Reported by
John Matarese
TUESDAY 1/6/09 UPDATE: New Stimulus...but where are the Checks?It's going to happen....the only question is what consumers will get out of the next Stimulus this New Year. And it now appears taxpayers will
not receive another round of
Rebate Checks.With the latest layoff figures showing massive job losses, including more than 2 million jobs lost in 2008, Democrats in Congress and President Elect Obama want a major stimulus to put the economy on its feet.
It would include money for new jobs, highway and bridge repairs, loans to homeowners, and tax cuts for consumers.
President Elect Obama is proposing the following for 2009:- $500 Tax Cut for Singles
- $1,000 Tax Cut for Couples
Over the year, this translates to an addition $44 each month, per person, or about
$22 in the average paycheck.It now does not appear taxpayers will receive another round of checks in the mail, however. Critics say the first round of stimulus checks in 2008 did nothing to help the economy, simply giving consumers a quick "sugar rush." They say it helped China more than the US, as many shoppers spent the money on electronics made in China.
However, suppporters of a new round of checks say the only way to get consumers to open their wallets again in 2009 may be with cash in their pockes. Its hard to even notice a minor tax cut in your paycheck.
We will know more as January 20th approaches. Congressional leaders want to have a plan ready by mid January.
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Friday 11/21/08 UPDATE Congress Bogs Down, Stimulus may have to WaitBad news for everyone hoping to receive a second stimulus check in the mail this fall from Uncle Sam. It looks as though you'll have to wait till January.
Congress headed home for the Thanksgiving break without passing a second stimulus package.
Democrats had wanted to see tax cuts, new spending on highways and bridges, and possibly another round of checks. But Republicans have agreed to only extended unemployment benefits.
It appears we'll now have to
wait until after January 20th... Inauguration day.
Supporters say with the economy in a tailspin....more money to taxpayers should have been a priority.
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Tuesday 11/18/08 UPDATE Congress Bogs Down, Stimulus may have to Wait
Congress returned to work Monday November 17th, but any hope for immediate action on a Second Stimulus for consumers quickly got lost in debate over other more pressing issues.
Priority has shifted to fighting over a bailout for Detroit automakers, and how to spend the $700 Billion Banking Bailout. Republicans are blocking a Detroit bailout, and the fight over that could mean no action on a Stimulus this week.
If Congress does not come to an agreeing over a new Stimulus package by Thanksgiving, then the plan -- and help for taxpayers -- will unfortunately have to wait until January.
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Friday 11/7/08 UPDATE: President Elect Obama Calls for 2nd Stimulus
President Elect Obama, at his first news conference, has said he wants to see a stimulus "sooner rather than later."
House Speaker Nancy Pelosi, meantime, is now pushing an immediate income tax cut as opposed to Rebate Checks, as we received earlier in the year. She says companies could start giving workers more money in their checks immediately, as opposed to waiting months for checks to be mailed out.
Congress will start debating the Stimulus November 17th.
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Tuesday 11/4/08 UPDATE: Election boosts chances of 2nd Stimulus Check
With Democrats making big gains in Washington on Election Day, it appears Democratic Congressional leader Nancy Pelosi's push for a second Stimulus Check could become reality.
It now appears that members of Congress could pass some sort of second stimulus when they return on November 17th. They are expected to begin debating the stimulus at that time.
Monday October 20th, President Bush finally said he may support the idea of a second stimulus, if that is what it takes to get consumers back on track again.
The reason: the Government is spending at least $700 Billion to restore the nation's banking system, with little in the package that immediately benefits consumers. And with shoppers cutting back, and businesses in layoff mode, many in Congress say something needs to be done now to restore consumer confidence.
Democrats are proposing a $150 Billion Stimulus Package (yes, in
addition to the $700 Billion bank rescue plan) that would extend unemployment benefits, boost hiring and spending for bridge and highway repair, increase food stamps, and finally get some cash to consumers.
