When will you receive your federal rebate? Now we know — the Internal Revenue Service published the payment schedule yesterday.
The IRS plans to start issuing about $107 billion in rebates on May 2 to about 130 million households. To be eligible for a rebate, you must file a federal income-tax return. So, assuming you file by April 15, here are the general rules:
Direct Deposit: If you complete the “direct deposit” section of your return, your rebate will probably be deposited directly into your bank or credit union account.
And you’ll get your rebate faster than others will. The U.S. Treasury plans to directly deposit rebates in three weekly batches: on May 2, May 9 and May 16.
Directly deposited rebates “will all be done in the first three weeks of May,” IRS spokeswoman Peggy Riley said. Altogether, the IRS expects to issue about 34 million rebates this way.
Paper Checks: If you do not complete the “direct deposit” section of your return, you’ll get your rebate in the form of a paper check, by mail. The Treasury plans to put rebate checks in the mail in weekly batches, starting May 16 and ending July 11.
Order of Payments: Exactly when you’ll receive your rebate depends on the last two digits of your Social Security number. (If you’re married and filing a joint return, the IRS will rely, for this purpose, on the Social Security number listed first on the return.)
To understand how this will work, consider the last two digits of your Social Security number to be a whole number.
For example, if your Social Security number ends in “26,” your number is 26. The closer that number is to zero, the sooner you’ll get your payment.The closer that number is to 99, the later you’ll get your payment.
Here’s how it’ll work if you use direct deposit:
If your number is from 00 to 20, the Treasury will send your rebate directly to your bank or credit union account May 2.
If your number is from 21 to 75, your rebate will be directly deposited May 9.
If your number is from 76 to 99, your rebate will be directly deposited May 16.
The Treasury will use a similar procedure for mailing of paper checks:
If your number is from 00 to 25, the Treasury will put your check in the mail in May.
If your number is from 26 to 75, the Treasury will put your check in the mail in June.
If your number is from 76 to 99, the Treasury will put your check in the mail in early July.
To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.
Keep in mind that the amount of your rebate could be reduced — in some cases to zero — if you are delinquent on federal or state income taxes, federally backed college loans or certain other debts, such as child support.
http://www.irs.gov/newsroom/article/0,,id=177937,00.html#Calculator


