Where's My Rebate?

Good Morning Gentle Readers,

To be at the front of the line you should have mailed your return by about April 1. Electronic filers had a few days more breathing room, but it still takes IRS several days to process electronic returns, so figure April 5th, anyway.

The first batch of payments will be sent to those who had refunds electronically deposited and whose tax returns were PROCESSED by IRS by April 15. That's processed, not postmarked.

If you were in that group, your rebate will be automatically deposited anywhere from early to late May depending upon the last two digits of your (the primary taxpayer) social security number. For example, the first payments will be made electronically May 2 to the accounts of refund taxpayers whose Social Security numbers end in 00 to 20.  If a paper check is issued instead, it will be released between mid-May and late June, again depending upon social security number.

The rumor mill has it that if you filed an extension, you don't get a rebate. That isn't true unless you file after October 15 December 31, 2008. The timing will be on a rolling schedule throughout the year based upon when IRS gets your return. If you file within a reasonably short time after April 15, it will delay your rebate, but you should see a check by mid-summer.

One thing: If you want the rebate you have to file a return, even if you do not have any taxable income.

As Ever,

TWC

Comments

[smartass sob]

Someone, I disremember who, once posited that if the government were to somehow give each and everyone of us a thousand dollars, the general price level of everything would simply rise by about a thousand dollars - providing everyone were to spend it immediately. And that might be okay as long as everyone got their money at the same time. But if some get Uncle Sugar's beneficence later than others, they will essentially be getting money that doesn't buy as much. I guess it's sort of like being last in line at a public restroom stall during a movie intermission. ;-)

[TWC]

Being last at a movie intermission isn't nearly as bad as being last in line for the bathroom at a Buffet concert.

...if the government were to somehow give each and everyone of us a thousand dollars, the general price level of everything would simply rise by about a thousand dollars...

In this case (the rebate I mean) I don't believe that the analogy applies.

If the government were simply printing checks, it might. But the money will be spent irrespective of the rebate. So the question is, who gets to spend it. I say you and me is a better answer than the CONgress is.

[smartass sob]

I say you and me is a better answer than the CONgress is.

I sure can't disagree with that!