Make Money on Your Tax Rebate Stimulus Check II

Adding to my earlier post about retailers that are giving you a bonus to spend your tax rebate check with them, here are a few more:

Supervalue Inc - Bonus Information
Supervalue is giving a 10% bonus on top of your rebate amount if you exchange your rebate for gift cards to their following stores: Acme, Albertsons, bigg’s, Cub Foods, Farm Fresh, Hornbacher’s, Jewel-Osco, Lucky, Shaw’s/Star Market, Shop ‘n Save and Shoppers Food & Pharmacy.

Radio Shack - Bonus Information
Radio Shack is giving 10% off of a $50 purchase when you use your rebate check to pay for your purchase.

I imagine we are going to see more of these pop up as time goes on, but can someone answer my only question? How about us folks that are getting the rebate check direct deposited? Any bonus love for us?

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 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 Update

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

Here is an update from the IRS Regarding the Tax Rebate Payout Plan:

The IRS will begin sending taxpayers their payments in early May after the current tax season concludes. Payments to more than 130 million taxpayers will continue over several weeks during the spring and summer. A payment schedule for taxpayers will be announced in the near future.Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won’t need to do anything else to receive the stimulus payment. For taxpayers who haven’t filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.

As soon as I get the stimulus plan payout schedule I will be sure to post it here, so keep checking back. Be sure to see my Other Posts for more detail on the Tax Rebates.

2008 Tax Rebate Stimulus Plan Update

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

More information is emerging on the 2008 Tax Rebates.

Here is the payout information based on your SSN number: (Update as of 2/27/08 the IRS is now reporting that they may start sending out the rebate checkes as soon as May, so this table may shift up. I will post the new dates as soon as the IRS posts them)

3/18/08 - Update: The new stimulus plan payout schedule has been released. See it here

The rebate is going to be based off of your 2007 adjusted gross income, so be sure to get your tax return in by the April 15th deadline.

Here is a link to the FACT Sheet on the Tax Rebate put together by the Department of Treasury.

 Also, be sure to check out the rebate FAQ put together by the IRS. This should most likely answer all your rebate questions.

Damn, mine is coming in September. But hey, better late then never. And don’t forget that you will be paying taxes on the rebate amount you get on your 2008 Taxes next year, so spend wisely!!!

2008 Tax Rebate Stimulus Plan Announced

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

The  Government’s 2008 Tax Rebate Stimulus Plan have been announced. 117 million families will receive rebates to help kick start the slowing economy. This package would give most tax filers refunds of $600 to $1,200, and more if they have children.

The breakdown is that Indivuidal Tax payers will receive $600 and Families will receive $1200 plus $300 for each child. The current plan is to get these checks out sometime in November.

So everyone will receive these rebates right? Of course not! According to the Associated Press, “The full rebate would be limited to individuals earning $75,000 or less and couples with incomes of $150,000 or less, but a partial rebate would go to individuals earning up to $87,000 and couples earning up to $174,000. The caps are higher for people with children.”

I am assuming that they are basing this off of the 2007 tax year since it won’t happen until May. Actually hoping is more like it! My wife and I were married in May of last year so in the governments’ eyes right now we are still two single tax payers and she can qualify for the rebate, but I can’t. Once we file taxes for last year in the next month, we will be eligable for the $1200 family rebate under the combined income limits. So I guess it depends on how they decide to do it. I imagine I will be getting screwed and they will use the 2006 tax year and we will only get the $600. This is what usually happens to me!

Overall I kind of have mixed feelings on this. I understand we are trying to reverse an economic slowdown, but we always tend to bank on the poor and middle class to do it, when in reality they probably should be saving this money. The other question is where is all this money coming from, with the war still costing us billions more every year I am wondering if going into further debt is a good sacrifice for improving the economy.

So I guess the big question is are you gonna spend it or save it? No matter what money we get back, it is going straight into the bank!