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ladybug · 04-28-2008, 03:11 PM

I have a question has anyone received any of their stimulus check payments into their account as they stated they were going to start sending them out today?

MY SS# ends in 19 and according to the schedule it would be May 2 but I read where payments would be processed earlier. Just wondering if this has really happened yet.

As you can tell I am anxious for mine sure could use it.

hevnly_chick · 04-28-2008, 03:33 PM

Monday April 28, 6:07 pm ET
By Anne D'Innocenzio, AP Business Writer
As first tax rebates show up in checking accounts, many Americans eye groceries, not fancy TVs

NEW YORK (AP) -- Tax rebates have begun dropping into bank accounts, but in this economy, gas and groceries may trump a high-end TV, a fancy dress or a new sofa -- making the checks less of an economic jump-start than the government hoped for.
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The first direct deposits from the Internal Revenue Service landed in bank accounts Monday, shoppers were already using the cash to play catch-up on the basics, such as milk and other groceries.

Analysts say the rest will probably be used to pay down debt.

Alicia Flaxman, a stay-at-home mother from Seekonk, Mass., was shopping at a Target store Monday and said she would use some of the rebate for food -- cheaper items like potatoes, not more expensive meat and fish.

"My bills are double," she said. "I go to the supermarket and I spend $200. I used to spend $120."

The rest of the money will probably go for summer clothes for her three children, she said.

The IRS aims to make 800,000 payments every day for the first three days of this week. No deposits will be made Thursday, and about 5 million on Friday.

How you receive the rebate depends on how you filed your taxes. Paper checks will go out beginning May 9. The exact timing for both direct deposit and paper checks depends on the last two digits of your Social Security number.

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.

Eric Mossack of Spring Hill, Tenn., had his $1,200 rebate in his checking account Monday and spent some of it on clothing from Gap, Kohl's and other stores -- his first shopping spree in a few months, he said. The rest will go to car payments.

"We paid off something we owed, and had a little extra to spend," said Mossack.

But Bethany Blankley of Manhattan, who works in public relations, said she would immediately put the $600 she received Monday toward paying off credit cards. "The interest rates are high," she said.

That kind of frugality doesn't surprise analysts, who say shoppers are earmarking more of their money for groceries, the utility bill or credit card payments. Besides grocery chains, they expect discount retailers like Wal-Mart Stores Inc. and off-price clothing outlets like T.J. Maxx to benefit from the stimulus checks.

"Consumers are so feeling the pinch that ... they are really being forced to step away from luxury or discretionary purchases," said Janet Hoffman, managing partner of the North American retail division of Accenture.

But department stores and consumer electronics stores are unlikely to see a "measurable lift," Hoffman added. "The amounts are not that significant."

By comparison, previous government stimulus plans led to a lift across the entire retail industry, said Stacy Janiak, vice chairman and U.S. retail leader at Deloitte & Touche.

The rebates go out as the IRS finishes sending out its regular annual tax refund checks.

In an Associated Press-AOL Money & Finance poll earlier this month, 35 percent said they would use their regular tax refunds for bills and credit card payments. That was up from 27 percent who said that a year ago.

With consumer spending screeching to a halt in recent months, the retail industry needs shoppers to splurge. That's a big challenge. Gas could reach $4 a gallon this summer, and a gallon of milk is now about $4 on average as well.

"People who were eating steaks last year are now eating hamburger meat and pasta this year," said Burt P. Flickinger III, managing director of the consumer industry consulting firm Strategic Resource Group. "People are going to be able to put good food on the table, but in a few weeks they will go back to hamburger meat and macaroni."

Retailers have already tried to grab a share of the billions of dollars flowing to households. Sears Holdings Corp. is offering discounts and freebies to shoppers who convert rebate checks into gift cards. Home Depot Inc. launched a campaign urging people to spend on eco-friendly products like energy-saving light bulbs..

Kroger Co. has already announced that shoppers can convert $300 rebate checks into a $330 Kroger gift card.

