Tax Rebates
Waiting until close to the filing deadline may delay your tax rebate, according to the IRS. Rebates will start going out on May 2nd, but only to those taxpayers whose returns are processed by April 15th. During the mid-April filing crunch, it usually takes the IRS a couple of weeks to process paper returns, so paper filers must hurry to get in the queue. Electronically filed tax returns are normally processed within a few days, so e-filers have until around April 10th to make sure they are locked in.
The payout schedule is now set: The first rebates will be wired on May 2nd to taxpayers who had their 2007 refunds deposited directly into their bank accounts. The IRS will finish wiring these rebates by May 16th. The order depends on the last two digits of the Social Security number of the primary filer…the lower the number, the quicker the payment. Paper checks will start going out May 16th to nondirect depositors, based again on the last two digits of their Social Security numbers. The initial round of mailouts will be completed by July 11th. Of course, if any back taxes are owed, the IRS will grab a filer’s rebate.
-The Kiplinger Tax Letter, Vol. 83, No. 6
