About IRS Stimulus Rebate Checks
IRS stimulus rebate checks were distributed to most taxpayers around the country in the summer of 2008. The hope was that the taxpayers would spend the money thereby stimulating the economy. The United States Treasury Department sent rebates to most Americans who paid taxes in the 2007 tax year.
Other People Are Reading
-
Size
-
The United States Treasury Department sent IRS stimulus rebate checks to about 130 million American households between May and July of 2008. Those who qualified for the rebate checks got up to $600 if they were a single tax filer, $1,200 if they were a couple filing jointly and up to $300 more for every dependent.
Features
-
Virtually every American taxpayer who paid taxes in 2007 was eligible for an IRS stimulus rebate check. Even some people who did not pay taxes in 2007 got rebate checks. Those who received Social Security, Railroad Retirement and veterans' payments qualified. People who earned at least $3,000 in income or benefits could also apply for an IRS stimulus rebate check.
-
Function
-
The Internal Revenue Service started sending out the IRS stimulus rebate checks on May 2, 2008. Taxpayers who had their 2007 tax refund direct deposited had their IRS stimulus rebate checks direct deposited into the same account. If they got their tax refund in the form of a check, another check was mailed to their last address on file. The order in which the money was distributed was based on the taxpayer's social security number. For those getting direct deposit, the money went out on May 2, 2008 if the last two digits of the primary filer's social security number ended in a 00 through 20. If it ended in 21 through 75 it went out May 9, 2008. If it ended in 76 through 99 it went out May 16, 2008. Checks went out in the same order but on a slower schedule. The IRS said checks should be expected between May 16, 2008 and July 11, 2008.
Considerations
-
Many taxpayers due IRS stimulus rebate checks did not get them on time. In most cases this was because of a closed bank account or change of address. All money returned to the IRS due to failed delivery was held until the taxpayer filed an IRS form 8822 notifying them of their new address. At the end of 2008, there were still millions of dollars in unclaimed IRS stimulus rebate checks being held.
Size
-
Some taxpayers, expecting to get the maximum sized IRS stimulus rebate checks, were disappointed to find they got less or nothing. The IRS says there were several reasons checks were reduced. Single people who paid less than $600 in taxes and married people who paid less than $1200 got less. Single taxpayers who had adjusted gross income higher than $75,000 or married people with AGI more than $150,000 got less. The IRS also withheld IRS stimulus rebate checks from people who owed back taxes, had unpaid student loans and owed child support.
-
