Watch those bank accounts!!!

The Stimulus Direct Deposits will be coming in a week early…

http://money.cnn.com/2008/04/24/pf/taxes/Stimulus_checks/index.htm?cnn=yes

NEW YORK (CNNMoney.com) – The federal government, eager to boost the flagging economy, will start distributing special tax rebates on Monday - five days earlier than expected, the Treasury Department said Thursday.

The department had said last month that it would begin giving rebates on May 2.

Instead, 800,000 tax filers daily will get rebates on Monday, Tuesday and Wednesday. No rebates will be distributed on Thursday, and 5 million payments will be made on Friday.

The payments will go out ahead of schedule because of a new computer program that updates records daily - faster than an older program that updates weekly, according to Andrew DeSouza, a Treasury spokesman.

Overall, the Treasury will distribute more than $110 billion to 130 million taxpayers by July and hopes to get the first $50 billion out by the end of May, DeSouza said.

The checks are the centerpiece of an economic stimulus program signed into law by President Bush in February. The aim is to boost consumer spending and help mitigate problems caused by the slowing economy.

Checks are being distributed to people who file 2007 tax returns. Those who opt for direct deposit with the Internal Revenue Service will start getting rebates before those who use the mail.

The program calls for rebates of up to $600 for single filers making less than $75,000. Couples making less than $150,000 would receive rebates of up to $1,200. In addition, parents would receive $300 rebates per child. Tax filers who do not owe income taxes but have at least $3,000 in income would get a $300 rebate.

Rebates to taxpayers slated to get paper checks will start to go out on May 9 - one week earlier than originally planned.

The order in which tax filers will receive their rebates will be based on the last two digits of their Social Security numbers.

sweet

bangin, now time to do the American thing and spend in advance…

Nice…

Can someone who may be a little more educated on this shed some light on it for me… Where is this $110 billion coming from? I can’t help but think we’re going to end up paying for this anyways.

Wooohooo…a hole 4 days early :jerkit:

Funny you say that, because when I was doing my taxes, my accountant was getting phone calls from people asking when these would arrive because they have already spent them :LAWLZ:

Here is an example:

For taxpayers who can’t wait for their rebate checks, there appears to be no legal prohibition against banks and loan companies offering a refund anticipation loan (RAL) that includes the amount of the anticipated rebate check when a 2007 return is fi led. Senator Charles Schumer, D-NY, expressed concern over this problem at the confirmation hearing of IRS Commissioner nominee Douglas Shulman on January 29. To highlight the problem, Schumer observed, “in the case of the stimulus checks, consider a married couple with two children, expecting a $1,600 check in May, and a RAL provider or loan vendor promises to give them $1,400 in March instead. That’s an annualized interest rate of 87 percent.” Shulman said he didn’t yet know what “levers the IRS has on this” but pledged to do everything within his
power to prevent tax refund scams from targeting stimulus rebates.

sweet, I cant wait to pay down my credit card :hsugh:

woohoo! this means i can order my new wheels soon!

Ugh for those of us who paid this year, we will be watching our mail :frowning:

no check 4 me…made too much loot

The typical American spent it before the stimulus package even existed, then spent it over again when the stimulus was announced, and will spend that same money a third time when it comes…(and that’s why it won’t work)