IRS Answers

From the horse's mouth. Some answers to our rebate questions.

Definition of child: "Eligible taxpayers who qualify for a payment may receive an additional $300 for each qualifying child. To qualify a child must be under age 17." (That is 16 or younger as 12/31/07.)

Will I receive a paper check in May? It could be quicker. "Stimulus payments will be direct deposited for taxpayers who select that option when filing their 2007 tax returns. Taxpayers who already filed and requested direct deposit won't need to do anything else to receive the stimulus payment. Taxpayers who did not request direct deposit for their 2007 refund will receive a paper check by mail. The IRS reminds taxpayers who haven't filed their 2007 returns yet that direct deposit is the fastest way to get both regular refunds and stimulus payments."

This year you can have tax refunds split between bank accounts by amount as long as the ID numbers match. Possibly a chunk to the passbook where the spouse won't see it? Here's more from the IRS.

"If you elected to split your refund between several accounts, you will not receive your stimulus payment by direct deposit. Instead, you will receive a paper check."

And, the question I have been asking everyone. Is this $ taxable on my 2008 tax filing: "No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received."

Did you catch that? This eligibility will stretch into next year? More government bureaucracy?

There are the results of my latest rebate (stimulus) checks.

'til later