The Internal Revenue Service (IRS) began sending more than 130 million economic stimulus payments starting May 2nd. Are you going to get one — and if so, when? Find out how you can get your payment information here!
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 will you get?
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:
- Your Social Security Number (or, if filing jointly, the first SSN on your return)
- Filing status
- Number of exemptions shown on your 2007 tax return
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.
When will you get your money?
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.
But what about…
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.
What stimulating things will you do with the money?
Tell us your plans for your ESP — are you going to go buy a new TV or just try to pay off some bills? Comment below!
Get more tax smarts:
- Plan before spending that tax refund
- 5 steps to get organized for tax time
- Keeping your tax records organized: Skip the paper chase
- Save or spend? The smartest ways to use your tax refund
- Get more articles with tax tips and advice here!