Beginning in May, the Internal Revenue Service (IRS) will begin sending one-time economic stimulus payments to more than 130 million households across America. Most people who are eligible for a stimulus payment will receive it automatically if they file a 2007 federal income tax return. The IRS provides a calculator to taxpayers, which allows the taxpayer to see if they are eligible for a stimulus payment.
To view the schedule of when you can expect to receive your Economic Stimulus Payment based on the last two digits of your Social Security Number click here.
Frequently Asked Questions about IRS Stimulus Payments
Q. How will I receive my Stimulus Payment?
A. If the filers chose to have their tax refund direct deposited, the Stimulus Payment will be direct deposited into the same account that received the tax refund. If the filer received their tax refund as a paper check, the Stimulus Payment will be received as a paper check.
Q. When will I receive my Stimulus Payment?
A. The Treasury Department will make payments starting in early May. Early filers, especially those who choose direct deposit, will get their payments first.
If the IRS finishes processing your return by April 15, you will most likely get your payment based on the IRS Schedule. If you choose direct deposit, this means your payment will arrive on May 2, May 9 or May 16. If you do not choose direct deposit, checks will be mailed between mid-May and mid-July. The payment date will be based on the last two digits of your Social Security Number.
Q. To which address is a stimulus payment mailed?
A. The stimulus payment will be mailed to the last known address the IRS has on file.
Q. I have moved since filing my 2007 tax return. How will my payment reach me?
A. You should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure your check is sent to your new address. Without your current address, the check could be returned to the IRS as undeliverable.
Q. If I use Direct Deposit for my tax return refund and my bank account information later changes, what will happen when my Stimulus Payment goes out?
A. Typically, the Direct Deposit will be rejected. After the IRS receives a rejection notice, the payment will be converted to a paper check and mailed to you.
Q. If a taxpayer has provided incorrect direct deposit information on his or her tax return, is there any way to get that fixed?
A. The payment will be issued by paper check in instances where a payment is returned to the IRS by the bank.
Q. Is there something I can do to prevent my Stimulus Payment from being automatically deposited into the account that I identified for the Direct Deposit of my regular refund?
A. Generally, if you designated Direct Deposit on a tax return, then the Stimulus Payment will go to the account number you designated. If the account number is no longer active, the IRS will send you a paper check.
Q. I chose direct debit to pay my tax bill. Will my Stimulus Payment be direct deposited to the same account?
A. No, the account information used for an incoming Direct Debit payment to the IRS cannot be used as the account information for the Direct Deposit of the stimulus payment. People who choose Direct Debit to pay a balance due will receive their stimulus payments by paper check through the mail.
Q. I used Direct Deposit to split my refund between several accounts when I filed my tax return. What will happen to my Stimulus Payment? Will it go to just one of the accounts?
A. If you elected to split your refund between several accounts, you will not receive your Stimulus Payment by Direct Deposit. Instead, you will receive a paper check.
Q. I chose direct deposit for my 2007 tax refund but also requested a Refund Anticipation Loan (RAL) from my preparer. How does that affect my stimulus payment?
A. Taxpayers who use RALs or enter into any other loan or financial agreement with their tax professional cannot receive their stimulus payments by Direct Deposit and instead will get a paper check.
Q. My spouse and I have divorced and the Stimulus Payment check is made out to both of us. Can I cash it?
A. If the check is made payable to both of you, then both must endorse the check. Even if you and your spouse are now divorced, both must sign the check. By law, each spouse is considered to receive half of the payment in cases where a joint 2007 return was filed.
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