Check The Status of Your 2008 Tax Rebate

The IRS has released a new tool that lets you check on the status of your 2008 tax rebate. For those of you that thought you should have received your rebate but didn’t, you definitely need to try this.

Click Here for the IRS Rebate Status Tool

You will need three things from your tax return to use this tool:

• Your Social Security Number
• Your Filing Status
• The number of Exemptions (Note: This is not the number of deductions)

Make sure you are accurate with these as I noticed that incorrectly putting in the number of exemptions on mine yielded an error. So if you get an error, double check a copy of the return you submitted.

Note that specific information about your Stimulus Payment will not be available until about one week before the payment is scheduled to be issued.

However if you think you should have already received yours based on the payment schedule, this tool should help.

Here is an example of mine so you can get an idea of what data you will see:


(Click on the thumbnail for a larger picture)

Hopefully this will answer a lot of your questions.

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 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

2008 Tax Rebate Stimulus Plan Payout Update

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

The IRS has mailed out a Stimulus Payment Notice to everyone. You should be receiving yours shortly. I have provided mine here if you have not gotten yours yet. (click on image for larger pictures. You may need to save them to your PC as IE doesn’t render the images very well)

 

This letter is basically reminding you to file a 2007 tax return, even if you haven’t needed to in the past, to be able to be eligible for the tax rebate payout. On the front of the mailer it provides a quick description of what your rebate will be based on current income levels. This doesn’t cover all situations however, so be sure to visit the 2008 Tax Stimulus Rebate FAQ for more info.

Unfortunately the note does not give an update to the tax rebate payout schedule. From what I hear it is coming soon, but the IRS is not ready to release it yet. Keep checking back and I will provide the payout schedule as soon as I have it.

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!