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.