JULY 2ND, 2008
By CPA SAM
Q. I looked at the Stimulus payment schedule and mine was due almost 2 weeks ago. What do I do?
A. The answer to this lies somewhere deep within the bowels of the IRS. While most people are getting direct deposits and checks according to schedule, it was a huge undertaking to get that much money to that many people in that short of a time frame. That being the case, there have been Read more »
Q. What happens if I no longer have the same checking account for my direct deposit to go into with the Economic Stimulus Check?
A. The IRS has a great section of Frequently Asked Questions regarding the Economic Stimulus payment. Many questions, like this one are already answered. According to the IRS website at this address, “Typically, the direct deposit will be rejected. After the IRS receives Read more »
MARCH 18TH, 2008
By CPA SAM
Now for the good part: How much do we get as part of the economic stimulus payment from the government and when does it arrive?
Let me remind you that you must file a tax return this year in order to receive your payment. That being said, the value that is on your Total Tax line on your 1040, 1040A or 1040EZ form dictates the amount of your payment up to the limits listed below. On the 1040 form that will be line 63.
Individuals: at least $300 and up to $600
Married couples: at least $600 to $1200.
Recently, the IRS issued a calendar as to when the payments would actually be going out. As usual, it is based on the last two digits of your Social Security number. Also, those who requested direct deposit will get their money before those who requested check refunds for their 2007 tax return. Following is a chart issued by the IRS for that schedule:
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15
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Direct Deposit Payments
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If the last two digits of your Social Security number are:
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Your economic stimulus payment deposit should be sent to your bank account by:
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00 – 20
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May 2
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21 – 75
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May 9
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76 – 99
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May 16
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Paper Check
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If the last two digits of your Social Security number are:
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Your check should be in the mail by:
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00 – 09
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May 16
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10 – 18
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May 23
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19 – 25
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May 30
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26 – 38
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June 6
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39 – 51
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June 13
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52 – 63
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June 20
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64 – 75
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June 27
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76 – 87
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July 4
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88 – 99
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July 11
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Important Update: The Treasury Department announced in late April that payments will begin 1 week earlier than originally scheduled. The dates listed above from the original IRS news release should be considered estimates now. Your payment will likely arrive earlier.
MARCH 14TH, 2008
By CPA SAM
Q. What about this tax rebate everyone is talking about? Is it real? How do I know how much I will receive?
A. It seems like everyone is excited about the prospect of getting money from the government. The IRS has begun issuing lots of guidance on exactly how to go about getting your share of this payment. Because this topic is so complex, I will discuss in two parts. Today, you get the first section.
The most important component is that you must file a Tax Year 2007 tax return in order to receive your payment. That means even seniors must file a return even if they normally fall below the filing threshhold. The IRS made the Free File system available for this class of citizen. Other stipulations include Read more »
