Member Articles

Write an article!

The Economic Stimulus Payment Explained

How much will you get and when will you receive it?

by Single Ma  |  3877 views  |  0 comments  |       Rate this now! 

Want to know how much your Economic Stimulus (ES) payment will be? The IRS has prepared this handy dandy Economic Stimulus Payment Calculator that will ask you questions about your 2007 filing status and income. All you need to do is pull the information directly from your 2007 tax return. (Note: you have to file your 2007 taxes in order to get an economic stimulus payment.) When you’ve answered the questions, it calculates your expected economic stimulus payment with results similar to this:

Based on the information you provided, your expected stimulus payment is $x.

It also provides a link to frequently asked questions about the payment.

If you’re curious about when you will receive your ES payment, you might want to view the IRS Economic Stimulus Payment Schedules. There's a handy dandy table about halfway down the page, but in a nutshell, the date you will receive your check depends on the last two digits of your social security number (or the social security number of first filer, if married filing jointly) and whether you included direct deposit information on your 2007 tax return.

If you included direct deposit info on your 2007 tax return, and if your return is received and processed by April 15, your ES payment will be sent to you via direct deposit in the first round of payments (no later than mid-May). If not, your ES payment will be issued via snail mail with the second round of payments (as late as mid-July). For both methods, see the estimated payment schedule for specific dates; here's a summary:

Direct Deposit Payments

If the last two digits of your Social Security number are 00 to 20, your economic stimulus payment deposit should be sent to your bank account by May 2.

If the last two digits of your Social Security number are 21 to 75, your economic stimulus payment deposit should be sent to your bank account by May 9.

If the last two digits of your Social Security number are 76 to 99, your economic stimulus payment deposit should be sent to your bank account by May 16.

Paper Checks

If the last two digits of your Social Security number are 00 to 09, your check should be in the mail by May 16.

If the last two digits of your Social Security number are 10 to 18, your check should be in the mail by May 23.

If the last two digits of your Social Security number are 19 to 25, your check should be in the mail by May 30.

If the last two digits of your Social Security number are 26 to 38, your check should be in the mail by June 6.

About the Author

A working (single) mom and author of the personal finance blog Fabulous Financials @ http://fabulousfinancials.com

Read more by Single Ma

0 comments so far...

No comments yet.

Work Life Balance Stories

Check out our best tips for balancing work and home life.

Quick & Easy recipes

Browse our favorite quick and easy recipes, perfect for busy moms.

Ask & Answer Questions

What working moms are talking about on our question board!