WaMu 3.30% Savings Account
FREE $50 Bonus & 3% Cashback
$100 Gift Card Signup OfferAs most of you have heard by now, the government has decided to send you some money in the hopes that you’ll spend it and help stimulate the economy. Unfortunately, many people are already committing themselves to flat-screen TV’s and vacations in Tahiti based on myths and misinformation about the size of their tax rebates.
To keep you from over-committing yourself and your rebate check, here’s a basic overview of the program:
Who Will Get Rebate Checks?
- 130,000,000 households
- The majority of people who file a 2007 tax return and their dependents
- Many other taxpayers who didn’t have to file a return
- Anyone with at least $3,000 in income (including Social Security and VA benefits)
How Much Will The Rebate Be?
- $300 – 600 per individual, or
- $600 – 1200 per married couple
- $300 maximum for each qualifying child
- There are “phase-outs” for adjusted gross income above $75,000 for single taxpayers ($150,000 for joint).
What is a “Qualifying Child?”
- Under age 17 at the end of 2007
- Lived with you at least half of the year
- Was dependent on you for at least half their support
- Was U.S. citizen, national, or resident alien
How Do I Figure Out Exactly What I’ll Receive?
You can use the IRS Rebate Calculator to estimate your check.
When Will I Get My Payment?
It depends on the last two digits of your Social Security number and whether you use direct deposit or receive a physical check.
Direct Deposit Schedule by Last Two Digits of Social Security Number:
00-20 May 2, 2008
21-75 May 9. 2008
76-99 May 16, 2008
Paper Check Mailing Schedule by Last Two Digits of Social Security Number:
00-09 May 16, 2008
10-18 May 23, 2008
19-25 May 30, 2008
26-38 June 6, 2008
39-51 June 13, 2008
52-63 June 20, 2008
64-75 June 27, 2008
76-87 July 4, 2008
88-99 July 11, 2008
Tax Rebate Scams To Watch Out For:
- Phone calls from an “IRS employee” needing your bank info for any reason.
- Rebate or audit email requesting certain info in order to process your rebate or avoid an audit.
- Email allowing you to download documents about the tax law changes (can contain viruses).
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