Economic Stimulus Checks

The Economic Stimulus Checks start rolling out May 2nd!  I've overheard a lot of people wondering when they'll get their checks, how much it will be for, and if they're eligible.  Here's the IRS's website regarding the checks as well as a few tidbits of info.

The website is at http://www.irs.gov/newsroom/article/0,,id=177937,00.html

Here's what the payment schedule will look like:

If you entered direct deposit information into your 2007 tax return the schedule will look like this:

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

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If you filed your return you didn't enter any direct deposit information you'll be mailed a paper check.  The paper Check schedule is as follows:

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

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As far as how much you'll be receiving, there's a calculator at the website above, but here's what the website has to say:

"In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive $300 for each qualifying child. Payments could be less, depending on tax liability and Adjusted Gross Income. Phaseout reduction begins at $75,000 for single filers and $150,000 for joint filers."

So for most married couples who filed jointly, you'll receive $1,200 plus $300 for each qualifying child.

What will you be spending your money on?  Comment on the blog and let us know!

Comments

[Angi Herbison]

President Bush will be buying us a new front door. Our house was built in the 70's and the original door is still there with layers and layers of paint on it.

[JD]

Why not let us keep more of our own money in the first place. Then we'd never have to spend billions for the whole process!!