$$$ Are you waiting for your economic stimulus payment? It could be mixed in with one of the 383,000 pieces of mail returned to the IRS. Bad addresses caused these to be returned and have left taxpayers frustrated while the IRS tries figure out a plan to get the money into rightful hands.
The great news is that it's easy to let the IRS know where to send your check. Though note, if you are waiting for a rebate check, you must claim in by Nov. 28.
The money being returned is a combination of rebate checks and refunds against taxes already paid. The greater being the rebate checks. The average rebate check is $583 and the average refund check is $988, so don't delay.
The number of checks returned this year is 3 times the number of last year due to the economic stimulus payments. These were sent to taxpayers who were able to meet certain income requirements. A correctly filed 2007 tax return should have solved the problem but in 279,000 cases, the 1040 form addresses were wrong or people have moved since and failed to let the IRS know. I'm sure in some cases, hand writing was an issue as well. It was the same problem with 104,000 returns filed by tax payers that are due for refunds.
So is this you?
"People across the country are missing tax refunds and stimulus checks. We want to get this money into the hands of taxpayers where it belongs," IRS Commissioner Doug Shulman said in announcing the returned check problem. He added that as soon as gets correct mailing information, the checks go out.
Get your information to the IRS
Use the online options via the IRS and you will find the process very simple.
If you are missing a rebate check, go to the IRS's "Where's My Stimulus Payment?" online tracking tool. You can check the status of your stimulus check and get instructions on how to update your address. You can do the same by calling the IRS at (866) 234-2942.
Make sure you go online or make the call by Nov. 28!!
By law, the rebate checks must be sent out by Dec. 31, making the November date important for them to be able to close out the year.
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By Victoria Lorusso
Keller Williams Prestige Properties