The Internal Revenue Service has begun to transfer economic stimulus payments to millions of Americans’ bank accounts. Direct deposit stimulus payments started going out last week.
The IRS will issue payments of up to $600 ($1,200 for married couples) plus $300 for eligible children younger than 17, throughout the spring and summer.
The stimulus payment schedule applies to people who filed early enough to have their tax returns processed by April 15. It is based on the last two digits of the individual’s Social Security number (the primary spouse’s SSN on a joint return). The direct deposit stimulus payments go out between April 28 and May 16 for people who opted for direct deposit on their 2007 income tax returns. The first cycle of paper checks will be mailed starting May 9 and will be completed by July 11.
Processing times for tax returns and stimulus payments vary. For taxpayers getting a regular income-tax refund, the IRS will send that refund first. Normally, the stimulus payment will follow one to two weeks later. For filers not expecting a regular tax refund, the stimulus payments should arrive a minimum of six weeks after the 2007 tax return was filed.