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More than a quarter of those receiving economic stimulus payments this year should have their money in mid-May, according to information from the Internal Revenue Service.
The IRS announced its stimulus payment schedule earlier this week and estimated that 34 million of the at least 130 million payments will be sent within the first three weeks of May.
The date stimulus payments will be distributed will be based on the last two digits of the filer's Social Security number. Those who opted to receive their federal income tax refund via direct deposit will receive their stimulus payment sooner than those who will be sent their money by paper check.
Direct deposits will be made from May 2 to May 16, while paper-check mailings will run from May 16 to July 11.
For federal income tax returns filed jointly, the IRS will use the first Social Security number listed on the return to determine the distribution date.
President Bush signed the Economic Stimulus Act of 2008 into law on Feb. 13. Stimulus payment amounts will be based on information from 2007 tax returns, and qualifying individuals do not need to do anything other than file a federal income tax return to receive a payment.
The IRS has also put a calculator on its Web site, www.IRS.gov, to help people determine if they are eligible to receive the payment and how much they would be sent. Those who wish to use the calculator do not have to complete their income tax return beforehand, said Christopher Miller, IRS spokesman.
Individuals who make at least $3,000 in qualifying income can receive a stimulus payment.
Qualifying income includes earned income, such as wages and net self-employment income, as well as Social Security or certain railroad retirement benefits. Veterans' disability compensation, pension and survivors' benefits received from the Department of Veterans Affairs in 2007 are also eligible, according to the IRS Web site.
Those who would not normally be required to file a federal income tax return must do so this year to receive a stimulus payment. Free electronic filing options are available on the IRS Web site for all income tax filers, including those who are allowed to fill out a simplified return just to receive a stimulus payment, Miller said.
The deadline for filing a 2007 federal income tax return is April 15. Those who have not had their return filed and processed by that date may experience a delay in receiving their stimulus payment. Late payments will be released two weeks after those filers receive their income tax refund but not before the date they would have received the payment if they had filed their taxes by the deadline.
A small number of people who file their taxes on time may also experience a delay in receiving their stimulus payment, Miller said. Errors and corrections to filings can hold up the process.
As of March 8, the number of Nebraskans' federal income tax filings was 2.9 percent higher than the same period last year, Miller said. Whether that increase is because of the stimulus payments has not yet been determined.
"Perhaps some portion of it is," he said.
Schedule for economic stimulus payments
Direct deposit
Last two digits of SSN: Stimulus payment sent to bank account by:
00-20 May 2
21-75 May 9
76-99 May 16
Paper checks
Last two digits of SSN: Check should be in the mail by:
00-09 May 16
10-18 May 23
19-25 May 30
26-38 June 6
39-51 June 13
52-63 June 20
64-75 June 27
76-87 July 4
88-99 July 11
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