The Internal Revenue Service has announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

The IRS has also announced the availability of a new online calculator to help people determine the amount of their stimulus payments. Anyone who has prepared a 2007 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2007 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.

Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check.

Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return (see chart below).

Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008.

For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.

"To receive an economic stimulus payment, people just need to file their tax returns as they usually do," said IRS Acting Commissioner Linda E. Stiff. "The payments will be automatic for the vast majority of taxpayers. Some lower-income workers and recipients of certain Social Security and veterans benefits who don't normally need to file a tax return will need to do so in order to receive a stimulus payment. IRS.gov has all the information people need to help them obtain a stimulus payment."

Because the IRS will use the Social Security number to determine when checks are mailed, taxpayers may receive their checks at different times than their neighbors or other family members. On a jointly filed return, the first Social Security number listed will determine the mail-out time. 

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

DIRECT DEPOSIT PAYMENTS
If the last two digits of our Social Security Number are:	Your economic stimulus payment deposit should be sent to your bank account by:
00-20	May 2
21 – 75	May 9
76 – 99	May 16
PAPER CHECK
If the last two digits of your Social Security Number are:	Your check should be in the mail by:
00-09	May 16
10 – 18	May 23
19 – 25	May 30
26 – 38	June 6
39 – 51	June 13
52 – 63	June 20
64 – 75	June 27
76 – 87	July 4
88 – 99	July 11

 
To accommodate people whose tax returns are processed after April 15, the IRS will continue sending weekly payments. People who file tax returns after April 15 and receive a refund can expect to receive their economic stimulus payments in about two weeks after receiving their tax refunds, but not before the date they would have received their payment if the return had been processed by April 15. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by Oct. 15.

If you have tax-related questions or questions about your Economic Stimulus Payment, please contact Tax Specialist Crystal Martin at 717-757-6999 or 800-745-8233 or send her an email by using the form below.

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