"I'd estimate that we had about 100 people indicate they were ready to get the cards as soon as they could," Brad Casebolt, the manager of a Kroger said in Sharonville, Ohio, said Monday. "The interest in it really has been overwhelming."

Joyce Gundling, who was loading groceries at another suburban Cincinnati grocery, said she would take advantage.

"The way groceries are skyrocketing, I'll probably end up spending it here anyway," she said. "This way, I get more for my money."

Associated Press Writers Martin Crutsinger in Washington, Lisa Cornwell in Cincinnati and Michelle Smith in Seekonk, Mass. contributed to this report.

Amaranth · 04-28-2008, 04:00 PM

Can someone please point me in the direction of the newest schedule table for the tax rebates? The gov website still has the same "early May" information. I wanted to see what the newest social security table is for direct deposit payments.

spatterson_40 · 04-28-2008, 04:37 PM

I did not get my in the bank today. I wonder if that means I am not getting a rebate check. :cry:

I will just have to look tomorrow and hope for the best. I could really use it.

hevnly_chick · 04-28-2008, 04:39 PM

Amaranth- Its still the same schedule the only thing that changed is the date is BY that date instead of ON that date. As I posted above they began today...example I am 00 (last 2 of my SSN) and I did not get mine today, however I will have it BY friday. So theres a good chance I will get it tomorrow or Wednesday since Im 00.

hevnly_chick · 04-28-2008, 04:41 PM

spatterson_40- What is that 2 of your SSN?? How did you file your 07 taxes? Direct Deposit or Mail? Did you file before April 15th?

2nband · 04-28-2008, 06:21 PM

We didn't get ours either, but I am not worried. I am sure it will be there sometime this week and yes, we are one of the ones that will be using it to catch up and maybe buy gutters for our house.

spatterson_40 · 04-29-2008, 04:01 AM

My SSN ends in 03 and I had it direct deposited back in Feb. But from what I see there are other people that have not gotten it yet. Hopefully sometime this week.

Amaranth · 04-29-2008, 07:54 AM

Quote:

My SSN ends in 03 and I had it direct deposited back in Feb. But from what I see there are other people that have not gotten it yet. Hopefully sometime this week.

Are you talking about your tax rebate or your tax refund?

SUEBEEHONEY70 · 04-29-2008, 09:08 AM

I had high hopes of using my total rebate for a nice vacation for myself and my kids later this summer, but it looks like now it will be going to pay off the huge winter gas bill (surprise! $400 a month for 2 months!) and to get groceries and pay bills.

We will still take our vacation, but I will be finding another way to pay for it. Back to selling on Ebay, I guess.

ladybug · 04-29-2008, 01:33 PM

It sounds like everyone including myself is going to be using their stimulus payment to payoff bills from the winter months and buy gas :twisted:

eulogyforinnocence · 04-29-2008, 01:43 PM

The first page of ir(mess).gov states:

"Economic Stimulus Payments Start Direct deposit payments start April 28. When will you get your payment? Find out here."

but when you click through it states:

"Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008:

Direct Deposit Payments

SS# ending in /Direct Deposit by
00 â€“ 20 May 2

21 â€“ 75 May 9

76 â€“ 99 May 16

Paper Check

SS# ending in /Check in Mail by
00 â€“ 09 May 16

10 â€“ 18 May 23

19 â€“ 25 May 30

26 â€“ 38 June 6

39 â€“ 51 June 13

52 â€“ 63 June 20

64 â€“ 75 June 27

76 â€“ 87 July 4

88 â€“ 99 July 11

Well isn't that a bunch of bollocks for getting everyone's hopes up... that's our government for ya... A bunch of procrastinating liars :x

goudah2424 · 04-29-2008, 02:00 PM

I think they are saying by that date you will receive it . . . . But you could get it earlier . . . .

SUEBEEHONEY70 · 04-29-2008, 02:09 PM

See, I heard something completely different - I saw where basically all the direct deposits would be out between this week and next - so if you were expecting it next Friday (the 9th), you'd see it by this Friday instead.