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| Wed Aug 27 2008 11:29 PM | |
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The Internal Revenue Service has begun to transfer economic-stimulus payments to millions of Americans, some of whom will see payments in their bank accounts as early as Monday, April 28. Whether a taxpayer opted for direct deposit determines how soon the payment will arrive. The first cycle of paper checks will be mailed starting May 9.
The IRS will issue payments of up to $600 for single taxpayers and $1,200 for married couples plus $300 for eligible children younger than 17, throughout the spring and summer. The first wave of payments will go to people who opted for direct deposit on their 2007 income-tax returns.
People with at least $3,000 in qualifying income may qualify for an economic-stimulus payment of $300 ($600 for married couples) plus $300 per qualifying child payment.
However, they must file a 2007 income-tax return by Oct. 15, to receive a stimulus payment. They can use the simple Form 1040A and provide basic information. Form 1040A is available on IRS.gov, the official IRS Web site.
The payment schedule announced earlier this year is for people who filed early enough to have their tax returns processed by April 15.
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