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The IRS also announced the availability of a new online calculator to help people determine the amount of their stimulus payments.
A news release from the IRS stated the stimulus payments will be made by direct deposit to those who choose to receive their 2008 income tax refunds through direct deposit. All others will get a paper check.
“To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers."
"Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment,” Stiff said.
IRS officials said the stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return and because of that, some may receive their payments at different times than neighbors or family members. On a joint return, the first Social Security number listed will determine mail-out time.
The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2009.
For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.
The IRS also announced Monday the availability of an online calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and, if they are, how much they can expect.
Anyone who has prepared a 2008 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2008 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.
A news release from the IRS stated the stimulus payments will be made by direct deposit to those who choose to receive their 2008 income tax refunds through direct deposit. All others will get a paper check.
“To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers."
"Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment,” Stiff said.
IRS officials said the stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return and because of that, some may receive their payments at different times than neighbors or family members. On a joint return, the first Social Security number listed will determine mail-out time.
The IRS expects to make about 34 million payments within the first three weeks after the payment schedule begins May 2. With more than 130 million households expected to receive stimulus payments, more than 25 percent of the payments will be made in the first three weeks.
Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2009.
For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11.
The IRS also announced Monday the availability of an online calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and, if they are, how much they can expect.
Anyone who has prepared a 2008 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2008 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment.
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