You Shouldn't Count on a Tax Rebate Check Before It's Mailed to You
If you are a single tax payer making more than $75,000 or married filing jointly and making more than $150,000 you will not receive the full amount expected. Payments to high income tax fillers will be reduced by 5% above the maximum allowable amounts.
If you have qualifying income less than $3,000 you will not be eligible for a rebate. However if you have over $3,000 of qualifying income you will be eligible for a rebate. You will also be able to count Social Security benefits and veteran's benefits to reach the minimum of $3,000.
If you do not file a tax return you will not receive any rebate check. Typically people who have low income do not need to file a tax return but in order to qualify for a rebate they will need to file for this year.
Anyone who does not have a Social Security number and have been using an IRS-generated Individual Taxpayer Identification Number will not receive a tax rebate check.
Tax payers should not depend on their rebate check arriving in time as planed by the IRS rebate check payment schedule. The IRS payment schedule is based on the tax payer's last four digits of their SSN. There is a small percentage of tax payers who's SSN does not fall into the same payment schedule as everyone else. This small percentage of tax payers will receive their rebate check at a later date than everyone else.
If you are one of these unlucky tax payers depending on your rebate check to arrive the same time as everyone else, think again. There is no way of knowing who the unlucky tax payers are.
So don't run out and starting buying things with your credit card thinking that when you receive your tax rebate check you will be able to pay it off in time. If the rebate check is not in your hands, don't start charging things on your credit card thinking that they will be paid off before you have to start paying interest.
Wait until your tax rebate check is safely in your bank account before planning your new purchases that the rebate check is going to pay for.
Published by John Messina
I'm a freelance writer and have been producing web content for various writing sites. I also run a Technology News internet portal that has the latest breaking news in gadgets, consumer electronics, gamin... View profile
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5 Comments
Post a CommentIt's May 3rd and still no rebate check?? (our last two digits are 13) We filed our taxes early this year (end of January) and our refund was deposited on Feb 11.. we have checked on the irs.gov website for the status of our rebate, but nothing found-- we have attempted to call, but can't talk to a live person.. what to do next????
Thanks for the info, John. I was misinformed about the rebate checks as I was told the IRS couldn't retain them for past due amounts. Glad I didn't get too excited about the rebate. That wasn't a smart move if it is truly meant to stimulate the economy since it goes right back into their coffers. Go figure!
so true
I dont think it will stimulate the economy like they hope it will. I suspect that more people will use it to pay down or just catch up on debts than will buy new things. They need to invest in infrastructure. Creating useful jobs brings much more money back into the economy.
A very informative read and so true!!! Great topic choice