Tuesday, March 18, 2008

IRS Rebate Checks

Without getting into whether or not I think these checks are a good idea or whether they scream "socialism"............ here's some information for you on whether you are getting a check, how much it will be, and when you can expect to receive it.

First, go to the IRS website's calculator and input some numbers from your 2007 tax forms. This will calculate the amount of your tax rebate.

Next, go to the IRS Payment Schedule to see when you can expect your check. If you requested direct deposit for your 2007 tax refund you will receive this money electronically, too. If you owed money to the IRS but still gave them account information for direct deposit "just in case" you should receive the rebate in that bank account. Otherwise you will receive your check in the mail.

There is a section here for frequently asked questions in case you need more information.

Lastly, please please please! If you have high-interest credit card debt give some serious thought to using this money to pay that down or pay it off. And most importantly -- DON'T SPEND THE MONEY BEFORE IT ARRIVES! Don't go out and charge that big screen TV with surround sound knowing that you will be able to pay the bill when the check arrives. That's just begging Murphy (of "Murphy's law fame) to move into your guest bedroom.

1 comment:

maya said...

that's what we're doing with ours - paying down some credit card debt. once we put our tax refund and the rebate check toward the card, we should only owe about $500! and that'll be paid off in another month.

whew!