Stimulate Me. Taxpaying individuals will receive at least $600 in the form of a rebate check this May thanks to the U.S. government’s Economic Stimulus Package of 2008. This is going to cost the government $145 Billion (msnbc.com, Jan 08) . The rebate check will be delivered to about 160 million American families (cnn.com, Apr 08).

So how much will you get? When will you get it? How will you get it? The answers are here:

How much will I get? Starting in May, the Treasury will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. (irs.gov, Mar 08).

When will I get it? As long as you filed your taxes before April 15 you can live by this payment schedule:

DIRECT DEPOSIT

Last two SSN digits:	Payment will be transmitted:
00 through 20	May 2
21 through 75	May 9
76 through 99	May 16

PAPER CHECK

Last two SSN digits:	Payments will be mailed by:
00 through 09	May 16
10 through 18	May 23
19 through 25	May 30
26 through 38	June 6
39 through 51	June 13
52 through 63	June 20
64 through 75	June 27
76 through 87	July 4
88 through 99	July 11

How will I get it? If you specified a bank account for direct deposit on your 2007 tax return you’ll see the money in your bank account soon enough. Otherwise, you’ll receive a traditional paper check in the mail.

Resources

Income Tax Filing – Great Site for Advice