Mar 17, 2008 2:40 pm US/Eastern
Stimulus Payments Coming May 2
WASHINGTON (CBS4.com) ―
The IRS announced on Monday it would begin sending out the first of more than 130 million economic stimulus payments on May 2 and should complete the first round of payments by early July, according to Reuters.
The payments, tax rebates of about $600 for most middle-income people and $1200 for middle-income couples, will be sent in the order of the last two digits of the taxpayer's Social Security number. To receive a payment, you must file a 2007 tax return.
The money is part of a $152 billion economic stimulus package signed into law in February by President Bush. The move was an attempt to fight a possible recession during an increasingly poor housing and credit market.
IRS officials say it expects to make about 34 million payments within the first three weeks after distribution begins on May 2.
If you choose the direct deposit option for your normal federal tax refund will help you receive your payments quicker. Those who choose this option on their tax return can expect the stimulus payment to arrive between May 2 and May 16, if you file your tax returns by April 15.
If you choose paper checks, it will be put in the mail starting on May 16, with initial mailings completed by around July 11, if your tax return is received by April 15.
The IRS has a
website to determine if you're eligible.
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