Consumer Blog
A letter from the IRS concerning rebate checks
Rebate checks--first, they do exist, and many people have received them. That being said, a lot of us, myself included, are still waiting. There are lots of questions that Missouri's consumers have regarding their rebate check status. Maybe some of the answers can be found in a letter that a coworker of ours recently received.
The letter, from the Department of the Treasury, has a headline that says:
"Understanding Your Economic Stimulus Payment." It begins by stating how much he will receive, and the date that he should expect the check.
Also in the letter:
"If you do not receive [your check] within six weeks of this notice, please contact us at 866-234-2942.You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return.
If you received a refund on your 2007 federal income tax return and had it directly deposited into a bank account, we will directly deposit your stimulus payment into the same bank account. If not, your stimulus payment check will be mailed to you. If your tax refund was directly deposited into a refund anticipation loan account, your stimulus payment check will be mailed to you.
Your payment is based on information you submitted on your 2007 federal income tax return such as your filing status, the number of qualifying children, and your net income tax liability."
The letter also explains that the calculation of dependents is based on the number of qualifying children multiplied by $300. Children that qualify are born after December 31, 1990, and has a valid Social Security number.
Again, if you have more questions, you can call 866-234-2942 or visit www.irs.gov.
Technorati Tags: IRS letter, finance, shopping and spending, stimulus checks, rebate check, moagoconsumer, consumer protection
Posted by on June 17, 2008 11:44 am :: Comments (2) :: Permalink
2 Responses to "A letter from the IRS concerning rebate checks"
says:
June 22, 2008 10:33 pm
Just wanted to let you know. I got the same letter. My rebate arrived on the date mentioned in the letter.
says:
June 24, 2008 9:14 am
I think the rebate check was a great idea for everyone. But being from the east coast almost everyone I knew went right to Atlantic City to spend there rebate check in the places that needed it the least - the casinos! Next time the gov. does something like this they should figure out a way to make it only be able to be spent to buy products or help catch up on bills. otherwise its kinda like its going to waste!
