The check is in the mail…almost
President Bush announced Friday that the stimulus packages would start disbursement a week earlier than anticipated. It should help Americans with raising food and gas prices. Bush said, “Obviously our economy is in a slowdown.”
The rebates are up to $600 per person and up to $1200 per couple with an additional $300 for minor children.
The IRS says the first direct deposits of rebates will begin Monday, with paper checks to follow starting next month.
Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check.
"To receive an economic stimulus payment, people just need to file their tax returns as they usually do," said 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. IRS.gov has all the information people need to help them obtain a stimulus payment."
Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.
Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008.
• Direct Deposit Payments — If the last two digits of your Social Security number are: Your economic stimulus payment deposit should be sent to your bank account by: 00-20, May 2; 21-75, May 9; and 76-99, May 16.
• Paper Check — If the last two digits of your Social Security number are: Your check should be in the mail by: 00-09, May 16; 10-18, May 23; 19-25, May 30; 26-38, June 6; 39-51, June 13; 52-63, June 20; 64-75, June 27; 76-87, July 4; and 88-99, July 11.