Higher or Lower SS#s?

[SueBaby]

Clients ask me about when they can get their rebate? They heard the last 2 digit SS#s were high they would get their rebate in the fall; if the last 2 digits were low it would be in June.

What is this about? Have not had time to watch TV nor read up on this.

[TaxLadyinPA]

Our Clients are smarter than we are

Several of my clients have told me the very same thing. They said they heard it on the news.

I also haven't had time to find the answer. I at first assumed it was alphabetical but then I realized that we are indeed only NUMBERS to the IRS so I would think they are correct in saying it will go by the last two numbers of the primary SS# and odds are pretty good that the higher number could take up until October or later.

I just reminded my clients that those who got it last wouldn't have it spent and would have it just in time for Christmas shopping. They left my office happy at the thought and now glad that they had a Christmas club coming from the IRS.

[BOB W]

I wonder if Direct Depositers would get it first?

[SueBaby]

Several of my clients have told me the very same thing. They said they heard it on the news.

I also haven't had time to find the answer. I at first assumed it was alphabetical but then I realized that we are indeed only NUMBERS to the IRS so I would think they are correct in saying it will go by the last two numbers of the primary SS# and odds are pretty good that the higher number could take up until October or later.

I just reminded my clients that those who got it last wouldn't have it spent and would have it just in time for Christmas shopping. They left my office happy at the thought and now glad that they had a Christmas club coming from the IRS.

I kept telling my clients that asked they would get that money in June. Alot of unhappy people now. And alot of calls to me too.

[taxmandan]

I wonder if Direct Depositers would get it first?

Somewhere I saw IRS comment that the DD would be May 12th, checks in the mail May 20th, sorry don't remember which tax message that was in but I suspect those are hoped-for target dates for getting the first batch out to the taxpayers.

Every one of my clients has commented on how this is the stupidist money hand out the government has ever come up with. They are well aware that this is borrowed money and that we all will be paying for this in the years to come. Congress and the White House aren't fooling anyone, but we keep reelecting the idiots.

Daniel

[ChEAr$]

Direct deposits first

IRS announced these rebates would start May 1st, and also starting date for checks to
be sent over the next 11 weeks.

What IRS did not say was the order in which paper checks would be printed.

[BOB W]

These stimulas payments are just that. Ment to put cashflow into the economy as a jump start to help turn around a slumping economy. Yes it is a short term pump up and it will have to be paid for down the road. It worked in 2001 and that was just an advanced refund and didn't cost the government anything, except maybe temporary cash flow issues. This is different, it will not cost the t/p anything this year but they hope that a faster economic turn around will put the money back into the government's bank. The Government looses money when an economic slowdown happens. So the Government is making an investment in our economy for the future growth of the US. I like it because all business need a growing economy for many issues.

The intent is for taxpayers is to spend this money and not be used to payoff debt to work.

Anyone who thinks it is stupid will probably save it or pay off debt. Maybe they should send it back so that the money does not have to be paid back for in the future.. and suffer the economic deteriation to their income.

[taxxcpa]

I won't spend it

I never spend money just because I have a few extra dollars. I only spend it if I need something. Otherwise I save it or use it to reduce my mortgage.

[BOB W]

I never spend money just because I have a few extra dollars. I only spend it if I need something. Otherwise I save it or use it to reduce my mortgage.

Then I guess you are not worried about the near future and choose to be part of the problem.

[joanmcq]

Jeez, Bob, 'part of the problem' because he doesn't shop til he drops? neither do I. IMHO, spending IS the problem...an economy based on people spending what they don't have on things they don't need.

Now, after tax season, I'm gonna go out and buy some cheap, cheap, rental houses, and I can because I don't spend, spend, spend, and have savings to do so.

[taxmandan]

The problem is, this money is being borrowed, it's not money collected from taxpayers. There will a reckoning when we have to repay this plus interest to the Chinese. They're the ones buying US Treasuries (loaning money to the USA). Now if Congress would stop squandering our tax money, and return that to us, I'd be all for it. But borrowing to give a boost to the economy? Doesn't work.

[BOB W]

You guys must be from the west coast.

[joanmcq]

Yeah, and I'm a fiscal conservative, and us fiscal conservatives know this is one of the most asinine things to come out of washington in awhile. No, just heard the senate wants to make returning any tax surpluses as rebate mandatory. So whenever we have a surplus, we return it. So how do we ever pay down the deficit? Now thats the most asinine idea out of DC in a while.

[BOB W]

Well then, just take your tax refund & Stimulas payment and send it back to DC so they can redistribute to whom ever they want>>> maybe Spitzer can use it.

[JohnH]

No need to complain - just send it back

Anyone who doesn't think they should keep their rebate can send it back in. The method is clearly spelled out in the 1040 instructions, so I don't know why there would be any complaining about it. It helps anyone genuinely concerned about the deficit to assuage their guilt, and you even get a tax deduction for the gesture. What could be simpler?

As for me, I see the rebate as a partial refund of the amount paid for a terribly overpriced and inefficient service (government). It would be a good thing if we received more of them, or better yet make the rebate permanent and then force the politicians to get by on the reduced revenue.