The Economic Stimulus Act of 2008 will give most of us $600, and if your married filing jointly $1200. There has been a lot of talk about the amount and the timing of the rebate. The rebates are being handed out in order of the last two digits of your social security number. If you choose to direct deposit the following payment schedule applies.
Last two SSN digits: Payments will be transmitted no later than:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16
If you don’t believe me it can be found directly on the IRS website. If you paper filed it will take longer, but I did not paper file so I don’t care when those payments are disbursed. Lots of stores are fighting for you to spend your rebate at their establishments. Many will even give you a 10% bonus if you cash in the entire amount for a gift card.
I will not be doing that. I am being pretty lame and saving mine for my upcoming June trip to Europe. As of right now $600 will buy me around €389 hopefully enough for a week in Paris.
