Tax refund? Tax stimulus rebate? How to get both of them faster
This tax season, many of us can look forward not only to a tax refund, but also to a one-time tax rebate, ranging from $300 to $1,200, plus $300 for every child.
To get that rebate, you must file a 2007 federal tax return. And if you want that new rebate faster, you should file your 2007 taxes electronically and arrange for direct deposit of your tax refund. Doing so will automatically will also ensure direct deposit of your rebate. The IRS asserts this route is faster and more secure than snail mail.
How long can you expect to wait for your refund if you do it all electronically? As little as 10 days from the time the IRS confirms it got your return. And your rebate? The IRS says the earliest rebates will be distributed in early May.
Though the IRS hasn't said so, it stands to reason that early filers would get their rebates early as well. Conversely, it's a sure bet that if you file for an extension, you'll have to wait beyond that time for your rebate. That's because the IRS must have your 2007 return before it can determine the size of your rebate.
Other rebate facts:
•You must have at least $3,000 in income to get the rebate. At $75,000 in adjusted gross income for individuals and $150,000 for couples filing jointly, the rebate begins to phase out.
•If you're eligible to be claimed as a dependent on someone else's tax form, you're ineligible for the rebate. For example, college students who earned more than $3,000 can't get the rebate simply by asking their parents to forego claiming them as dependents.
•A number of folks who normally wouldn't file an income tax form, including certain veterans, Social-Security recipients, and recipients of Railroad Retirement benefits, may be eligible for the rebate. But they MUST file a 2007 return in order to get it.
•If you've filed a 2007 return already but haven't included the benefits mentioned above--which might qualify you for a rebate--you can file an amended return, Form 1040X, available at www.irs.gov.
•Beware of e-mail and phone messages on the rebate that purport to be from the IRS. They are most certainly are scams.
Previous
Posted by: Mai Vo | May 12, 2008 2:24:01 AM
Hi, I just received my tax rebate today and I'm a bit confused. Is it up to 600.00 or min of 600.00? I qualify for the rebate but was not sure why the numbers are not matching up.
Posted by: Lamar | May 13, 2008 3:58:14 PM
This is a scam. Im 18 years old, a high school student and work part-time and a tax payer. I was suppose to get $600 back from income but was taxed and only got $300. I thought full time high school students are suppose to get everything back. Also, I did not recieve nothing for the rebate because my mother which i live with claimed me and i turned 18 on december 31. This is extremely unfair.
Posted by: Kellie | May 13, 2008 4:38:18 PM
If we owe back taxes and filed married jointly, will our children receive the rebates or will it all go away to the back taxes?
Posted by: Lyla | May 13, 2008 10:34:37 PM
I am unsure whether I will receive a stimulus payment. According to all the info, I am eligible, but have yet to receive any notice of such. Any reason for no notice?
Posted by: Kyle | May 14, 2008 11:47:03 AM
I filed a joint tax return with my wife who only has an ITIN #. Does that exclude myself, who has a ssn, from getting my rebate? I understand that she will not be able to receive any, but why not myself?
Posted by: Nicole A | May 14, 2008 11:59:38 AM
My ex-husband claimed me on his 2008 taxes will he receive anything for me on his stimulus check??
Posted by: james jackson | May 15, 2008 11:53:04 AM
my grandfather has been taking care of me me since i was born because my mother has been in jail since i was born. he owes a state hospital $1,349.67 will he still get his stimulas check
are will they take he is really worried about it cause we live with very little money, please inlight his day an anser this so i can show him the anser on my e-mail that money is real importent to are welll being
thanks james
Posted by: Tobie Stanger (Consumer Reports) | May 15, 2008 2:24:45 PM
James,
If your grandfather's tax refund was reduced to pay the state hospital, the tax stimulus payment also would be reduced. The IRS does reduce tax refunds for people who owe back taxes, child support and student loan balances. But I don't know if the IRS reduces tax refunds for the kind of debt you're talking about.
You probably are going to have the call the IRS at 1-866-234-2942 to find out. Be patient, because it may take a while for you to get through. The IRS agent will probably ask a lot of questions in order to give you the right answer, so make sure your grandfather is available to talk.
Posted by: Donna | May 15, 2008 3:39:13 PM
Is there any way to get my 20 yr. old son who is a full time college student with a 2007 income of over $4,000 the $300 that he would have qualified for if he were 17? This seems so unfair--he needs the money probably more than most kids 17 or younger. Anybody else in this same predicament?
Posted by: christina moreno | May 15, 2008 11:27:07 PM
I MOVED AND DID A CHANGE OF ADDRESS WILL I GET MY TAX STIMULUS REBATE ON TIME AT MY NEW ADDRESS?
CHRISTINA
Posted by: Alvin | May 15, 2008 11:46:25 PM
I filed taxes jointly with my wife for the 2007 tax year. I am now getting a divorce from my wife, however it is not finalized. My federal tax refund was taken to satisfy her non-tax debt, a school loan. I filed an injured spouse with the IRS and I got back my refund 10 weeks later. She had no income, it was all mine.
I checked the stimulus website and it says I am due a check to be mailed out here in the next week. My question is: Will the payment be taken to offset her non-tax debt again? And if so, can I again file something to get my share of the payment?
