Get your taxes done — and processed – by April 15 and opt for direct deposit to get your economic stimulus rebate check sooner, writes the Consumer Reports Blog.
The IRS this week announced how it will be doling out stimulus checks, as part of the Economic Stimulus Act of 2008, and it appears that the early bird will get the worm. It suggests filing your taxes electronically to make sure your taxes are processed on time — “processed,” not just filed, is the keyword here — and arranging for direct deposit for your taxes, so the stimulus payment can also go directly and speedily into your bank account as well.
If you follow this advice, the IRS will put you in a first dibs pool, which will then be sorted out according to the last two digits of your Social Security Number. If you’re filing jointly, the SSN that appears first on the tax return will be used. Here’s how the order will go:
- If the last two numbers of your SSN are between 00 and 20, you get your stimulus payment first - by May 2.
- If the last two numbers are between 21 and 75, you can expect your payment by May 9.
- Finally, if the last two numbers are between 76 and 99, you should get your money by May 16.
If you decide not to sign up for direct deposit for your taxes, and therefore your stimulus payment, you will receive a paper check, which the IRS will start mailing out on May 16. The last of these paper checks are expected to be sent out by July 11 — that’s for on-time tax filers.
The lesson here? If you want your stimulus money by May 16, get your taxes done well before April 15, file electronically and arrange for direct deposit. For more information about how much you can expect to receive in your rebate check, check out the IRS’s new economic stimulus payment calculator.
Tags: quizzle, taxes, april 15, irs, stimulus payment, rebate check, consumer reports