Eager for your tax rebate? Make sure you get it without delay
— -- The eight West Virginia women who won $276 million in the Powerball lottery last week are probably too busy dodging phone calls from long-lost relatives to worry much about when their tax rebate checks will arrive. Not to mention that they really don't need the money.
But millions of Americans who didn't win the Powerball jackpot are eager to receive their checks. Under the economic stimulus plan approved this year, most Americans will receive payments of at least $300 to $600. That's not exactly a windfall, but if you're having trouble paying the bills, it certainly helps.
The IRS announced last week that it will start distributing the money on May 2, based on the last two digits of your Social Security number. For married couples, the schedule will be based on the Social Security number of the spouse whose name appears first on the return.
Though you can't change your Social Security number, there are other steps you can take to speed your rebate, even if your last two digits fall at the high end of the range. They include:
•Be sure to file your tax return by April 15. This year, as in the past, procrastinators can request an extension to file their tax returns until Oct. 15. But the IRS won't send you a rebate until it receives your 2007 tax return. If you file for an extension, you'll move to the end of the line.
•File electronically. E-filed returns are handled more quickly by the IRS. They're also less likely to contain errors that could delay the processing of your return.
•Arrange for direct deposit of your tax refund. The IRS will use the information on your tax return to deposit your rebate in the same account.
Taxpayers who use direct deposit will receive their rebates May 2 through May 16, while taxpayers who receive paper checks will receive them May 16 through July 11, depending on their Social Security numbers.
You can arrange for direct deposit of your rebate even if you're not expecting a refund, the IRS says. Fill out the bank routing information on your return, and the IRS will deposit your rebate in that account.
