In Apr. 17-23 issue
By Derek Aaron
Times Journal ReporterABOVE: Robbie Lucas (left) sends his tax return off on the last day for filing at the Russell Springs Post Office on Tuesday. Postal Clerk Matt Thorpe assisted him with postage. Lucas says his taxes “hit him especially hard this year.” He said he might use his rebate to help pay next year’s taxes.
Beginning next month, Russell Countians should start receiving their tax rebate checks aimed at stimulating a struggling economy and many people are already making plans on what to do with the extra cash.
More than 130 million low and middle income taxpaying households will receive a rebate of at least $300 per person or $600 for married couples filing jointly through President Bush's $168 billion plan.
"I'm going to have a deck built around my swimming pool," said Bridgett Kean with the Russell County Health Department and a nurse at Russell Springs Elementary. Kean, who is also taking some college courses, said she hoped to use some of her economic stimulus money to pay for that as well.
"I hope to get a hold of it before my husband does," she joked. "I'm sure he's got his own agenda for that money."
According to the Internal Revenue Service, eligible taxpayers will receive, along with their individual payment, $300 for each dependent child under 17.
To be eligible, individuals who qualify will not have had to do anything more than file a 2007 tax return by April 15.
Farmer Jim Kerr, who doubles as the elementary school's custodian, said his tax rebate check is going toward livestock.
"I plan on investing it on my farm," he said. "Maybe buy some calves with it."
Shannon Evans, who co-owns VideoStation with her husband Wesley, has a different plan for their stimulus rebate.
"Probably pay bills," she said. "We haven't decided to make any big purchase or anything."
Evans said she believed the economy is struggling because of several reasons, but cited high gasoline prices as the main factor. She also said that she believed that the government's failing to get the tax rebates out before hurt the economy further.
"People have already gotten in a bind," she said. "I'd like to go on a big cruise with it or just waste it but I don't know anyone who would."
In March an Associated Press poll had fairly predictable numbers on what Americans were going to do with the rebate money with 45 percent planning to pay off debt, 32 percent planning to invest it and just 19 percent planning to spend it on recreational activities, items or vacations.
Taxpayers who file by mail or electronically file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule, which can be found below, shows, according to the IRS. A return must be filed by October 15 in order to receive a stimulus payment this year.
The payment will be equal to the taxpayer's net income tax liability, but will not exceed $600 for a single person or $1200 for married couple filing jointly, according to a mailing by the IRS earlier this year.
Beginning May 2 and running through July 11, taxpayers in Russell County should begin looking for their economic stimulus checks in the mail.
These stimulus payments will be issued according to the last two numbers of the filers' Social Security number. People who use direct deposit also will be among the first to receive the payments starting on May 2.
Paper checks will be mailed starting on May 16, 14 days later, according to the IRS.
For those using direct deposit and have the last to Social Security numbers of 00 through 20, payment will be made on May 2, numbers 21 through 75 will be made on May 9 and numbers 76 through 99 will be made on May 16.
Those who receive paper checks, payments, according to the last two Social Security numbers will be mailed by May 16 for numbers 00 through 09, May 23 for 10 through 18, May 30 for 19 through 25, June 6 for 26 through 38, June 13 for 39 through 51, June 20 for 52 through 63, June 27 for 64 through 75, July 4 for 76 through 87 and July 11 for numbers 88 through 99.
For example, if your last two digits on your Social Security number are 55, your tax rebate will be mailed by June 20.