IRS Tax Rebate: Schedule for Tax Refunds

Wondering when will you receive your tax refund or tax returns?

Following a generous Tax refund scheme, the schedule for sending out the tax refund has been decided by the IRS. It depends upon your SSN or Social Security number, the mode of your desired payment type (electronic fund transfer or paper type) and the amount.

The IRS on Monday said it would begin sending out 130 million tax rebate payments aimed at boosting the economy on May 2.

Here is the table as available from IRS about when can you expect the tax refund money or checks to be dispatched to you.

Direct deposit payment
If last 2 digits of your SS# are:	Your rebate should be sent by:
00-20	May 2
21-75	May 9
76-99	May 16
Paper check
If last 2 digits of your SS# are:	Your rebate should be sent by:
00-09	May 16
10-18	May 23
19-25	May 30
26-38	June 6
39-51	June 13
52-63	June 20
64-75	June 27
76-87	July 4
88-99	July 11

IRS Guidelines for getting Tax Rebate: FAQ about Tax Rebate

Recently, the US government has declared a new program offering Tax Refund or Tax Rebate to the extent of $1800 for a family of 4 – 2 adults and 2 kids below 17. However, the norms are set for the eligibility and the order in which one can get the tax rebate.

The moral of the story is “First Come, First Serve” or the “The sooner you file your tax returns, the sooner you get your rebate check”.

It is still a question whether the tax rebate offered by the Bush administration will give the required jumpstart the economy. However, filing your 2007 tax return is a prerequisite to receive your tax rebate check.

As per IRS, the tax rebate checks will be mailed beginning in May. People who have already filed their 2007 tax returns and reported at least $3,000 in qualifying income don't need to do anything else. The IRS will assess their rebate eligibility and send a check to those who qualify. Qualifying income for the purposes of the rebate includes wages and salaries, Social Security benefits and certain veterans' and retired railroad workers benefits.

The IRS will also send 2 notices, first to explain to taxpayers the stimulus payment program and second one to confirm the amount of your rebate. The second notice can be expected 7 to 10 days before you receive your payment if you would like to have the tax rebate check sent by mail. If you opt for electronic direct deposit on your 2007 tax return, the second notice may arrive simultaneously with your payment. As with refunds, direct depositing your rebate is the fastest way to get your payment, reducing the time it takes by at least a week.

Some people who may be eligible for tax rebate still may not receive a check, either in full or part. Because, if there are any outstanding back taxes or you have other non-tax federal liabilities such as past-due child support or federal student loans, the IRS will apply at least part of your rebate to those liabilities.

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US Tax Rebate: FAQ

The US is on its way to give a whooping 130 million Americans a great respite from taxes – following the tax-rebate proposal.

President Bush will be signing an economic-stimulus tax rebate bill that will include tax rebates for Americans who have a minimum cutoff level of Accumulated gross income.

As per the news: Most individual taxpayers will be eligible to receive a $600 rebate, and married couples who file jointly will be eligible to receive $1,200. Other taxpayers who have dependent children under the age of 17 can expect an additional $300 per child as tax-rebate. As per an estimate, a typical family of four with two children will receive around $1,800 as tax-rebate.

The minimum requirement for getting the tax rebate is set as follows (http://www.usatoday.com/money/perfi/2008-02-10-rebate-faqs_N.htm):

The rebates will phase out for single taxpayers with adjusted gross income (AGI) of more than $75,000 and married taxpayers with AGI of more than $150,000.

The phase-out will be 5% of the amount of income that exceeds the threshold.

If, for example, you're married and your 2007 AGI is $160,000, your rebate would be $700. One can find more responses to the FAQ about Tax rebate on the link mentioned above. Here are the additional details about how to get your tax rebate in the quickest possible way

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