April 11, 2008


Following up on the ‘Economic Stimulus Package’ tip I wrote on 3/16 (see - http://financialtip.blogspot.com), I wanted to pass along information this past week from the IRS that shares when you can expect to receive [if applicable] your stimulus check. The exact date you receive your money will depend primarily on the last two digits of your Social Security number.

Payments will be sent out starting May 2, on a staggered schedule based on the last two digits of Social Security numbers. On jointly filed returns, the mailing schedule will be based on the first Social Security number listed. For taxpayers who file by April 15 (IRS says returns must be “processed” by this date, not merely “filed”) and get their tax refund deposited directly into a bank or other financial account, the IRS will send stimulus payments between May 2 and May 16. For taxpayers who file by April 15 but don't choose direct deposit, the IRS will mail checks from May 16 through July 11 (see schedule below).

* If you expect a tax refund and elected to direct-deposit it into multiple accounts, the IRS will send your stimulus check in the mail.

* If you owe taxes and are sending a payment to the IRS, you can still have your stimulus payment deposited directly into a bank or other account, the IRS said. Simply fill out the appropriate section on your return related to direct deposit, detailing your account information

* If you do owe taxes, be sure to fill out your return and send payment. Don't try deducting your expected stimulus payment from your tax bill.

* Go to the Financial Tip blog (link above) if you are wondering if you will receive the payment. The 3/16 tip outlines eligibility criteria.

FOR DIRECT DEPOSIT (last two digits of SSN ... payment date):
00 - 20 ... May 2
21 - 75 ... May 9
76 - 99 ... May 16

FOR CHECK PAYMENTS (last two digits of SSN ... mail date):
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
88 - 99 ... July 11

The IRS also announced a new online calculator that taxpayers can use to figure how much their stimulus payment will be. You'll need to have a completed 2007 tax return on hand to use the calculator (http://www.irs.gov/app/espc/).