For most of you who filed a 2007 tax return, you'll be receiving an economic stimulus check from our government starting in May of 2008. This stimulus check is being offered in order to stave off a possible recession/depression. Our job is to SPEND this money on ITEMS not BILLS and help jump start our economy. (Hey what good is my job if I can't help explain some of this stuff to my friends?)
How do I know if I qualified for the stimulus check?
Well, in order to qualify, you had to make over $3,000 in the past year and filed a tax return. (1040, 1040A or 1040EZ). Read more for other ways to know if you qualified.
How do I know how much I'll be getting?
Each single person will receive $300 - $600 dollars. Married people will receive up to $1200 and each dependant child can qualify for up to $300 each (under the age of 17).
But I'm retired/disabled/am not required to file a tax return any more!
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. The amount will be approximately $300.
Isn't there some kind of calculator to tell me the amount of my check for sure?
Why yes! Funny you should ask. http://www.irs.gov/app/espc/
When? Gimme Gimme Gimme!
Alright! The government will start sending checks in May. The time frame is determined by the last two numbers of your social security number.
Economic stimulus payments will be issued according to the last two-digits of the main filer's Social Security number. People who use direct deposit also will be among the first to receive the payments starting May 2. Paper checks will be put in the mail starting May 16.
DIRECT DEPOSIT
| Last two SSN digits: | Payment will be transmitted: |
| 00 through 20 | May 2 |
| 21 through 75 | May 9 |
| 76 through 99 | May 16 |
PAPER CHECK
| Last two SSN digits: | Payments will be mailed by: |
| 00 through 09 | May 16 |
| 10 through 18 | May 23 |
| 19 through 25 | May 30 |
| 26 through 38 | June 6 |
| 39 through 51 | June 13 |
| 52 through 63 | June 20 |
| 64 through 75 | June 27 |
| 76 through 87 | July 4 |
| 88 through 99 | July 11 |
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.
A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.
More questions? Send me an IM or leave it here on this blog and I'll do my best to answer them for you!
