Economic Stimulus Payment Direct Deposit Schedule
Since May 9th, I’ve been wondering why we have yet to receive our tax rebate/economic stimulus payment by direct deposit. According to my SSN and the payment schedule, we were supposed to get the deposit on May 9th.
What I Know About the Economic Stimulus Payment
I know this is somewhat old news, so forgive me…but I’ve been wanting to post about this for a few weeks now and haven’t found the time. I previously posted about the tax rebate or economic stimulus payment, and how you could get your money quicker if you put your direct deposit information on your tax return (even if you were paying taxes), which I did.
I also posted about the revised tax rebate or economic stimulus payment schedule (which I assumed applied to me), and some vishing scams associated with the stimulus payments (which I think I’ve avoided).
I’ve since visited the Economic Stimulus Payment Calculator and determined that we should be receiving $1,200. I’ve even blogged about how you can use the stimulus money to get you free groceries and gas.
Could I be one of the unlucky 1,500? Doubt it. Wouldn’t I know by now?
You see where I’m going with this, right? WHERE IS OUR PAYMENT!!! I don’t get it. I’m pretty thick headed when it comes to tax regulation and rules, so help me figure this one out.
How I Filed Our Taxes
Let’s review my set of circumstances and let’s see if you can help me figure out why we haven’t received the payment via direct deposit.
- We recieved the original (and wasteful) “you will be getting a Stimulus payment” letter from the IRS
- I completed our 1040, along with a Schedule C (for this blog), and a Form 8606 (to report previous non-deductible contributions to my IRA)
- I used TurboTax purchased off the retail shelf
- TurboTax calculated our stimulus payment to be $1,200
- I put our banking information on the 1040 (which TurboTax advised me to do)
- I physically mailed these to the IRS on April 11th, 2008 (thus, I didn’t incur any tax prep or filing fees)
- We owed money this year (so much we had a minor penalty), so I sent a check for the payment
- The IRS cashed the check on April 16th, 2008
What Others Are Saying
It seems that by now everyone should have already (a) received their stimulus payment via direct deposit, or (b) found out when they’ll be getting their check. Some people have already recieved their paper check. Others are in my boat and haven’t recieved their payment either.
Economic Stimulus Payment Paper Check Schedule
Initially, I’ll say that I’ve resided to the fact that we’ll be getting a paper check, so I guess I’ll refer to the paper check payment schedule:
If I’m getting a paper check, it will be mailed no later than (and received a few days after) June 20, 2008.
The IRS FAQ About The Economic Stimulus Payment
But wait…I just went to the IRS website and skimmed through their Economic Stimulus Payment FAQ and found this which seems to apply to our situation:
Q. I filed my return on time, but I haven’t received my stimulus payment, even though the payment date listed for my Social Security number has passed. Why?
A. In general, the payment schedule only applies if your return was received and the IRS finished processing it before April 15. If you filed your return on time, but close to the April 15 deadline, the IRS may not have finished processing it before April 15. Processing times for tax returns and stimulus payments vary. If you are getting a regular income-tax refund, the IRS will send you that refund first. Normally, your stimulus payment will follow one to two weeks later. If you are not expecting a regular tax refund, your stimulus payment generally should arrive a minimum of six weeks after you file.
Okay, now we’re getting somewhere. Because I filed our return on the 11th and they most likely didn’t process it until the 16th or later, the earliest we’ll be receiving the payment “should” have been yesterday, May 28th, 2008 (exactly 6 weeks from April 16th). I just checked our account…the deposit still hasn’t made it. Hmmm…. I guess I’ll have to wait a few days to determine if it’s something else.
So, my next question is…will we get it by paper check or direct deposit? I guess it doesn’t matter, but since the direct deposit schedule is now over, are they only processing checks going forward?