The initial round of payments started on May 2, and are scheduled to be completed by early July.
The government's stimulus payments are being issued on a schedule according to the last 2 digits of the primary social security number (SSN) shown on your 2007 tax return.
"To receive an economic stimulus payment, people just need to file their tax returns as they usually do," says 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."
How much money will you get? Check out the Economic Stimulus Payment Calculator:
To get to your stimulus payment information, you will need to have the following information ready to input on the IRS.gov website:
Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible kid age 17 and under.
To find out when your payment should arrive, use the handy "Where's your stimulus payment" tool: http://www.irs.gov/individuals/article/0,,id=181665,00.html
Stimulus payments will be made by direct deposit if that's how you signed up to get your tax refund. Everyone else will get their economic stimulus payments in the form of a paper check delivered by snail mail.
However, if you owe back taxes or have certain other debts (like delinquent child support or student loans) expect your check to be dinged. If this applies to you, the IRS will send you a letter explaining why and how much was taken.
1) The stimulus payment is considered an advance on a 2008 tax cut -- not an advance against your future tax payments. IRS spokesman Eric Smith says, "It's like a one-time credit, not unlike the telephone-tax refund people got."
2) No, this government payment is not taxable.
3) Advance payment caller? The IRS says, "If someone claiming to be from the IRS calls or e-mails you about the payments and asks you for a Social Security, bank account or credit card number, it's a scam." Find out more about this kind of scam here.
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