Where is my rebate check?
SPRINGFIELD -- With more than half of federal rebate checks already divvied up, some taxpayers are wondering where their money is.
The IRS began issuing economic stimulus payments this month, and checks will continue to be distributed through at least mid-July.
But a few roadblocks may be preventing you from receiving your money, or the right amount, on time. The following are among the top reasons your check might not be in your mailbox, yet.
1. Direct deposit might work for regular tax refunds, but not always for rebates.
The most popular question callers have been asking a local IRS Taxpayer Advocate Service is, "When am I going to get my money?" One of the biggest glitches is using third-party income tax preparers or software not specifically linked to the IRS. This automatically lumps taxpayers into the slower paper check category, regardless of whether you requested direct deposit of your regular tax refund.
You're also in line for a paper check if you opted for direct deposit with an advance loan from a tax preparer, or your regular refund was divided into multiple bank accounts.
2. Direct debit and direct deposit are not the same thing.
If you owe money to the government, you can check off direct withdrawal from your bank account. However, because some tax preparation software does not then ask for your direct deposit information when filing, you will still receive your rebate check by mail.
Taxpayers cannot request direct deposit or correct that information after already filing a return.
3. If you had electronic filing or tax preparer fees automatically deducted from your refund, your rebate cannot be direct deposited.
When you deduct fees from refund money not coming directly from the IRS, but instead a tax preparer's financial institution, rebates from the federal government must then be mailed instead of deposited electronically.
But, if your tax refund was loaded onto a preparer-issued debit card and you didn't receive any of that money upfront, your rebate will be directly deposited onto that card as long as the account is still open. If not, a paper check will take several weeks to arrive.
4. Your rebate check might be late if you sneaked your return in just before the April 15 deadline.
For those who had their returns filed and processed earlier, the IRS has factored your rebate into the regular payment schedule, which can be found online at www.irs.gov. However, the schedule applies only if you filed on time and the IRS was able to process it by deadline.
Expecting a regular tax refund? It should arrive first, with the stimulus payment to follow one or two weeks later. If you aren't getting a refund, you'll have to wait to pocket your rebate at least six weeks after you file.
5. A few factors might have shorted you of a full rebate amount.
Individuals typically will receive checks from $300 to $600, while married filers usually get $600 to $1,200. Taxpayers also are credited $300 for each child born after Dec. 31, 1990.
In most cases, your actual stimulus payment equals your net income tax liability. So, your rebate will be smaller if you're single but your net income tax liability is less than $600, or you're filing jointly and it's less than $1,200.
Also, phase-outs start at $75,000 in taxable income for single filers and $150,000 for joint filers. Your stimulus payment can be further reduced if you owe back taxes, child support or have debt from federal student loans.
Track your rebate
Visit www.irs.gov and click on "Where's My Stimulus Payment?"
You'll need:
• Social Security number
• Filing status
• Exact refund amount shown on your return
Specific information about your rebate check will not be available until one week before a payment is scheduled to be issued. Remember to first check payment schedule posted on the IRS Web site, as rebates are issued based on the last two digits of your Social Security number and how you filed.
Source: IRS