Make Money on Your Tax Rebate Stimulus Check

Eager to take your rebate money from you, there are a few retailers willing to give you a percentage bonus if you trade in your rebate at their store for gift cards.

Here are the few I know so far:

Sears will give you a 10% bonus on your rebate if you trade in your tax stimulus check for a Sears gift card. This includes KMart and Lands Ends stores as well. So for example if you have a $1200 check, if you would get a total of $1320 on a Sears Gift card. ($1200 rebate + $120 10% bonus). Definitely a good deal if you are going to by appliances or a large ticket item

According to this Press Release you just need to take your rebate check to a Sears or KMart cash register to redeem the rebate check for a gift card. You must redeem the entire amount of the rebate check into a gift card to get the 10% bonus. This promotion lasts from May 14 to July 19, 2008

The Kroger Grocery Store Chain is also giving customers a 10% bonus for redeeming their tax rebate for gift cards. The program allows Kroger customers to exchange their tax refund or economic stimulus checks for a Kroger gift card with an extra $30.00, $60.00 or $120.00 added to it. Here is how they are dealing with the issue if your rebate check is not in a $300, $600, or $1200 increment.

Amounts that differ from those outlined above will be turned into gift cards in $300.00, $600.00 or $1,200.00 increments with the bonus amounts added on and the remainder returned to the customer. For example, if a customer has a tax refund or stimulus check of $415.50, the customer will receive a Kroger gift card valued at $330.00 and the remaining $115.50 will be returned to the customer.

Kroger customers who are interested in exchanging their refunds or economic stimulus checks should present their check and customer loyalty card at their local store’s Customer Service center from May 2, 2008 through July 31, 2008. The program is limited to one offer per household with a limit of $1,200.00.See Kroger’s Press Release for more info.

So if you were planning on spending that rebate check anyway, this might be an option if you are willing to spend it all at one store, cause hey, in the end this is free money on top of free money!!! Please beware of the gift card polices in your area as some may expire or lose vale over time. I imagine that many other stores will be offering something like this as many do for tax refunds in April every year. I will try to update as I find more. Please leave a comment if you know of any large retailers that are offering this bonus for your tax rebate check.

2008 Tax Rebate – Check Amount in TurboTax

TurboTax.com has updated their online tax software to include information on the 2008 Tax Rebate. I had submitted my taxes in February, but when I heard about this, I logged back into my account to see if I could find it. Basically when I went to the first page of the “Federal Taxes” section, I saw this screen:

Then once you get to the “Federal Review” section (just skip to it if you have already filed) you see the following screen:

So it shows here that I will be receiving $1200. This is because my wife and I have filed jointly this year. If you are unclear on what you might be getting back, this is a great resource since your 2008 taxes are what will determine your rebate amount.

And don’t forget that the easiest way to get that rebate is to use direct deposit on your 2008 tax return. Make sure to file by April 15th, otherwise your rebate will be delayed. Be sure to check out the 2008 Tax Rebate Payout Schedule to see when your rebate will arrive.

2008 Tax Rebate Stimulus Reminder

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

Don’t forget, if you want to see that 2008 Tax Rebate Payout in May, be sure to file those taxes by Tuesday next week! Make sure to use direct deposit when filing so that you will receive the tax rebate in May.

Check out the 2008 Tax Rebate Stimulus Payout Schedule for more details.

2008 Tax Rebate Stimulus Payment Scenarios

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

The IRS has just posted a bunch of scenarios to help you determine if and how much of the 2008 Tax Stimulas Rebate that will be paid out later this year.

Married with Qualifying Children

Married without Qualifying Children

Married Filing Separately, with or without Qualifying Children

Single (Head of Household) with Qualifying Children

Single without Qualifying Children

Be sure to check them out if you are still unclear whether or not you will be getting a rebate. Also, don’t forget that you need to file that 2007 tax return to get a rebate. Also, for a faster rebate payout be sure to file via direct deposit!

2008 Tax Rebate For Social Security Recipients

Update: See my latest posts on the Tax Rebate Payout Details in the 2008 Tax Rebate Category!

I have been getting a lot of questions from people asking if they will receive rebates if they are retired and receiving Social Security Benefits. The answer is yes. as long as the following items are true:

1. Individuals or families must have at least $3,000 in qualifying income, which can be income from or in combination with Social Security benefits, Veterans Affairs benefits, Railroad Retirement benefits and earned income
2. People must have valid Social Security Numbers.
3. People cannot be claimed as dependents or eligible to be claimed as dependents on another’s tax return.
4. People must file a 2007 tax form, i.e. Form 1040A.

If you have already filed a 2007 tax returns showing $3000 or greater in income then you are all set and will receive the rebate starting in May according to the recently posted Rebate Payout Schedule.

If you have already filed a 2007 return but did not include your Social Security benefits as income, you will need to file an amended return using the Form 1040X to qualify for the rebate.

If you are receiving Social Security but don’t usually file, check out this Resoruce Guide from the IRS on the easiest way for you to file to receive your rebate.

And remember, the quickest way to get your rebate will be to file that 2007 tax return with direct deposit, otherwise you will get a paper check paid out sometime between May and July based on your SSN number.

2008 Tax Rebate Stimulus Plan Payout Schedule Posted

Update: Haven’t received your rebate yet? Use the Rebate Status Tool to find our when it is coming.

The IRS has posted the 2008 Tax Rebate Stimulus Plan Payout Schedule.

The date you receive your payment will depend on 2 things:

• The last 2 digits of your Social Security Number
• If you will receive it by direct deposit or by check

Payments for those receiving the rebate through direct deposit will start on May 2nd and be completed by May 16th. Payments that will be received by check will begin May 16th and be completed by July 11th.

If you elected direct deposit when you filed your 2007 tax return, you will receive your rebate through direct deposit as well. This will be the quickest way for you to receive the rebate. Especially for those whose last 2 digits of their SSN are closer to 100. Unforturnetly if you have all ready filed your 2007 taxes and did not elect direct deposit, there is no way to stop the rebate from coming as a check.

According to the IRS, “People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year”

So for all you late filers, don’t forget that October 15th is a hard date you must file by to receive the 2008 tax rebate. This is free money, so don’t pass it up. If you are still unclear how much rebate you will be getting, try out the IRS.com Tax Rebate Calculator

And don’t forget that Uncle Sam is expecting you to blow all this tax rebate money on useless items to jump-start the economy! So be smart with this money considering the current economic slowdown that is happening.

2008 stimulus rebate schedule

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