Stimulus Payment Time!

LynnH

GuGee Since: 2006-09-18
GuG-Points: 1203
Last Seen: 07/05/2008 - 3:23am

I am: On vacation!

Submitted by LynnH on May 1, 2008 - 4:22pm.

The IRS started mailing out payments on April 28, 2008 for those who chose the direct deposit option. Paper checks will begin being mailed out on May 9, 2008.

For Direct Deposits

If your Social Security Number ends in: 00-20 Your transmission date to your account should be: May 2

21-75 May 9

76-99 May 16

For Paper Checks

If your Social Security Number ends in: 00-09 Your check should be in the mail by: May 16

10-18 May 23

19-25 May 30

26-38 Jun 06

39-51 Jun 13

52-63 Jun 20

64-75 Jun 27

76-87 Jul 04

88-99 Jul 11

Note that the IRS says paper checks will start to be mailed on May 9th, but they also state that the first paper checks will be mailed by May 16th. Hopefully, it's the 9th.

LynnH

GuGee Since: 18-Sep-2006
GuG-Points: 1203
Last Seen: 07/05/2008 - 3:23am

I am: On vacation!

Re: Stimulus Payment Time!

May 8, 2008 - 4:58pm

Bad news.

If you used......let's say......TaxAct......and had fees taken from your refund, you will not get your stimulus payment through direct deposit even if your refund was direct deposited. It will come paper check. When? I don't know. I'm just not happy with these 'rules as we go'.

It's posted at the IRS Website. Here

If I was standing on a fish, I'd slip and fall......

Almost Evil

GuGee Since: 03-Feb-2007
GuG-Points: 1115
Last Seen: 07/05/2008 - 12:30pm

I am: The girl your mother warned you about

Re: Stimulus Payment Time!

May 6, 2008 - 11:21pm

Anyone in the first group that has gotten the stimulus checks yet? Just curious! Im in the second group!

LynnH

GuGee Since: 18-Sep-2006
GuG-Points: 1203
Last Seen: 07/05/2008 - 3:23am

I am: On vacation!

Re: Stimulus Payment Time!

May 7, 2008 - 4:36am

Might be a good idea to check bank accounts if you had yours direct deposited. The IRS actually started sending out payments on April 28th!

I have also heard of instances where the taxpayer had their tax refund deposited into their retirement fund account, so guess where their stimulus payment went? If you had specified your tax refund to be deposited in a 'tax-favored' account make sure you check 'that' account.

For taxpayers that had their stimulus payment go to their IRA or other tax-favored account relief is available for withdrawing the funds.

Quote IRS:

To qualify for this relief, funds must be taken out by April 15, 2009, in most cases. Without this relief, taxes, penalties and other special rules would apply to amounts removed from these accounts. Regular refunds are not eligible for this relief.

Eligible tax-favored accounts include traditional and Roth IRAs, health savings accounts (HSAs), Archer MSAs, Coverdell education savings accounts (ESAs) and qualified tuition programs, also known as QTPs or 529 plans. Thus, for example, a taxpayer whose $1,200 stimulus payment is directly deposited into his or her IRA can take out anywhere up to $1,200 from the IRA, tax-free and penalty-free.

Details on reporting these withdrawals and claiming relief will be included in tax forms and instructions for 2008. Other details are in Announcement 2008-44 on this Web site.

If I was standing on a fish, I'd slip and fall......

smartmom