Economic stimulus payments start going out on Monday
From Staff Reports
April 27, 2008 - President Bush announced Friday that the government will begin depositing the tax rebates aimed at stimulating a faltering economy on Monday, a bit earlier than originally was announced.
According to information on the Internal Revenue Service website (www.irs.gov), the economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number.
People who used direct deposit for their income tax returns will be among the first to receive the payments, starting Monday, April 28. The first cycle of paper checks will be mailed starting May 9 and continuing through May 16.
People who file a return after April 15 will receive their economic stimulus payment, but probably about two weeks later than the schedule shows. A return must be filed by October 15 in order to receive a stimulus payment this year.
An online calculator is available at www.irs.gov to estimate the the payment taxpayers can expect to receive. Have a copy of the latest tax return handy to accurately estimate the payment.
The payments will go out to more than 130 million households of taxpayers with valid Social Security numbers who had at least $3,000 of income and filed a 2007 federal tax return. The IRS is taking care of the rest.
Eligible people will receive up to $600, or $1,200 for married couples, and parents will receive an additional $300 for each eligible child under 17.
Additionally, retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.
Even though April 15 has passed, there is still time for retirees, disabled veterans and others who normally do not file a tax return to submit a 2007 form to receive an economic stimulus payment, according to the IRS.