Stimulus checks to be deposited soon
By KEN BLACK, TIMES-REPUBLICAN
POSTED: May 9, 2008
Fact Box
Payment Scenarios• Married, two children, $35,000 adjusted gross income, tax is $1070. Total payment: $1,670
• Married, no children, $4,000 AGI, no tax. Total payment: $600.
• Married, two children, $25,000 AGI, tax is $70. Total payment: $1,200.
• Single, two children, $20,000 AGI, tax is $195. Total payment: $900.
• Single, no children, $12,000 AGI, tax is $325. Total payment: $325.
• Single, no children, $35,000 AGI, tax is more than $600. Total payment: $600.
“Those individuals who chose direct deposit will get their checks first,” Christopher Miller, a spokesperson for the IRS, previously explained to the Times-Republican.
Those with Social Security numbers ending in 21 through 75, and who chose direct deposit on their tax returns, should have their money today. Those with Social Security numbers ending 20 or below received their payments last week, if they chose direct deposit.
Another round of directly deposited payments will be distributed May 16 for those with Social Security numbers from 76 to 99.
May 16 will also be the date that paper checks begin to be mailed. Like the direct deposit system, exactly when people will get their checks depends on the last two digits of their Social Security number.
Payments will go out weekly, with the last regularly scheduled payments to be mailed July 11.
For those not filing by the April 15 tax deadline, there will be an additional delay.
“Checks will continue to go out until the end of the year,” Miller said.
So how much will you be getting?
The easiest rule of thumb is that if you, as an individual, paid more than $600 in income taxes this year, you will get that amount back, plus $300 for each qualifying child. Couples will receive $1,200, plus $300 for each qualifying child, if they paid at least $1,200 in income taxes.
There is a phaseout for those in upper income brackets beginning at $75,000 for individuals and $150,000 for couples.
For those who have additional questions, the IRS has set up a payment calculator on its Web site. Also, taxpayers can go online to check the status of their payments, but can only do so on or after the date the payment is supposed to be sent.
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Contact Ken Black at 641-753-6611 or kblack@timesrepublican.com
Member Comments
View Comments: | 1-3 | Post a comment
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iamtammy
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05-10-08 12:36 AM
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Same here. Low number, direct deposit, and still nothing.
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woodchucka
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05-09-08 11:30 PM
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Mine was supposed to be deposited too and has not yet. This is BS!
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sande88705
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05-09-08 12:34 PM
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ya right, mine ended in 16 and I've not gotten it, had D.D. and filed early April.I went to the IRS page and I qualified for the 600.
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