The Administration and Congress have agreed to an economic growth package that would provide advance payments to many Americans. More details will be available soon, but here are some highlights:
Starting in May, the Treasury will begin sending stimulus payments to more than 130 million individuals. The stimulus payments will go out through the late spring and summer. The vast majority of people receiving a payment only need to file a 2007 tax return as they normally would. The IRS will then do all the rest, including determining eligibility and payment amounts. The Treasury will work to quickly implement this important stimulus package. Additional details on timing of the check mail-outs will be available soon. The IRS.gov Web site will be the best source of information for all stimulus questions. This web page will contain all the latest information as it becomes available. The IRS and Treasury will be working closely with the Department of Veterans Affairs and Social Security Administration along with beneficiary organizations to ensure that all eligible individuals know what to do to receive a stimulus payment.
Stimulus Payment Schedule for Tax Returns Processed by April 15 | 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. See the online calculator for an estimate of the amount you will receive.
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.
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Information on Rebate Scams
Taxpayers should be aware that there are identity theft scams involving the proposed advance payment checks, known informally as rebates to many Americans. The IRS knows of at least one telephone scam making the rounds which uses the proposed rebates as bait. |
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