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Will You Spend Your Tax Rebate on Gadgets?
I know that I'm lucky that I don't need a car and have to pay for gas — just last night, I sailed by a station in a taxi and my jaw dropped at the $4+ gas prices! I feel horrible for those of you receiving your tax rebates and having to spend it on gas. But if you're trying to drive less or like me, not driving at all, what are you going to spend your rebate on?
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Your State May Tax Your Rebate Check
Just when you thought you were getting the hang of this whole rebate check thing, some states are adding more confusion to the mix by announcing that they'll be taxing the federal stimulus checks. Your rebate check won't be taxed on the federal level, but your state could decide to tax the checks as part of your personal income tax. Many states haven't reached a decision one way or another, and it's possible that they won't have any news in this regard until tax time next year when we're filing our 2008 taxes.
Do You Know Which Tax Deductions Are Real?
I've been on your case about getting your taxes off your to-do list so you can get your rebate check, and so you don't have to think about taxes until next year. Twelve months of bliss! If you've finished your tax return then you may have an edge taking this quiz since you've already dealt with deductions.
More Rebate Check Details
TeamSugar member frevirg pointed out one aspect of the rebate check schedule that I hadn't yet highlighted. While I paid for my tax service as soon as my tax return was filed and used my bank account, some tax services allow filers the option of having those fees taken directly from their tax refund. Frevirg was proactive and navigated around the TurboTax website, and found the following information that may be useful to some of you.
Don't Be Afraid of That Letter From the IRS
Usually, getting mail is one of life's small joys in my opinion. And since I've opted out from receiving credit card offers, I rarely see an envelope addressed to me. A return address labeled IRS might have me taking back any hope that paper mail weren't so out of mode, especially if it arrived out of the blue.
When to Expect Your Rebate Check
The IRS has put together a schedule for when you'll be receiving your economic stimulus rebate check. The schedule is based on the last two digits of your Social Security number, so if you're filing jointly use the primary filer’s Social Security number to figure out where you fit on the schedule. It's possible that the IRS won't exactly meet the projected dates since 130 million households are eligible to receive the rebate check, but at least you can start planning ahead for that hefty credit card payment, savings deposit, vacation fund deposit, or shopping trip.
IRS Says Scammers Are Reaching For Rebate Checks
While you already know when you're going to get your rebate check, some scammers are doing their best to get in their way of you and your check finally coming together. The IRS just issued the top 12 tax scams — usual suspects like phishing and hiding income offshore made the list, but this year scammers have been trying to squeeze money from the economic stimulus rebate checks.
The bad guys gather other people's financial information by convincing them it's the only way to receive their rebates.
What to Do If You Received Too Big of a Rebate Check
You'd think the issuance of rebate checks would be smooth considering this isn't the first year they've been sent to encourage taxpayers to spend, but there have been several bumps in the road to stimulation. While this error certainly isn't as bad as sending rebate checks to incorrect bank accounts, it does require the attention of those rightfully receiving payment.
Several Americans have been overpaid with doubled rebate checks while many others are still waiting to receive their checks.
Didn't Get a Rebate Check This Year? There's Always Next Year
No, there aren't plans in motion for everyone to receive another check next year. But if you weren't eligible to receive a check this year and become eligible next year, you can claim the economic stimulus payment next year on your 2008 tax return.
How do you know if you're eligible?
Rebate Check Less Than You Expected? Here's Why
The IRS continues to update their FAQs about the stimulus checks and has now stated that If you owe federal taxes from previous tax years or have other debts you owe such as a student loan or child support, those uncollected amounts can be taken from your rebate check.
According to the IRS, everyone eligible for a check will receive a notice shortly after your payment has been issued that explains how your payment was calculated. If you're someone whose payment was reduced to offset back taxes or other debts, you'll receive a separate notice from the IRS a couple of weeks after you've gotten your rebate check and first notice.
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