Who can’t use a few extra dollars for their next PCS, weekend getaway, R and R or down payment for that new family vehicle? Well this spring/summer will see some funding coming into the military communities’ pocket books from the IRS in the form of a stimulus payment. If you have not heard or seen about this payment it is part of an economic stimulus package advocated by the President and passed recently by Congress! The first checks should be mailed in May!
Who is going to get the rebates and how much is it going to be? To quote from the official IRS website at Economic Stimulus Payments Information Center:
“Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.”
After reading a bit more information it appears that the first rebates will be sent electronically (direct deposit) to those who filed their federal taxes electronically and used the direct deposit payment method. Those who filed with a paper copy and were paid with a check will begin receiving their checks in the mail after the electronic filers. There will be payments going to 130,000,000 households so it may take a while to get your payment! I believe the earlier you file your taxes the better you will be for being in line to receive the payment.
There is also a Frequently Asked Questions section that I found very helpful at: Stimulus Payments: Answers to Frequently Asked Questions . If you can’t find the answer to your questions you could query the IRS directly from the site.
If you need further assistance, most installation JAG offices have a tax advisor or volunteer group that can help you so give them a call if you need help. This service is free too! To find the JAG office at your local installation go to: MilitaryAvenue.com and click on the your Service on the sign post pole on the left and then find your state and installation. On the home page of your installation just under the pictures is a local link to your installation’s web site with a host of information including the JAG’s phone number or the base operator’s number so you can call for an appointment.
Be aware of Scams! The IRS has already put out a warning about telephone and email solicitations concerning the stimulus payments! The IRS does not solicit tax payer information over the phone or via email! They do not call or email and ask for your bank information! There are several schemes to get your personal bank information, social security number, phone and address which can lead to years of correcting your records after the thieves still your identity! Be very aware of an attempt to offer you early payment as the IRS does not have any such payment. Also, be aware of loan offers that will give you money now but at an extremely high interest rate in exchange for your stimulus check.
If you have more information please share it with our readers! Enjoy the extra help from the government and let us know how you are going to spend your money this year! Many are reducing debt, making payments or buying something they have waited a while to get. I think ours is going to help towards a vacation this summer we had planned for a long time and it just got easier to pay for it!byColonel KonMonday, March 24, 2008Email ThisBlogThis!Share to TwitterShare to FacebookShare to PinterestMilitary Life:Col K,finances,pcs,stimulus payment,vacation