The IRS announced today that they will send out economic stimulus payments starting this Monday, April 28th. This is almost a week earlier than the originally planned date of May 2nd. The reason given for the early send off? To stimulate the economy.
Actually, that is the whole reason for the stimulus to begin with, but I guess they think 4 days will make a huge difference on the economy. It might make a difference for some people, but I’m not so sure it will turn the tide for our economy.
The IRS will be able to distribute the stimulus rebate checks earlier than previously scheduled due to a new computer program they have in place.
According to CNN, “As of next week, 800,000 tax filers daily will begin to have their checks directly deposited Monday, Tuesday and Wednesday. No checks will be distributed Thursday, and 5 million payments will be made Friday.”
The original schedule for the economic stimulus rebate check release:
The rebates will be sent out according to the last to digits of the tax filers Social Security Number (these dates assume you filed your taxes by the April 15th deadline).
If your tax return was filed after the April 15 deadline, your rebate checks may be delayed until approximately two weeks after you receive your refund (if you receive a refund). Since it normally takes the IRS about 2 weeks to process most tax returns, it should take about a month after you file to receive your rebate check.
What is the new rebate schedule?
Logic would dictate that the rest of the dates would be moved up 4-5 days, but the official release has not be announced. Because the IRS has the new computer system in place, it may be possible that they are sent out earlier than anticipated.
For more information, check out the Economic Stimulus Package Frequently Asked Questions.
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Hi! I was wondering if you paid your filing fees with Turbo Tax by credit card or did you just have them take it out of your refund (and go through Santa Barbara Bank & Trust)? I think that it will make a difference as to whether or not you get it direct deposited or mailed to you. Any info would greatly be appreciated.
hey guys, I called 1.800.829.1040 last night and spoke to a live person who was VERY nice gave me all the info I needed ( my total amount of stimulus payment and the deposit date) which will be friday. I also checked the irs.gov site last night and it worked!!!!! it told me how much and when the it will be deposited after all last week it said didnt have any info. So try it a a few days before you are scheduled to receive it. Also, he told me that it depends on what form you used tofile with like 1040A or 1040EZ,etc. that also determines who gets it first he said
Rob,
I wouldn’t be concerned. If the IRS has your date as May 16th, that probably means yours will be mailed instead of direct deposit. If you don’t receive it within a week or so of that date, I recommend contacting the IRS.
Stephanie G,
If you used a credit card to pay and elected for a direct deposit, then you should receive your rebate via direct deposit. If you paid your fees from the refund, you will likely receive a paper check.
Comments are closed, but don’t go away!
Thank you for stopping by. I have answered almost 500 e-mails and comments over the last few days. I don’t mind, but I am answering many of the questions multiple times.
Please read Frequently Asked Stimulus Questions.
Here is more information about How the Economic Stimulus Check Affects your 2008 Tax Return and about Personal Tax Breaks in the 2009 Economic Stimulus Plan.
Regards,
Patrick
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