Where can I find out more information, or a form to download and fill out?
Thank you so very much,
Posted by: Dazed and Confused | May 16, 2008 9:29:46 AM
I received my direct deposit tax credit today for $1512.40. I am married, filed jointly with 3 children. I know that $900 of the credit came from my kids. That means that I only received $612.40 of a possible $2100? My wife is a homemaker/nursing student and my reported income for 2007 was $55,000. Why didn't I get more money?
Posted by: Deborah Eckhouse | May 16, 2008 2:20:43 PM
Please HELP! I'm 21 years old, single, made $22,000, and was NOT claimed as a dependent. WHY DID I GET ONLY $300??? I've tried calling the IRS about a MILLION times and they are too busy to answer... CAN SOMEONE ANSWER WHY I GOT LESS THAN EVERYBODY ELSE WITH MY QUALIFICATIONS??
Posted by: cindy | May 16, 2008 2:32:27 PM
I filed my 2007 taxes thru H&R Block and received direct deposit. then I filed an amended return by mail on March 26th in which i should receive an addt'l $297.00 There is still no record of this refund on irs.gov.Anyway, will I receive my stimulus rebate based on my original filing and direct deposit? If so, it should have posted today according to the schedule on irs.gov and it hasn't.
Posted by: Jessie | May 16, 2008 3:36:14 PM
I am going through a custody battle for my children and I am obligated to pay child support which has been paid up to date after federal taxes were taken. My husband also pays child support but currently owe's arrear's for his daughter. We also have two children living with us which we claimed on our taxes. I was woundering if I will get any of the stimulus since I do not owe and since I have the children who live with me or if they will take all of it for his back child support.
Posted by: Arlene Eckert | May 19, 2008 1:08:39 AM
Hi we just received our rebate which was deposited directly in our checking account. Even though we filed jointly, my husband made more than I did last year. He grossed $25,900 and I only had part time income of $762.44 (delivering telephone books for some extra money). So I realize that we would not get the $1,200 for joint filers but I thought we would at least get $600, but we only got $300 deposited in our bank account. Why? Thanks, Arlene
Posted by: Morgan | May 22, 2008 11:37:04 AM
So basically If your going to college full time and working a part time job you do not recieve the rebate because your 19 and a student? That does not make since. Full time students in college need the money. So all the people who got pregnant right out of highschool and didn't go to school get money? Wow shows how screwed up the government is. Not supporting full time students. I guess no one cares about those trying to get an education.
Posted by: Margie | May 22, 2008 7:40:38 PM
On my 2007 tax filing I claimed my 19 year old daughter with cerebal palsley which she had not received SSI payment until Jan. 2008.
So because she is 19 years old IRS does not take in consideration that I was able to claim her due to her disablity?
Posted by: Tobie Stanger (Consumer Reports) | May 23, 2008 7:05:43 AM
Margie:
The IRS is only giving the $300 dependent child portion of the stimulus payment for qualifying children under 17 years. Claiming a dependent 17 or older will not gain you the $300 child stimulus payment, regardless of whether the dependent has as disability. I don't know why Congress crafted the law this way, but that is how it is.
Sorry!
Posted by: lorie alston | May 23, 2008 11:04:25 AM
I filed my 2007 tax return in february via direct deposit.
My understanding because I requested my fee be deducted from my return for filing my return this is considered a loan or RAL, therefore, I will receive a paper check?
I moved to a new address since receiving my refund. I did a change of address with the Post Office in Worcester Massachusetts. Will they forward my rebate to the new address?
Thank you.
Posted by: Kel | May 24, 2008 2:25:05 PM
Hi,
Is it possible to cash a check with only ONE signature? And what if my name appears second on the check? Could I do a direct deposit with both signatures, but in MY checking account, seeing that my name appears second on the refund check? Thanks.
Posted by: Tobie Stanger (Consumer Reports) | May 25, 2008 9:01:17 AM
Kel,
I believe checks need to be signed by whoever the check is addressed to--in your case, two people. But call a bank to confirm that.
Posted by: Ana | May 27, 2008 11:30:59 AM
i am a college student i am 22 and i made more then $3,000 last year will i get a check? my parents didnt claim me
Posted by: Tobie Stanger (Consumer Reports) | May 27, 2008 11:44:47 AM
Ana,
Assuming you are a full-time student, you are not eligible. Though your parents didn't claim you, the fact that they COULD claim you--as a full-time student under age 24--makes you ineligible for the stimulus payment.
Sorry!
Posted by: Sonja | May 27, 2008 2:09:27 PM
I received my stimulus payment, however, it is incorrect, as my husband and I filed jointly and had one qualifying child. However, there was a mistake on our tax form...our daughter's SSN was off by one number, a typo. That has since been corrected and the IRS told me we'd receive the rest of our refund shortly.
In the meantime, our economic stimulus came with a letter showing nothing was paid for our qualifying child. I have tried to get an answer from the IRS phone operators regarding whether or not the change to the refund information will prompt an additional economic stimulus payment to make up for it, or if we'll have to try and get it some other way.
Any insight you can provide would be appreciated. Thanks.