Tax Time! Answers to Two Big Tax Questions for Region 8 - KAIT Jonesboro, AR - Region 8 News, weather, sports

by Stan Morris, Web Producer

Tax Time! Answers to Two Big Tax Questions for Region 8

JONESBORO, AR (KAIT) - It's tax day for many Americans but most folks in Region 8 have two things on their mind: when they will get their economic stimulus payment and if they can have extra time due to storm damage from the February 5th disaster.

We can answer both of those questions.  For Arkansans living in a disaster area, you may not have to file until May 27.  The IRS is allowing some extra time to file your taxes if you've been affected by storms or tornados.  So if you live in a disaster area or have a business in one, your deadline to file is May 27. 

The other big question on everyone's mind is when money from the Economic Stimulus Act of 2008 will begin to arrive.  Directly from the IRS's website, here is the answer:


Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16.

DIRECT DEPOSIT

Last two SSN digits: Payment will be transmitted:
 00 through 20  May 2
 21 through 75  May 9
 76 through 99  May 16

 

 

 

PAPER CHECK

 Last two SSN digits:  Payments will be mailed by:
 00 through 09  May 16
 10 through 18  May 23

 19 through 25

 May 30
 26 through 38  June 6
 39 through 51  June 13
 52 through 63  June 20
 64 through 75  June 27
 76 through 87  July 4
 88 through 99  July 11

 

 

 

 

 

 

People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive. 

A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.


Of couse, you should always consult a tax specialist before making any decisions or relying on any advice regarding your taxes.

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