Show Me the Money: Where Is My Money?

Many of you who filed taxes this year may have already noticed that the tax refund checks and electronic deposits sent rather quickly by the IRSthis year. But for those who should receive a rebate and have not as of yet, where are the rebate checks?

I have heard this question almost every day for the past few weeks. I know individuals who even filed their taxes in January and February of 2008 but have not yet received their rebate. Many have received their rebates already, but there are still several tax payers who have not yet received the money. Why? I found a very interesting article today entitled "Where's My Tax Rebate Check?" on Aol.com that addressed this issue.

Well, the tax refunds were mailed out quickly, but that had no impact on the speed that the rebates were sent out. The rebates are still on the scheduled timeline. The refund checks are being mailed out on a schedule that is based on the last 2 digits of your Social Security number:

For those who will receive a rebate check (paper check) the dates are as follows:

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

For those receiving funds through direct deposit, most of the 45 million electronic rebates have already been deposited. The last round of direct deposit rebates will be placed in accounts no later than May 16, 2008. The final set of deposit will be for those direct deposit tax payers whose Social Security numbers end in 76 through 99.

If you do not receive your rebate by May 16th and you electronically filed or if you do not receive the paper check on the scheduled dates listed above then what is the next step. If you have not received your paper check a week after you were scheduled to receive it, then check the IRS's Where's My Stimulus Payment tool. This nifty tool actually gives you the date you should receive payment and the amount of your rebate. The tool even specifies a date that you should contact the IRS if you do not receive your payment. To use the tool, you must have your Social Security #, filing status, and total number of exemptions handy. These are the only 3 items you will have to fill out.

In the event that you do not receive your rebate at all this year, don't worry:

You'll get your money when you file your 2008 return next Spring. Remember, the rebate is really a prepayment of a tax credit on 2008 returns. Taxpayers who don't get their money this year will collect next spring. Aol.com

For those of you who are still unsure as to whether are not you will receive a check, these are the items that will keep you from receiving the rebate:

1. If you are a dependent

2. If you are single and make more than $75,000 or a married couple and make more than $150,000

3. If your spouse lacks a Social Security number

4. If you do not file on time (*You can still get a rebate but you will either get it extremely late or next year when you file your 2008 taxes)

So, there you have it. Your money is on the way. You just have to be a little more patient. Checking your account balance every morning and evening and running to your mailbox every day will not make the rebate come any faster. So sit still, be patient, and know that your rebate is on its way. If it does not come a week after its scheduled time, then contact the IRS as soon as possible to get the matter resolved. Let's think positively. This just gives you a little more time to plan how you will spend or save the money.