IRS Announces Rebate Schedule

Tell Us: How will you spend your tax rebate?

Questions, answers on rebate checks under the economic rescue plan

WASHINGTON — The government started depositing thousands of rebate checks in taxpayers' bank accounts on Monday, earlier than originally scheduled, with the Bush administration hoping the payments will give a jump-start to a weak economy.

The Internal Revenue Service started making the deposits at 8:30 a.m. EDT Monday with the goal of completing 800,000 direct deposits each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday.

The government's paper checks will start going out on May 9, a week earlier than previously announced. The rebates, which are expected to reach 130 million households, range up to $600 for an individual and $1,200 for a couple. Families with children will get $300 per child.

The rebates were the centerpiece of the government's $168 billion economic stimulus package enacted in February and are designed to bolster consumer spending and lift the economy out of the doldrums.

While many economists believe the country has fallen into a recession, President Bush last week disputed that contention, saying he believed it was a period of slower growth not an full-blown recession.

"It's obvious our economy is in a slowdown. But fortunately we recognized the signs and took action," Bush said Friday in announcing that the rebates were going out a few days earlier than expected.

The rebate checks are coming as the IRS wraps up sending out the normal refund checks to taxpayers based on their 2007 tax returns which taxpayers had to file by April 15.

Thirty-five percent of those responding to an Associated Press-AOL Money & Finance Poll earlier this month said that they planned to ruse their refund checks this year to pay utility, credit card and other bills. That was up from 27 percent who said they planned to use their tax refunds to pay bills a year ago.

The IRS said all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11. The direct deposits and the paper checks are being processed by the last two digits of a taxpayers' Social Security number.

For people receiving direct deposits, those with a Social Security number ending in 00 to 20 will have their economic stimulus payment deposited to their bank account by May 2.

Those with Social Security numbers ending in 21 to 75 will get their direct deposits by May 9 and those with Social Security numbers ending in 76 to 99 getting their deposits by May 16.

If you signed up to receive you tax return by direct deposit you will receive your tax rebate by direct deposit, otherwise you will get a paper check.

buy gas and we think the the way the gas is that is why they give us the money it is not a gift it is to buy gas so the rich can get richer.

why did they just send them all out at once??

We are going to due some projects around the house with our money.

I just have a comment regarding the person who called it a "worthless check".Since it is worthless to you then may I suggest you go downtown and take it to one of the many shelters that could use it. Some people actually think it is worth something. Shame on you.

Pay back the government! The government giveth and government will taketh back next year! Government will raise our taxes and we go into a deep recession!

I will use the worthless check to pay some bills up to current(hopefully). Then again maybe not due to the fact that I will need to use the check to pay for gas in order for me to drive to the place and get it!

The tax rebate money will help us buy groceries and gas this summer. I wish we could use it for a vacation, but that is out of the question with rising prices. This is the first summer my family will not be taking a much needed vacation.

the hell with the bills Im going shopping. and buying gas

Im going to buy a car.

I have two kids getting ready to graduate and take class trips both will be going to new schools that will require manditory uniforms so tha is what i will spend mines on. with whatever is left over i will save in case an emergency.

have to pay bills. no fun

it will go to pay for higher gas prices good timing opec

PAY BILLS AND PRAY I CAN HOLD THE WOLVES AT BAY ANOTHER MONTH. WE ARE BROKER NOW THEN WE HAVE EVER BEEN IN OUR 22 YEARS OF MARRIAGE. ALMOST $4.OO A GALLON FOR GAS? WE DON'T GO ANYWHERE UNLESS I HAVE TO

house repairs.

Being a single mother with two teenage kids. Living check by check of course I am going to catch up on my bills.. May be the money left over take the kids shopping..

I am using mine to pay bills that we incured on our credit cards when gas spiked!

we are taking our kids to the beach for a week. If it wasn't for the extra money we would not be able to go.

I will pay down credit cards and do some minor car repairs.

I wish i could take a trip or go shopping but i cant!I will catch up my bills,i wish we could get another one!! Thanks

Summer is coming and when you have small children at home every season means shopping for new clothes. I wish it were shopping for myself

How will you spend your tax rebate?