Economic Stimulus Payment: How Much Will I Get and When Will I Receive It?
Want to know if you qualify for an Economic Stimulus (ES) payment? The IRS has prepared this handy dandy Economic Stimulus Payment Calculator that will ask you questions about your 2007 filing status and income. All you need to do is pull the information directly from your 2007 tax return. Note: you have to file your 2007 taxes in order to get an economic stimulus payment. When you’ve answered the questions, it calculates your expected economic stimulus payment with results like this:
Based on the information you provided, your expected stimulus payment is $x.
Then it gives you a link to the Economic Stimulus frequently asked questions.
If you’re curious about when you’ll receive your ES payment, you might want to view the IRS Economic Stimulus Payment Schedules. The link includes a handy dandy table about 1/2 way down the page, but in a nutshell, the date you will receive your check depends on the last two digits of your social security number (SS# of first filer if married filing jointly) and whether you included direct deposit information on your 2007 tax return.
If you included direct deposit info on your 2007 tax return, your ES payment will be sent to you via direct deposit in the first round of payments (no later than mid-May). If not, your ES payment will be issued via snail mail with the second round of payments (as late as mid-July). For both methods, see the payment schedule for specific dates.
If that isn’t enough information and you’re just dying for more because you want your friends and family to think you know everything there is to know about the economic stimulus payments, see the IRS Economic Stimulus Payments Information Center. But for the rest of us…
The most important things to remember:
- File your 2007 taxes by April 15
- Include direct deposit information - even if you owe
- Sit back and wait for your check
Oh, and when you receive it, don’t forget to stimulate the economy. Not that his opinion matters anymore, but your president seems to think that spending it is kinda important too.
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Sunday Linky Love | The Bean Blog (Pingback), 23 March 2008, 12:42
[...] Ma over at Fabulous Financials has everything you ever wanted to know about the economic stimulus payment. Do you want to know how much to expect? Do you want to know when you’ll get it? Single Ma [...]
I love your blog and you are so financially savvy. But it would be nice to see you write a blog on how to make the so-called stimulus check work for people: how much interest could they expect if they socked it into a high-interest savings account or stuck it into their 401(k) or fulfilled some of their charitable goals! (Ok, maybe half of it and the other half on a spa weekend)
Bridget, honey. Did you know when you open a statement with a compliment, then follow it with a “but…” it completely negates any warm and fuzzies you were trying to convey? No? Ok, now you do.
At any rate, I’m not a licensed financial planner/adviser so I don’t write sterile ‘how to’ posts, hypothetical posts, or what you ’should’ do posts. You said you love my blog, so read a little more and you will notice that I limit my content to facts that can be verified on the web or personal experiences only. Therefore, when I decide if/how *I* plan to spend *my* stimulus check, I’ll share the personal experience of how *I* chose to spend it and why. [-SM]
Single Ma, Bridget gave you some work to do, LOL
I want someone to stimulate me with their check, If the economy is fulfilled then hopefully my investment will do better!
Great minds think alike. Mine will probably be used to stimulate the French economy. I know you have international investments, will that help you? LOL [-SM]
I will be stimulating my economy. It is called my savings account.
I was considering the same thing, but it’s about time for me to spend some money. Ok, maybe some of it. LOL [-SM]
Thank you for the tips. I will forward this information to our mommy groups. You already know I’m a huge fan of your blog. No BUTS about it
Thank ya kindly!
[-SM]
This is why I love your blog…it’s the best PF blog EVER! One minute, u hit us with a lipglass crisis, which turned out to be a PRICELESS event! Then the next minute, u swing back with some savvy financial tax info! FABULOUS! “Keep it real” is so overdone, but that’s exactly what you do! Thanks Ms. SM!
Thanks for this post Single Ma. I received a letter in the mail from the IRS about the rebate and it said I would be receiving about $600. When I did the calculator from the link you provided, it came up with $900. Which one do you think would be more accurate? I hope it is the one that gives me the most. LMAO. I have always used direct deposit when it comes to taxes. I refuse to wait 6-8 weeks for MY own money. I should be receiving my check via direct deposit around May 16th. That is in like 2 months!! I guess I am happy regardless of what I get
Interesting. I didn’t receive a letter, but I’ve heard about them. Not sure why the letter stated only $600. The only thing I can think of is this:
From the 6th FAQ:
“People with no net income tax liability will usually get a minimum payment of $300 for a single person…as long as they have
qualifying income of at least $3,000.”
Was your tax liability (line 63, form 1040) zero? If so, the estimate is probably $300 for yourself and $300 for your BabyGirl = $600.
re: the IRS calculator. I assume it is estimating $600 for yourself (i.e. you had some tax liability) and $300 for your BabyGirl = $900.
