Tax Rebates going out early

mckayleesmom wrote:
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Didnt no if this was posted but thought I would put it up.
According to CNN tax of rebates will go out to 800,000 people starting monday tues and wed and then another 5 million people on Friday.

Tax rebates to start arriving Monday
Treasury Department says it will deposit the first 800,000 rebates - five days earlier than expected - in effort to boost economy.


Who gets a rebate

* $600 to singles making less than $75,000

* $1,200 to couples making less than $150,000

* $300 rebates per child


NEW YORK (CNNMoney.com) -- The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday.

The department had said last month that it would begin giving rebates on May 2.

Instead, 800,000 tax filers daily will get rebates on Monday, Tuesday and Wednesday. No rebates will be distributed on Thursday, and 5 million payments will be made on Friday.

The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman.

Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said.

The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy.

Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting rebates before those who use the mail.

The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate.

Rebates to taxpayers slated to get paper checks will start to go out on May 9 - one week earlier than originally planned.

The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers.

Issue #1 - America's Money: All this week at noon ET, CNN explains how the weakening economy affects you. Full coverage.

http://money.cnn.com/2008/04/24/pf/taxes/S...=rss_topstories
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PrairieMom replied: Great. That will fix everything.
Oh well, its better than a kick in the pants! I will be saving mine.

Maddie&EthansMom replied: We were on the list to receive first so maybe ours will be here. Woo hoo!

lovemy2 replied: I would be checking the IRS website before I believed MSNBC - they don't usually do things "ahead" of schedule

Swood75 replied: Here is what I found on the IRS website:

Economic Stimulus Payments Information Center

Updated April 25, 2008

Starting in late April, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form to receive an economic stimulus payment.

But there are more details to know about and even a calculator to use. Find out more here and visit this page regularly for the latest updates.

:.Mrs_Mommy.: replied: Oh I am so excited that the money will be here sooner than expected. It is coming at a great time! I can get some bills paid off and paint Aaron's bedroom!!
(the rest is going into savings)

WooHoo!!

lovemy2 replied:
Yep - it was updated but if you look at the payment schedule its the same - first rebates will be transmitted on May 2

jcc64 replied: IDK how true this is, but I heard Ted Koppel talking about it when the rebates were first announced, and he strikes me as a fairly impartial, responsible journalist. He claimed that we're borrowing the $$$ for this from the Chinese. So, we are basically borrowing $$$, to bail ourselves out from problems created in large part from borrowing more $$$ than we are able to pay back, so we can once again spend $$$ that we don't legitimately have.
Great, forward thinking economic policy. Let's spend, spend spend, and dump the hangover on our kids. And I thought the Republicans were the party of fiscal responsibility.

A&A'smommy replied:
you know I was JUST telling my husband yesterday that I didn't really understand where all the money was coming from.. OMG if that is true that is freakin ridiculous!!!!

lovemy2 replied:
Doesn't sound too far off to me - it has to come from somewhere - I mean money doesn't grow on trees does it

moped replied: I am not american, but we never get money back, we always pay.....BLAH and YUCK

lovemy2 replied:
Believe me - one way or another we ALL pay too - whether its income tax, property tax, sales tax - we pay and pay and pay.....

PrairieMom replied:
It all comes out in the wash. Its always greener on the other side isn't it?

msoulz replied:
No, it comes from printers.

My2Beauties replied: Ours is going straight into savings for Vegas!!

lovemy2 replied: I beg your humble - they are sending them out early - that is sooo off the beaten path for the IRS but then again - the money is just being sent out from the IRS - not BY the IRS.....they didn't make the decision...

msoulz replied: SOOOOOOOOOOOO, did anyone get one today? DH's SS# ends in 00 so we should be top on the list, but no sign of it yet . . .