As you know by now, many taxpayers will be receiving a rebate later this year. The purpose of this rebate was to help the struggling economy, but there are fears that this stimulus package will have little impact. Many people are struggling and find money is tight, and the $600 or $1,200 they may receive will do little more than help keep their bills current or pay down some existing debt.
Are You Eligible for a Tax Rebate?
Another big question people have regarding this rebate is whether or not they are eligible, and if so, when they can expect to see it. For detailed information about this tax stimulus package, who’s eligible, and what you need to do in order to receive your rebate, the IRS has set up a helpful website with a lot of good information. If you’ve already done your 2007 taxes, you can use a simple rebate calculator that will determine how much, if any rebate you’ll receive.
When You Can Expect to Receive Your Rebate
The rebate processing will be done by the last two digits of your Social Security number. If you have direct deposit information on file, your economic stimulus payment deposit should be sent to your bank account by:
- 00 â€’ 20 May 2
- 21 â€’ 75 May 9
- 76 â€’ 99 May 16
If you don’t have direct deposit information on your return, you will be receiving your rebate via mail in the form of a check. Again, the checks are sent out based on the last two digits of your Social Security number. Based on the last two digits, your rebate should be in the mail by:
- 00 â€’ 09 May 16
- 10 â€’ 18 May 23
- 19 â€’ 25 May 30
- 26 â€’ 38 June 6
- 39 â€’ 51 June 13
- 52 â€’ 63 June 20
- 64 â€’ 75 June 27
- 76 â€’ 87 July 4
- 88 â€’ 99 July 11
All information aside, if you’re expecting a tax rebate, what are your plans for the money? Stash it into your emergency savings? Make an IRA contribution? Buy new carpet for your living room? Pay off a credit card?
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning CounselorÂ® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.