What are you going to do with your "tax rebate"

[sgrizzle]

quote:Originally posted by TulsaMINI

I checked the FAQ on IRS.gov and it says you CANNOT apply the stimulus rebate to 2007 taxes owed.

quote: Q. I owe some money on my 2007 tax return but the amount I owe is less than my expected stimulus payment. Can I wait to pay the balance due and simply let my stimulus payment cover it?

A. You should file your 2007 return and pay the entire balance due by April 15. You should not wait for your economic stimulus payment to offset the balance due. If you wait, penalties and interest will accrue between April 15 and the date the balance is paid, even if it is ultimately covered by the stimulus payment, which will not be available before May. [New 2/28/2008]

Oh well.

Next question: If my last two digits of my SSN are higher than my husband's last two digits, when does the payment occur?

Back to the FAQ...

It's based on his SSN

And yeah, you might rack up $1 in interest.

Oh, and IRS has different mail dates:
Paper Check

If the last two digits of your Social Security number are:
   

Your check should be in the mail by:

00 – 09 May 16

10 – 18 May 23

19 – 25 May 30

26 – 38 June 6

39 – 51 June 13

52 – 63 June 20

64 – 75 June 27

76 – 87 July 4

88 – 99 July 11

[TeeDub]

But if you filed 2007 for electronic deposit...

Direct deposit payment
If last 2 digits of your SS# are:    
Your rebate should be sent by:

00-20    May 2
21-75    May 9
76-99    May 16

[AngieB]

Yeah, that was covered fourth post up. [][]