Stimulus rebates sent early - Why you may not receive one

There is one key point to address first and that is the rebates are based on that the IRS must first see some 2007 income tax return on file. Due to an eager anticipation to help the economy the stimulus payments have already begun to be sent out! On April 28th eight hundred thousand tax payers began to receive their refunds directly deposited into their bank accounts. On May 2nd another five million payments are scheduled to go out. The original scheduled date for paper checks to have been mailed out was May 16th. Now the dates have changed and May 9th started the massive paper check distribution.

The rebates will be sent out according to the last two digits of your social security number (for married filing jointly it is according to the first person listed on the return). The following are dates for people who selected to have automatic deposit into their banking accounts. If the last two digits are from 00 to 20 you should receive your payment no later than May 2nd. Numbers ranging from 21 to 75 have a planned date of May 9th, and the scheduled date for numbers from 76 to 99 is May 16th.

If you filed your return without selecting direct deposit your check will be mailed by the following dates in relation to the last two digits of your social security number. Keep in mind that all the dates listed are for filers who filed before April 15th. If you filed close to or on the deadline, plan on adding another two weeks to the projected delivery dates.

Last Two Digits of SSN & Date Check To Be Mailed By:

00 to 09 May 16th

10 to 18 May 23rd

19 to 25 May 30th

26 to 38 June 6th

39 to 51 June 13th

52 to 63 June 20th

64 to 75 June 27th

76 to 87 July 4th

88 to 99 July 11th

The eligibility for the rebate is subject to maximum income limitations. If income exceeds the amount of $75,000 for individuals or $150,000 for a married filing jointly the payment is reduced by 5% of the exceeding amount.

Besides meeting the income requirements there are other reasons you may not receive your stimulus payment. For example, if you currently owe the IRS money the stimulus payment will be applied to your balance. This includes if you are on a scheduled payment plan with the IRS. Also, if you have not filed previous tax returns the IRS may hold your check until the return is filed in order to confirm that there is no outstanding liability. The refund will also be applied against other non-tax federal debt such as defaulted student loans or child support. If you have any other type of IRS hold you will not receive the refund. In the event that your stimulus payment is applied against any source of debt the IRS will send you a letter explaining how the funds were distributed.

Copyright (c) 2008 Jay Allen Finn

Article Source: http://www.contentspool.com

doggedbyirs.comAs a specialist, working with those whom have their wages garnished and bank account levied, I am very knowledgable in tax.

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