IRS Stimulus Checks

What are Stimulus Payments?
It’s an economic stimulus payment that more than 130 million households will receive starting in May. It’s not taxable, and it won’t reduce your 2007 or 2008 refund or increase the amount you owe when you file your 2008 return.

Am I Eligible?
The vast majority of people who file a 2007 income tax return qualify, and many who don’t regularly file a tax return may qualify as well. You’re eligible if you have a valid Social Security Number (SSN), 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.

When will I get my check?
Starting May 2, payments will be electronically transmitted to direct deposit accounts. Paper checks will be mailed starting May 16. The payments are based on the last 2-digits of the mail filer’s Social Security number. The IRS has issued a schedule for payments as direct deposits or paper checks which would last until July.

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