» IRS NEWS ~
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===> TOPIC: More News About The Rebate Checks

As previously mentioned - Do nothing, IRS will send you your refund, IF you have filed your tax return. (If not, get it in ASAP.)

If you have moved, IMMEDIATELY let IRS know using Form 8822 because the notification letters will be going to the address on your last return.

Rebate amounts will be as follows:

  Single - $300
  Married - $600 ($300 per person)
  Head of Household - $500

IRS WILL reduce or keep your rebate if you owe back taxes, student loans, certain child-support obligations. IRS's release included the phrase "outstanding government debt." They did not mention defaulted SBA loans. (But watch for IRS keeping your future refunds for issues like that. Also, note: Social Security payments will be reduced for these debts, as well.)

If IRS does keep your rebate, they will send you a letter explaining why they are taking that money.

Generally, the last two digits of the taxpayer's Social Security number will determine when the advance payments are mailed, so a person may get a check at a different time than a neighbor or even other family members.

For married taxpayers who filed a joint return, the first Social Security number on the return will determine the mailing date for the advance payment.

If the last two digits of your Social Security number are: You should receive your check the week of:

  00 - 09 July 23
  10 - 19 July 30
  20 - 29 August 6
  30 - 39 August 13
  40 - 49 August 20
  50 - 59 August 27
  60 - 69 September 3
  70 - 79 September 10
  80 - 89 September 17
  90 - 99 September 24

IRS will NOT be making any direct deposits of these refunds, since they realize your banking information may have changed since you filed your last tax return. You can handle depositing that money yourself, right?

And to the endless question of: What's if I haven't yet filed my return? The answer from the “horse's mouth.”

"Those who have not yet filed a tax return for 2000 will not get an advance payment check until the IRS processes that return. The sooner they file their returns, the sooner they will receive any advance payment due."

You will be getting a letter before those checks arrive. Please read the letter and make sure they have the right information on you. If not, call.

Meanwhile, do NOT call IRS about your rebate. Do NOT call your tax pro - Unless you know there is a problem or need to file a change of address.

Note: Although it does not seem to be addressed in the IRS news releases, I suspect that if you showed no tax liability in 2000 (due to losses, or low income, your tax return showed no tax amount charged to you), you would not get the rebate check either. Since the rebate is based on being in a tax bracket (not -0-) ....it would make sense.

Published TaxMama.com 6/8/01 ~ Courtesy IRS