Many Republicans and President Bush were initially opposed to a second Stimulus, saying the orignial 2008 Stimulus did little to save the economy.
However, with concerns about a long recession, and growing public calls for immediate help to consumers, this latest idea may have a chance of passing.
As for how much money taxpayers would see, and whether we will receive another round of $600 checks, Congress has yet to debate that.
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Friday 7/11/08 UPDATE: Final Paper Checks have now been mailed!The IRS reports that it has now completed the Stimulus Program, with the exception of sending checks to late filers.
If you filed by April 15th, you should have now received your paper or direct deposited check. If not, you may not be receiving one (see below for reasons why, or how to complain if you feel you have been wronged).
If you filed after April 15th, or requested an extension, you may not receive your Stimulus until the end of the year.
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Wednesday 6/25/08 UPDATE: Why the IRS may have taken your RebateIf your stimulus rebate check hasn't arrived yet -- and it's past the mailing date -- you have plenty of company. The IRS now says its holding the rebate checks of 1 point 8 million Americans. That's almost 2 billion dollars of stimulus checks that are not going into the mail.
There are 3 reasons why your check many not be coming at all.
One: If you owe federal or state back taxes, your rebate will pay your tax instead.
Two: If you are behind in child support, you will not get a rebate check.
And three: If you are behind on a student loan, the irs will use your rebate to help pay the loan.
And sorry, bankruptcy will not clear any of those debts.
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Monday 6/23/08 UPDATE: Why you may need to contact the IRSThe IRS has just announced it is sitting on
5 million unclaimed Rebate Checks, and does not know where to send them. How can this be?
The agency says many Seniors on Social Security, former taxpayers now on Disability, and Veterans did not file any tax forms this years...because they don't earn enough money that they need to file. In a normal year, that's fine. This year, however, you have just cheated yourself out of $300 cash.
If you did not file taxes,
you have until October 1st to file a late 1040A form, and claim your Rebate Check.
The second reason: if you moved in the past 6 months, the IRS may not have your current address.
Rebate Checks cannot be forwarded to another address. You must contact the IRS by calling 800-829-1040 or visiting its website (click above link.)
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Friday 6/13/08 UPDATE: Why hasn't my Rebate Check arrived?The IRS is now in the middle of mailing out the stimulus rebate checks. They have
concluded all Direct Deposits of the rebate checks.
If you don't find your money in your bank account
by now, then you will have to
wait for a paper check in the mail, if you are getting one. If you have not received any letter from the IRS about the rebates, however, you may not be on the list to receive one.
Check the IRS website (click above) for the latest up-to-date mailing dates (they have changed from the original dates published).
Also check the "Where's My Stimulus Payment" page. Enter your personal information (it's safe), and you should be able to check on the status.
If you filed through
TurboTax, TaxCut, TaxAct, or H&R Block, there is a good chance you may have to wait until as late as July 11th for a paper check, especially if your filing fees were taken out of your refund. Read more below.
If you received your regular, annual Tax Refund by mail, you may have to wait until as late as July 11th to receive yours in the mailbox (see schedule below).
It now appears that checks have been
delayed for some Seniors receiving only Social Security. The IRS has not yet explained why, but I am receiving a number of complaints about
late checks to Seniors. If your check is late, you may want to try calling 800-829-1040.
And remember: if you owe any back state or Federal taxes or are behind in Child Support, the IRS or state will take whatever money you owe before you see a penny of your rebate. I've received many complaints about this....but the IRS makes the rules.
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Monday, 5/26/08 UPDATE: IRS admits to some goof-upsIt was inevitable! With the IRS sending out tens of millions of rebate stimulus checks.... we were bound to start hearing of some goof-ups. Now the IRS admits that yes, it's made a few mistakes.
The agency now admits that 350 thousand taxpayers have been shortchanged by $300....because the IRS failed to include their child's rebate. The IRS says it knows who was shortchanged, is working on fixing the error, and claims you do not need to call.
