Tax Rebates Start Showing Up in Bank Accounts Monday

WASHINGTON -- The government started depositing thousands of rebate checks in taxpayers' bank accounts on Monday, earlier than originally scheduled, with the Bush administration hoping the payments will give a jump-start to a weak economy, The Associated Press reported.

The Internal Revenue Service started making the deposits at 8:30 a.m. EDT Monday with the goal of completing 800,000 direct deposits each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday, the AP reported.

The government's paper checks will start going out on May 9, a week earlier than previously announced. The rebates, which are expected to reach 130 million households, range up to $600 for an individual and $1,200 for a couple. Families with children will get $300 per child, the AP reported.

The IRS said all checks for those who filed tax returns on time are scheduled to be deposited or mailed by July 11. The direct deposits and the paper checks are being processed by the last two digits of a taxpayers' Social Security number, the AP reported.

-- NYSSCPA.org News Staff

Posted on 4/28/08