Economic Stimulus Payments

When are you getting your economic stimulus payment? The IRS has published information about when and how you’ll get your payment.

You’re eligible for the payment if you have a valid Social Security Number, can’t be claimed as a dependent on a tax return and have either an income tax liability or “qualifying income” of at least $3,000. Most 2007 federal income tax return filers will qualify, but there’s a phase out for individuals with adjusted gross incomes (AGI) over $75,000 and married couples filing joint returns with AGI over $150,000.

If the IRS processed your return by April 15, and you use direct deposit, your payment should arrive on May 2, May 9 or May 16, depending on the last 2 digits of your social security number. If you do not use direct deposit, checks will be mailed between mid-May and mid-July. People who filed tax returns after April 15 will receive their payments about two weeks later than others. A return must be filed by October 15 in order to receive any stimulus payment this year.

For more information visit the IRS Economic Stimulus Payments Information Center online.

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