Stimulus payments begin May 2
From Staff Reports

The Internal Revenue Service 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.

Stimulus payments will be direct-deposited into the accounts of those who receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check.

"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 lowerincome 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."

For people who normally don't need to file a tax return, the IRS and Free File Alliance have a special program set up to allow for free electronic filing at www.IRS.gov.

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 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 mailout time.

The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2.

With more than 130 million households expected to receive checks, more than 25 percent of the payments will be made in the first three weeks.

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

For all others, the paper checks will be in the mail starting May 16, with the initial mailings completed by around 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 payments this year, they must file a tax return by Oct. 15.

An on-line calculator is available at IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment - and if they are, how much they can expect.

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.

However, all or part of a payment may be applied to back taxes or certain other debts of the taxpayer, such as delinquent child support and stu- dent loans. In such cases, the IRS will send a letter to the taxpayer explaining the offset.

Stimulus Payment Schedule for Tax Returns Received and Processed by April 15

Direct Deposit Payments

Paper Check

If the last two digits of your Social Security number are: 00 - 09 10 - 18 19 - 25 26 - 38 39 - 51 52 - 63 64 - 75 76 - 87 88 - 99 Your check should be in the mail by: May 16 May 23 May 30 June 6 June 13 June 20 June 27 July 4 July 11

Are you eligible?

You're eligible if you have a valid Social Security Number (SSN) and show qualifying income of at least $3,000 on your federal tax return. Both people listed on a "married filing jointly" return must have valid SSNs to qualify for the payment - if only one has a valid SSN, neither can receive the payment.

How much will you get?

The actual amount depends on the information contained on your tax return. Eligible individuals will receive between $300 and $600. Those who are eligible and file a joint return will receive a total of between $600 and $1,200. Those with children will get an additional $300 for each qualifying child. To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security number. Children who were 17 or older on Dec. 31, 2007, are not eligible.