Dunnan on Dollars

  Personal Finance Tips from Nancy Dunnan

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Where's My Stimulus Check

May 16, 2008 - The IRS has already issued approximately 30 million "stimulus" checks to taxpayers. These rebates, intended to boost the economy, range from $300 to $600 per person, or $1,200 for a married couple. If you have dependent children, you're entitled to an additional $300 per child.

If your check has not yet arrived, read on to find out why and what you can do about it.

o Forgot to check a box. If you didn't receive the $300 you're due for an eligible child, you may have overlooked checking the appropriate box on your return. The IRS has told the press that "catch-up payments" will be mailed to parents in July.

o Far down the line. Paper checks are being mailed out based on the last two digits of your Social Security number. The mailing dates for paper checks range from May 16 to July 11. If your numbers are between 00 and 09, your check was mailed out on Friday, May 16. If your last two digits are between 88 and 99, look for your paper check on or about July 11. (Direct deposit checks have been deposited.)

o It's in my IRA. If you arranged for your tax refund to be direct deposited into your IRA, then your rebate will also wind up there.

However, you can withdraw that amount without having to pay taxes or a penalty.

$TIP: You must withdraw this money by April 15, 2009. If you applied for an extension, the last date is October 15, 2009.

o Children too old. The $300 per child additional payment is not available to all parents. Your child must have been 16 years old or younger as of December 31, 2007.

o In trouble. If you owe child support payments, have defaulted on your federal student loans or owe the IRS for back taxes, all of your rebate will automatically be applied to your debts.

HELP!!!

If you don't receive your rebate by mid-July, go to the IRS website (http://www.irs.gov/) and click on the "Where's My Stimulus Payment."

RECENT COLUMNS by Nancy Dunnan

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Tax Rebates - Where's Yours?
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Hybrid Tax Breaks
12 Tips for When the Pink Slip Arrives
American Traveler - Dealing with the Weak Dollar
Cuba After Castro - Fidel Out, Trade In?
Heaps of Free Information in the Consumer Action Handbook
Credit Card Fall-Out - Higher Rates and Fees
Boost Your Credit Score
Filing the FAFSA - Financial Aid for Students
Tax Law Changes from Late-2007
New 401(k) Rules for 2008
The Debt Set - Fixing that Holiday Blowout
Tapping Your 401(k)

If you want to suggest a column topic for Nancy, drop her a line.

Like what Nancy has to say? you might be interested in the new edition of her book:
How To Invest $50 To $5,000: The Small Investor's Step By Step Plan for Low-Risk, High-Value Investing