Didn't receive your economic stimulus check?
Photo by: javYliz
Many people are wondering why they haven’t received their 2008 economic stimulus tax rebate checks. This is especially true for those that expected to receive their payments based on the schedule the IRS published and haven’t yet received them. To further confuse matters, the IRS also said they were starting 4 days early.
It just so happens that I was one of those that were a bit perplexed. I was perfectly fine waiting until the last day for my SSN range (May 9th). That is until I talked to my mother on Monday and found out she had received hers on Monday morning (5/5). She has the same last 2-digits for her social that I do…so I joined the ranks of millions wondering why I hadn’t received my rebate check yet.
So doing what any blogger would do, I started scouring the internet for for answers and what I found was very interesting…
Updated Information (5/18/2008): Reports have surfaced that some 1500 stimulus checks have been incorrectly deposited to the wrong accounts. While a very small percentage of the overall deposits made, you may be impacted by this. Additionally, 350,000 people haven’t received their $300.00 per child refund. If you received your money, but were shorted the amounts for your children, the IRS will be sending checks out in July to all those who missed out the child refund.
You can check your status using an online stimulus tracker
I didn’t realize until recently that the IRS has an IRS stimulus tracker and status application that tells you when you can expect your check and even how much you will receive. The trick is that it will only provide a status if your check is due to be deposited or issued within the next week or two. Many people are complaining that the application isn’t aware of their information. This actually occurred for me as well when I first checked my status, but a few days later it told me I was getting back $3000.00 (remember I have 6-kids) and I that I would receive my funds on May 9th.
Did you have a professional do you tax return? If so, you’re getting a paper check
Per the IRS, “If filing or preparation fees were deducted from your 2007 Refund or you received a rapid refund, you will be receiving a check instead of a direct deposit“. It doesn’t matter whether you received your refund as a direct deposit or not, you’ll be receiving a paper check. Refer to the paper check schedule to determine when you’ll be receiving your check.
Do you owe the government money?
If you owe the government money for things like taxes, back student loans, back child support, or anything similar that you reported to the IRS, your stimulus payment will be offset by that amount. In some cases, that may mean you don’t get one. Ouch!
Did you receive a refund anticipation loan or refund anticipation check?
If you choose to receive a refund anticipation loan or refund the tax rebate will be in the form of a paper check mailed to the address used on your tax return. This is because the IRS didn’t credit the money directly to your account but through your tax company. This information is straight from the the H&R block website.
Did you close your bank account?
If for some reason you closed your bank account between now and the time you received your direct deposited refund, the IRS will still try to issue you a direct deposit. This will of course result in the deposit being rejected, which will in turn cause you to receive a paper check.
Did you file your taxes late? It may impact when you receive your payment.
Your economic stimulus payment will be sent out no sooner than 6-weeks after your refund is received and no sooner than 2 weeks after your refund is mailed out. Further more, the payment schedule only applies if your return was received by the IRS and they finished processing it before April 15. If you filed your return on time, but close to the April 15 deadline, the IRS may not have finished processing it before April 15 and therefore your payment may not be received based on the published schedule.
None of these apply?
Well, if none of these reasons apply, than you might fall into the “who knows but the IRS” category and they actually do have something at the very bottom of their payment schedule page that says “A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.“