Tuesday, March 18, 2008

Dude, Where's My Stimulus Payment???

In case you were not aware, CNN is reporting (http://money.cnn.com/2008/03/17/pf/taxes/rebates_payment_schedule/index.htm?postversion=2008031716) that the 2008 Economic Stimulus Payment that the federal government is sending out to most taxpayers should actually be sent out no later than May 16, 2008, for those who filed their 2007 federal taxes electronically. If you filed the old-fashioned way (i.e., through the US mail), depending on the last 2 digits of the Social Security number of the taxpayer (or, for married couples, the Social Security number for the primary taxpayer listed on the return), and if you qualify for the stimulus payment, it could be as late as July 11, 2008 before the check is sent out to you. The link above shows the schedule, so you can determine when your check will be sent.

Also, the IRS has created an Economic Stimulus Payment Calculator (www.irs.gov/app/espc) which will provide you the amount of your refund (maximum is $600 for single/head of household taxpayers but generally no less than $300, as long as you qualify; maximum for married couples filing jointly is $1,200, but generally no less than $600, as long as the couple qualifies). When using the calculator provided, make sure you have a copy of your 2008 return, which will have the info you need to determine your Stimulus Payment. The calculator will also tell you, depending on the numbers you plug in, if you qualify for the rebate. Generally, for single or head of household taxpayers, if your tax liability was at least $3,000 in 2007, you'll qualify for the maximum. REMEMBER ALL OF THIS IS DEPENDENT ON THE FACT THAT YOU HAVE FILED & THE I.R.S. HAS PROCESSED A 2007 TAX RETURN BY THE TIME THE CHECKS ARE DUE TO BE SENT OUT.

If you're like me, you'll probably blow your refund on a couple of tanks of gas. I know, I know, I'm just a wild man.


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