Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds that way. All others will receive their payments in the form of a paper check.
To receive an economic stimulus payment, the IRS stated, people just need to file their tax returns as they usually do. 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 payment.
Eligible people will receive up to $600 ($1,200 for married couples). Parents will receive an additional $300 for each eligible child younger than 17.
By the Numbers
Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return. Because the IRS is using Social Security number to determine when checks are mailed, taxpayers may receive their checks at different times than their family members or neighbors. On a jointly filed return, the first Social Security number listed will determine the mail-out time.
The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2.
Direct Deposit or Regular Mail
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 on May 16, with the initial mailings completed by around July 11.
Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008.
|
Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15 |
|
Direct Deposit Payments |
|
If the last two digits of your Social Security number are: |
Stimulus payment deposit should be sent to 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 |
A small number of tax returns will require additional time to process and to compute a stimulus payment amount, according to the IRS.
All or part of an economic stimulus payment may be applied to back taxes or certain other debts of the taxpayer, such as delinquent child support and student loans. In such cases, the IRS will send a letter to the taxpayer explaining the offset.
For people whose tax returns are processed after April 15, the IRS will continue sending weekly payments. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by October 15.
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