Update: I.R.S. Releases Tax Rebate Calendar and Calculator

As previously announced, the I.R.S. will begin sending tax rebate checks to taxpayer homes beginning in the month of May. Payments will be sent starting on May 2 and will be forwarded to taxpayers using the new payment schedule that has been published:

DIRECT DEPOSIT

Last two SSN digits:	Payment will be transmitted:
00 through 20	May 2
21 through 75	May 9
76 through 99	May 16

PAPER CHECK

Last two SSN digits:	Payments will be mailed by:
00 through 09	May 16
10 through 18	May 23
19 through 25	May 30
26 through 38	June 6
39 through 51	June 13
52 through 63	June 20
64 through 75	June 27
76 through 87	July 4
88 through 99	July 11

It is important to note that taxpayers who received their 2007 tax refund via direct deposit will receive their economic stimulus payment “tax rebate” within the first rounds of payments being sent on May 2 - 16. Taxpayers who received their tax refund via check deposit should expect to receive tax rebate payments after the May 16th time frame as noted in the calendar. In addition, people who file after April 15th will not receive rebate checks according to the time table established in the payment calendar. Those taxpayers should expect payments to be delayed by two weeks.

If you want to know how much you are eligible to receive the I.R.S. has published a calculator that will give you an estimate of how much you will receive based on answers you provide.

Remember: you may be eligible to receive the tax rebate payment even if you do not normally file but you must fill out a 1040 this year for 2007 to receive the payment.

Until next time,

Mahogany City