In addition, the IRS admitted last week that 15,000 rebates went into the wrong bank account. It is pulling out those incorrect rebates and sending them to the proper account.
If you receive a rebate that appears to be too large, or you receive a double rebate, do not spend the money. The IRS will be pulling the money back out of your account.
If you want to speak to someone about these errors, call the IRS at
800-829-1040. However, it can take some time to get through.
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Friday, 5/9/08 UPDATE: Paper Check mailings begin!The IRS bagan mailing out
Paper Rebate Checks Friday May 9th. Checks are going to taxpayers who are ineligible for Direct Deposit for a variety of reasons, usually because the IRS does not have your Checking Account number.
Taxpayers whose Social Security numbers end in
00 - 09 will receive the first round of Paper Checks, which will be mailed out from Friday
through Friday, May 16th. If your Social ends in
10-19, your check should be mailed during the week of
May 19th.If your Social ends in
20-29, your check should be mailed during the week of
May 26th.Meantime, everyone eligible for a
Direct Deposit should have received theirs by Friday May 16th. If yours doesn't arrive by then, you are probably getting a Paper Check in the mail.
Friday, 5/2/08 UPDATE: What if Rebate is the Incorrect Amount?Meantime, I'm receiving complaints about incorrect checks...one was from a viewer who was expecting $1,200 for him and his wife, but found only $600 added to their bank account today. His question: How do you complain if your rebate is incorrect?
Your best bet is to check the IRS website (Click above) Use their online calculator to figure your rebate. Still feel the check is wrong? Email or call the IRS at 800-829-1040. But be prepared to wait, if you are trying to get through by phone.
Thursday, 5/1/08 UPDATE: Important alert for H&R Block Filers:According to H&R Block's website, if you received your tax refund on an Emerald Debit Card, your Rebate will be loaded on your Emerald card too.
However, if you used a Refund Anticipation Loan or used the H&R Block Bank in any way, you will have to wait for a paper check in the mail.
Many H&R Block filers tell me they were anticpating a Direct Deposit, but have now been informed they will have to wait for a paper check. See the dates below.
Thursday, 5/1/08 UPDATE: Important alert for Turbo Tax and other online service Filers:If you filed by TurboTax, you may end up in the same situation as H&R block filers (see above).
If TurboTax's Santa Barbara Bank handled your money in any way -- such as taking your refund, or paying your filing fees -- then TurboTax says you will not get a Direct Deposit. You will have to wait for a paper check. See below for the mailing dates.
You may also run into this situation with TaxAct, TaxCut, or other online services, where you will have to wait for a paper check.
Wednesday, 4/30/08 UPDATE: Beware Rebate and Refund Scams!Now, that the Rebate Checks are on the way, The IRS is warning about an epidemic of bogus e-mails designed to steal your Social Security number or Bank Account number.
These e-mails appear to come from "IRS.gov" and typically contain the IRS logo. They tell you to speed up your tax refund or stimulus check, you should register online.
This is a scam to steal your identity. The IRS will never e-mail you for information. Never give personal numbers in reponse to any e-mail, even if it appears to be from your bank or a government agency.
Tuesday, 4/15/08 UPDATE: Online Calculator will show your Exact RebateIts just a matter of time now before the economic stimulus checks start showing up in our mailboxes and checking accounts. But many taxpayers are still unsure if they quality, and -- if so -- how much money they'll receive.
Good news: there's now an easy way to find out the precise amount of your check...if you've at least started to file your taxes.
How to Calculate your Rebate
Visit the IRS web site (click link above). Look for "Economic Stimulus Payment Calculator."
You don't have to give your name: Just answer a few questions based on your 1040... such as your adjusted gross income.
Click... and you'll know in a moment if you qualify for $300, $600, or in the case of a married couple, $1,200.
At that point, look for the section of the IRS site that tells you exactly when your rebate check will go out. That way, you can start planning...and you dont waste your money.
