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Tax rebates start showing up in bank accounts

April 28, 2008 12:00:00 AM PDT
WASHINGTON (AP) - Those long-promised tax rebates are now on their way to U.S. taxpayers. Click here to check the status of your online.

People who chose to have their rebates directly deposited into their bank accounts will see the money there beginning April 28. The government's paper checks will start going out on May 9, a week earlier than previously announced. The first wave of payments will go to people who opted for direct deposit on their 2007 income tax returns.

The extra cash is part of the economic stimulus package intended to help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. The Internal Revenue Service says all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11.

President Bush announced last week that the rebates would go out a bit earlier than expected.

More information from the IRS

People with at least $3,000 in qualifying income may qualify for an economic stimulus payment of $300 ($600 for married couples) plus $300 per qualifying child payment. However, they must file a 2007 income tax return by Oct. 15, 2008, to receive a stimulus payment. They can use the simple Form 1040A and provide basic information. Form 1040A is available on IRS.gov, the official IRS Web site.

The payment schedule announced earlier this year is for people who filed early enough to have their tax returns processed by April 15. People who did not submit a return in time for it to be processed by April 15 may see their stimulus payments later than the scheduled dates.

Some taxpayers may receive smaller economic stimulus payments than they anticipated. By law, the stimulus payments are offset to satisfy past-due taxes, student loans, child support and certain other debts.


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