IRS Has Answers to Questions People Are Asking About Economic
Stimulus Payments;
IRS Urges People to Visit IRS.gov
As millions of Americans begin receiving their economic stimulus
payments, the Internal Revenue Service released a list of the
most-frequently-asked questions-and answers-that people now are asking.
"Many people have questions about the stimulus payments, and the IRS has the
answers available on the IRS.gov Web site,"
IRS Commissioner Doug Shulman said. "The stimulus payments are automatic for
eligible taxpayers who filed a 2007 tax return, and taxpayers do not need to
take any additional action to receive the payment."
Stimulus payments started going out last week, and the initial
round of payments will continue on a weekly basis through mid-July. In all,
nearly 130 million payments will go out this year. Last week, 7.7 million
payments were direct deposited, and the first mass production of paper checks
begins Thursday.
Since last week millions of Americans have visited IRS.gov and
called the IRS toll-free lines. The IRS reminded taxpayers the fastest way to
get answers is to visit IRS.gov, which has payment schedules and other
information.
Since the payments began, the IRS has been fielding a variety of questions
centered on the payment schedule, factors affecting direct deposit of payments,
eligibility requirements and questions about the payment amounts. The IRS today
released an updated set of Frequently Asked Questions covering everything from
when someone can expect the payment to whether it will be delivered
electronically or on paper. The Frequently Asked Questions are listed at the end
of this document.
The most common question has been when people can expect their
payments. Economic stimulus payments will be issued according to the last
two-digits of the taxpayer's Social Security number. For joint filers the
payments will go out based on the last two digits of the Social Security number
of the person listed first on the return. Payments will be made by either direct
deposit or paper check, based generally on the option people chose when they
filed their 2007 tax returns.
The payment schedule below is for people who filed early enough
to have their tax returns processed by April 15.
Direct Deposit Payments For Returns Processed by April 15
If the last two digits of your Social Security number are:
Payments will be transmitted no later than:
00-20 -- May 2
21-75 -- May 9
76-99 -- May 16
Paper Checks For Returns Processed by April 15
If the last two digits of your Social Security number are:
Payments will be mailed no later than:
00-09 -- May 16
10-18 -- May 23
19-25 -- May 30
26-38 -- June 6
39-51 -- June 13
52-63 -- June 20
64-75 -- June 27
76-87 -- July 4
88-99 -- July 11
The payment schedule is a general guideline and several factors
could affect payment timing. For instance, some paper returns filed but not
processed by April 15 could result in payments later than the scheduled date. In
addition, a small percentage of tax returns will require additional time to
process and to compute a stimulus payment amount. For these returns, stimulus
payments may not be issued in accordance with the schedule above, even if the
tax return was filed by April 15. Finally, taxpayers who file after April 15
will get a stimulus payment after their tax return is processed.
The most common questions and answers are part of an extensive
listing of FAQs that address various aspects of the economic stimulus program.
Other economic stimulus information is also on
IRS.gov.
Click here to read the Most
Frequently Asked Questions Regarding Stimulus Payments. |
