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Show Me The Money!

By Steven Norris

Here's the latest tax rebate information from the IRS, as well as some helpful answers to some questions you might have about your check. Show Me The Money!

Published: Wed, May 07, 2008 - 2:42 pm

Within the past week 7.7 million people got their economic stimulus payments. In all, nearly 130 million Americans will be getting a monetary boost of some kind from the federal government. but it's a complicated sitation for the Internal Revenue Service to coordinate the millions of checks, especially when some people request their payment to be direct deposited and others want a paper check to be sent in the mail. Many Americans want to know when they'll be getting their check and how much it's going to be. That's why the IRS is helping provide some answers.

Here's the updated schedule for the economic stimulus payments:
Payments are sent out in order of the last two digits of your Social Security number.

If you chose to have your tax returns direct deposited and they were processed by April 15th:
00 – 20: May 2
21 – 75: May 9
76 – 99: May 16

If you chose to have your tax returns mailed as a paper checks and they were processed by April 15th:
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

Here's some answers to some questions you might have about your payment. For more information, the IRS has set up this website to help.

Q. I filed after April 15 and the payment date for my Social Security number has passed. How long will it take for me to get my stimulus payment?
A. It will generally take a minimum of six weeks after you file your return to get your stimulus payment.

Q. I filed my return on time, but I haven’t received my stimulus payment, even though the payment date listed for my Social Security number has passed. Why?
A. In general, the payment schedule only applies if your return was received and the IRS finished processing it before April 15. If you filed your return on time, but close to the April 15 deadline, the IRS may not have finished processing it before April 15.

Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?
A. Your economic stimulus payment is based on information provided on your 2007 income tax return.
Many but not all taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.