Wednesday, June 11, 2008
Twice As Stimulating!
The check is in the mail. The check is in the mail. Oops!
Can you remember the check you waited the longest to receive? Maybe it was your college roommate who borrowed $300 and "promised" to repay you within the month--some three years later you're still waiting. Or, it might be a deadbeat relative who is always wanting to borrow "just the rent money" and amazingly seems to be near homelessness without your check. But the next time you see him, he's driving a new Mercedes--that's a check you're never going to see.
Well, this year, Uncle Sam really DOES have the check in the mail--sometimes twice! Through June 6, the U.S. Treasury had sent 66.6 million payments totaling about $56.8 billion. Altogether, an estimated 130 million payments will be made this year. A hand full of people are getting a SECOND stimulus check in the mail. Don't take that as God's way of telling you to put the money down on a new Mercedes!
If that happens to YOU, then don't think it's a windfall from a doubly generous Sammy. The IRS will eventually catch their mistake and come back after you for the money. If you get the check, write "void" on the back of it (under the endorsement section) photocopy it for your records and return it to the IRS with a note indicating it was a "erroneous stimulus check." You should mail it to your regional IRS office where you filed your return http://www.irs.gov/file/content/0,,id=105693,00.html
This isn't just a matter of being honest, it's a matter of saving a huge headache in the future when you've spent the second check and the IRS is wanting it back post haste!
So much for twice as stimulating!
America's Family Financial Expert (R)