About 800,000 tax filers will have their rebates directly deposited into their bank accounts per day on Monday, Tuesday and Wednesday. The IRS will take Thursday off, and continue with 5 million payments on Friday.
According to a Treasury Department spokesman the payments will be going out ahead of schedule because of a new computer program that updates records daily.
More than $110 billion in rebates will be distributed to some 130 Million taxpayers (and “non-taxpayers”) by July – all of which will come directly from the budget and therefore increase the federal deficit.
Make sure to make a note of the amount of the rebate you receive, or keep the check stub, so you can tell your tax professional what you received next year.