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.

I would like to have it to save my house. I would like to fix it up too. I know that it needs a lot of work to the house but it is worth it.I also woud like to pay off my car too.

I am buying gas to help the oil companies and their share holders rake in billions in profit. Someone said millions but it is actually in the billions. We would not want the poor oil company owners to go destitute.

I will use my check to pay bills and get gas. My driving has been VERY LIMITED due to the ungodly price in gas not to mention not using the ac to save on gas in my car. Buy a few things for my 2 year old son and put half of it up to save for my own home I hope to get soon.

by somefood for my home

I will spend the money on gas to get to work! they should have sent out gas vouchers instead.

We are planning on saving what we can but I don't know with these outragious gas prices.

SAVING FOR VACATION FOR NEXT YEAR

I plan to donate it to Dick Cheney. He needs a new shotgun. Or to President Bush to buy a book for his new library.

its the big 52inch LCD all the way here!!!!

Although the stimulus check was a bit of a stupid idea with us having a deficit, I can't complain about having extra money to put into my savings account to earn interest.

Make too much money and don't get one :(

Make too much and don't get one :(

With the economy in the horrific shape it is in it will take more than a drop in the bucket "STIMULUS" check to have any relief or be able to really enjoy it, like a vacation. It would be nice instead of or along with if the oil influenced president that we have would do something about the price of fuel but instead he is looking out for his best interest and continuing to make his bank account fat at the same time.

I donated my $1,200 to Barack Obama's campaign.

Thanks for Check!

Car tune up to save on gas, gas, gas, and did I say gas? I am seriously thinking of taking a lower paying job to have a shorter commute, and pay less in gas!

I will use it to buy gas to go back and forth to work.

well its a toss up between, paying a few bills, using part for groceries,and a 5 day visit with relatives in june get togeither. along with being on fix income. and the govn't back in 80's saying they were going to build two refineries. one on the west coast and another around in the southern states. on top of all this they knew way in advance that this time was coming and may even get worse. and they still play around with lets add a couple more mi. to the gall. and of course china is going to out due us in productivity with in the next l0yrs. as we give everything away. then they talk about the food prices, we had farmers in the past but shut them down to produce less to help the forign countries now we can't take care of our own country buniness! and its late and brain lock has set in again. and the family members thinks i have this conspiracy theory in the head.

I will be spending my rebate on bills because of the increase cost of living. Everything keeps going up except my salary. There should be away the goverment could figure out away to help everyone out with that.

I will first fill up the car with gas, pay a bill, buy pads for outside furniture and buy summer clothes.

How will you spend your tax rebate?