i have not received a check yet why?? i am on soicial secirty and only made 3,000 dollars in earned income what is up with this
I received my stimulus money by direct deposit on May 23, 2008. My SS# ended in 04. Seems like the IRS is running one or two weeks behind scheduled payments.
D