The Newberg Graphic
| Federal tax rebates are on the way, for some |
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| 130 million U.S. families will receive checks from the IRS |
Last week the federal government began mailing checks to some of the 130 million U.S. families and individuals who will receive tax rebate checks from the Internal Revenue Service. When will yours arrive? The answer depends on your Social Security number and whether you filed last year's taxes electronically or by mail, according to an IRS announcement. Those who filed electronically will receive the stimulus payment, deposited electronically, by May 16. The rest may have to wait until July. Those who filed a paper return will receive their stimulus payment according to a schedule based on the last two digits of their Social Security number. Those ending in 00 through 25 will receive a check in May; 26 through 75 during the month of June and 76 through 99 in early July. The IRS also recently clarified that you will not owe taxes on your rebate when you file your 2008 income tax return. However, you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received. In addition, the stimulus payments will not reduce a tax refund or increase the amount you owe when you file your 2008 tax return. The IRS is also cautioning taxpayers against identity thieves who may be using e-mails or telephone calls impersonating IRS employees, in order to collect Social Security and bank account numbers. For more information, visit the IRS informational Web site at www.irs.gov/irs/article/ 0,,id=177937,00.html. |