As many readers know, we started listing TurboTax last year and currently promote their TurboTax Federal Free Edition. I just received some details from a contact at TurboTax who shared the following information about the government tax rebates (economic stimulus payments) that will be sent out starting in May.
According to this TurboTax information, the IRS estimates that more than 130 million Americans will benefit from an income tax rebate this year. There are five things you should know, however, about these government tax rebates and how they work. And don’t forget that you must file your Federal Tax Return to get your rebate.
- To receive your tax rebate you must file your 2007 tax return.
- Your economic stimulus tax rebate is based on your 2007 income and how many children you have.
- Most individual taxpayers will get $600.
- Most married couples will get $1,200.
- Plus, most taxpayers will receive an additional $300 per child.
Source: personal communication from TurboTax.
Here is some additional information from the Internal Revenue Service that could help you determine whether you will file electronically or otherwise. Those opting for direct deposit will be among the first to receive their payments — starting on May 2. Paper checks will not be mailed until May 16 through July 11. The rebates will be processed in order by the last two Social Security Number digits so lower numbers (00 through 20 for direct deposit and 00 through 09 for checks) will receive payments first. For more information visit this IRS payment schedule.
On a personal note, I expect some incredible sales and coupon codes for bigger ticket items to be available starting May 16 and lasting through July! It looks to be an exciting time for buyers.