Stimulus checks (US)

Stimulus checks (US)

info regarding stimulus checks:

Child Credit Missed 350,000 Households

By JIM ABRAMS,
AP
Posted: 2008-05-16 10:12:17
Filed Under: Taxes, Tax Credit
WASHINGTON (May 15) - As many as 350,000 households are not getting the $300 per child refund owed as part of economic stimulus rebate payments, the Internal Revenue Service said Thursday.
The IRS says taxpayers' error and problems with commercial tax preparation software were responsible for the problem affecting a tiny percentage of the 130 million taxpayers expected to benefit from the refunds the government began sending out last month.

IRS spokesman Terry Lemons said the agency was confident it had identified all the people affected by the mistake. He said the IRS will send letters to those who missed out on the refund and that checks for the child credit will be mailed in July. People need not contact the IRS or file additional paperwork, he said.

The rebates, the centerpiece of the government's $168 billion plan to revive the faltering economy, provide up to $600 for an individual and $1,200 for married couples, based on income levels. In addition, people are entitled to $300 for eligible children younger than 17.

He said the problem on the child payments was traced to taxpayers' failing to check a box on their paper tax returns and to two commercial tax preparation software programs, less than 1 percent of those in use, that were not capturing the information needed to trigger the payment.

The IRS has already refunded some $27 billion to about 30 million taxpayers. It expects to hit 130 million refunds by the end of June, with the last checks - except for those who requested extensions in filing their returns and a few other exceptions - going out in July.

ALSO:
IRS Hunts for Errant Tax Rebates

AP
Posted: 2008-05-16 11:16:40
GARDEN CITY, N.Y. (May 15) - About 1,500 tax rebate checks being sent out by the IRS this month were wired to the bank accounts of people who already received their payments or others who were not entitled to the money

The rebates, which are expected to reach 130 million households, range up to $600 for individuals and $1,200 for married couples, plus $300 per child for eligible parents. Congress approved the payments earlier this year as part of an economic stimulus initiative.

Newsday cited the example of a Long Island man who said he found an unexpected $1,800 in his bank account. The man told the paper he checked with his bank and found the deposit belonged to someone with a different Social Security number.

New York-based IRS spokesman Kevin McKeon acknowledged in a statement that about 1,500 payments nationwide went to wrong bank accounts. But he said the problem was dwarfed by the nearly 30 million stimulus payments totaling more than $27 billion that have been issued correctly.

"The IRS is working with taxpayers and banks on a case-by-case basis to resolve this issue as quickly as possible," McKeon said.

Anyone receiving a misdirected IRS deposit is required to report the mistake to their bank, he said. Anyone who receives a paper check they are not entitled to must also return the money.

http://money.aol.com/news/articles/taxes/_a/child-credit-missed-350000-households/20080515173409990002

http://money.aol.com/news/articles/taxes/_a/irs-hunts-for-errant-tax-rebates/20080515200009990001
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