May 24, 2008

IRS economic stimulus FAQ

The IRS has an FAQ on the economic stimulus. Theres a lot of common questions with answers there.

Probably the 2 biggest questions are:

When will you get the check? The schedule is posted here. If you did direct deposit you should have it by now. Paper checks are going out May 11 to July 11 in order of the last 2 digits on your social security number.

How much will I get? Here is a calculator to estimate your payment. The maximum payments are $600 for single people and $1200 for couples. But if you made too much (over $75k single or $150k married) or didn't pay enough in taxes then your check will be less. Not everyone will get a check. My income is too high so I don't get a check. But if your economic situation changes in the year then you might get a credit on your 2008 taxes.

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