The vast majority of people who file a 2007 income tax return qualify, and many who do not regularly file a tax return may qualify as well. You are eligible if you (and your spouse) have a valid Social Security Number (SSN), cannot be claimed as a dependent on a tax return and have either an income tax liability or "qualifying income" of at least $3,000.
In most cases, payments will range from $300 to $600 for individuals and $600 to $1200 for joint filers. Taxpayers may receive up to $300 for each qualifying child. Payments could be less, depending on tax liability and Adjusted Gross Income. Phase out reduction begins at $75,000 for single filers and $150,000 for joint filers.
Fraud Warning
If someone claiming to be from the IRS calls or e-mails you about stimulus payments and asks you for a social security number, bank account or credit card number, it is a scam. The IRS will process stimulus checks based only on information obtained from your 2007 Federal tax filing.
NEW from the IRS!
Economic Stimulus Payment Calculator
There are so many variations for individuals and families that the IRS created a new online calculator. The calculator will give you an instant estimate of the stimulus payment you may be due. Just answer a few questions and the calculator will do the rest. Remember: you must file a 2007 tax return in order to receive the payment.
Plan ahead! Check the economic stimulus payment schedule!
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, 2008. Paper checks will be put in the mail starting May 16, 2008.
DIRECT DEPOSIT
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Last two SSN digits:
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Payment will be transmitted:
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00 through 20
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May 2
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21 through 75
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May 9
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76 through 99
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May 16
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PAPER CHECK
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Last two SSN digits:
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Payments will be mailed by:
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00 through 09
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May 16
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10 through 18
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May 23
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19 through 25
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May 30
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26 through 38
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June 6
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39 through 51
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June 13
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52 through 63
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June 20
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64 through 75
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June 27
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76 through 87
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July 4
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88 through 99
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July 11
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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.
