This spring millions of Americans have seen their checking account balance bounce up as much as $1,200 thanks to the Bush administration’s $168 billion economic stimulus package for those filing 2007 tax returns.
Payment schedules were determined by The Internal Revenue Service and have been based on the last two digits of the filer’s Social Security number. The first checks began rolling out April 28.
Eligible filers whose Social Security numbers end in the digits 00-20 and who requested a direct deposit of their stimulus package on their 2007 tax returns should have received their checks by May 2.
Other filers who requested a direct deposit of their stimulus should’ve received their money by May 9 and May 16, if the last two digits of their Social Security number are 21-75 and 76-99, respectively.
Millions of other Americans who qualify for a stimulus package will receive their money in the mail by paper check. Checks are being mailed through July 11 on a staggered basis, starting with those whose Social Security numbers begin with 00-09.And if you have a valid six month extension to file your taxes, make sure to file by October 15th so the IRS can issue a stimulus payment by the end of the year.
In total, more than 130 million American households will receive economic stimulus payments. Checks will be given between $300 and $600 for qualifying individuals and between $600 and $1,200 for married couples, with an additional $300 for each child under the age of 17, according to the Internal Revenue Service web site.
Not all American households are eligible for stimulus package, however. There is a “phase-out” for high-income earners and the minimum adjusted gross income amount is $75,000 for single filers and $150,000 for married couples. Anyone with an income higher than these minimums will receive a decreased amount from a stimulus package, receiving less and less money depending on the household’s level of income.