A short note went out to financial institutions from the Federal Reserve on Friday. It contained details of how, and when, economic stimulus payments will be delivered.
Here are some highlights:
The Department of the Treasury, Financial Management Service (FMS) will begin issuing approximately 130 million Economic Stimulus Payments on behalf of the Internal Revenue Service in early May 2008. The majority of the payments will be issued to eligible taxpayers during an 11-week period starting May 2nd and concluding on July 11th.
Approximately 30 to 45 million of the payments will be made by Direct Deposit to taxpayers who file a 2007 tax return and provide bank account information. Taxpayers who do not provide bank account information on a 2007 tax return will receive payment by paper check.
The majority of Economic Stimulus Payments by Direct Deposit will be completed by May 16, 2008, although payments by Direct Deposit will continue in smaller volumes through the end of calendar year 2008.
So, if you filed your 2007 tax return electronically, you should look for your stimulus rebate to be deposited directly into your checking account.
When will you receive your stimulus rebate? That depends on the last two digits of your social security number. Here is the IRS schedule for transmitting, or mailing, rebates:
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 |
