How much do we get as part of the economic stimulus payment from the government and when does it arrive? Let me remind you that you must file a tax return this year in order to receive your payment. That being said, the value that is on your Total Tax line on your 1040, 1040A or 1040EZ form dictates the amount of your payment up to the limits listed below. On the 1040 form that will be line 63. Individuals: at least $300 and up to $600 Married couples: at least $600 to $1200. Recently, the IRS issued a calendar as to when the payments would actually be going out. As usual, it is based on the last two digits of your Social Security number. Also, those who requested direct deposit will get their money before those who requested check refunds for their 2007 tax return. Following is a chart issued by the IRS for that schedule:
Stimulus Payment Schedule for Tax ReturnsReceived and Processed by April 15
Direct Deposit PaymentsIf the last two digits of your Social Security number are:Your economic stimulus payment deposit should be sent to your bank account by:00 - 20May 221 - 75May 976 - 99May 16
Paper CheckIf the last two digits of your Social Security number are:Your check should be in the mail by:00 - 09May 1610 - 18May 2319 - 25May 3026 - 38June 639 - 51June 1352 - 63June 2064 - 75June 2776 - 87July 488 - 99July 11
Important Update: The Treasury Department announced in late April that payments will begin 1 week earlier than originally scheduled. The dates listed above from the original IRS news release should be considered estimates now. Your payment will likely arrive earlier.
These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.