ETA: Dimpz, I just rec’d a letter. It states “Under this new law, you may be entitled to a payment of up to $600 ($1,200 if filing a joint return), plus additional amounts for each qualifying child.” The language is very generic so I’m sure the one you received says the same thing. [-SM]
THANK YOU.. you just saved me some work.. I can now just link to your post LOL.. I found this yesterday and figured oooo good post..
I should have known my sista from another mista would have jumped on it! LOL
But errrr I’m going to stimulate my economy too.. it’s called, CHILDREN.. with the way groceries have risen I have to feed my rugrats if I expect them to continue to do so well in their activity LOL so they can pay for themselves for college LOL
I hear ya mama! How ever you choose to spend it will stimulate the economy one way or another. [-SM]
Just as I expected - I gets nothing! But when we received the checks the last time, mine went straight to investments.
Great info as usual. It sounds like the Paris trip is still on after all
So far, so good. The interest is still there. Nothing booked yet, though. LOL [-SM]
I have some domestic mutual funds in my 401k
Hey, here’s a question, SingleMa–you might know: if I owe taxes (which I do, and I haven’t filed yet–bad pf blogger!), can I still include direct deposit info for the stimulus check? Lord knows I don’t want that $600 getting lost in transit.
From the FAQ page:
“Q. If I’m not expecting a refund, should I still fill out the direct deposit line on my return so I can get my stimulus payment direct deposited?
A. Yes. Even if you aren’t due a refund on your tax return, filling out the bank routing information will allow for your stimulus payment to be direct deposited.
Q. I chose direct debit to pay my tax bill. Will my stimulus payment be direct deposited to the same account?
A. No, the account information used for an incoming Direct Debit payment to the IRS cannot be used as the account information for the Direct Deposit of the stimulus payment. People who choose Direct Debit to pay a balance due will receive their stimulus payments by paper check through the mail. [Updated 3/3/08]
Q. I’m eligible for a payment but I still owe federal income tax from a prior year. Will my payment be reduced?
A. Yes. For this purpose, the stimulus payment is treated like any other tax refund. This means that part or all of your payment can be used to pay past-due federal or state income taxes or non-tax federal debt such as student loans and child support. If this occurs, you will receive a letter explaining how the stimulus payment was applied.”
Hopefully these help to answer your question.
If anyone else has questions about the ES payment, please refer to the IRS Frequently Asked Questions page that was previously linked in the post. [-SM]
@english major- if you owe taxes you will not receive a stimulus check , they may just apply it to your debt owe. By the way, Single ma is not a Tax Attorney.
Single Ma, you are a financial advisor/CPA now. LMAO
For all tax questions contact Single Ma, LOL
Dang it, I don’t want a check coming to my house, but I owed money. Oh well! I’lll tell you what I think I’ll do with it on my blog
Thanks for the info! I hadn’t seen the time estimates for arrival yet. Early May for direct deposit is earlier than I’d thought! Yay.
Ok, ok, you got me on that…every point. You are correct and I was not. I also will try to refrain from using “but” in further comments. Hell, maybe I should suck it up and buy that yummy MAC gloss
This is so laughable, they did this exact same thing in 2001 and you will have to report that $600 dollars as income on your 2008 taxes. The IRS is not giving anybody anything, consider it an “advance” on your ‘08 refund!
You know, I really like your blog and I’m surprised to see your very first comment on mine to be so obnoxious. Great way to make a first impression. However, you might want to check your facts before spewing BS in other people’s blog comments. It makes YOU laughable!
The economic stimulus payment will NOT have to be reported as income on your 2008 taxes. However, it IS an advance “credit” on your 2008 taxes. In other words, it’s a new credit that did not previously exist and is being distributed NOW rather than applied as a credit on your taxes in Apr 2009. What is so wrong with that?
And for the record, I also received the advance credit in 2001 and I did NOT have to report it as taxable income. The rebate check was for $400, so when I filed my taxes, instead of getting the full $1,000 child tax credit, I only received an additional $600 “credit” because $400 was already received - as cash - in advance. But it was NOT taxed as income.
If you would like to educate yourself about the economic stimulus payment and its impact on your 2008 taxes, please read the following:
From the IRS Frequently Asked Questions page:
5th question down:
“Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?
A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return.”
And other reputable sources:
Taxes on your rebate money?
Taxes on your tax rebate
How Will the Economic Stimulus Tax Rebate Affect 2008 Tax Returns?
Is the economic stimulus payment taxable
[-SM]
Thanks, SingleMa, and sorry for not hitting up the FAQ first–it’s just that you’re so awfully knowledgeable! Anyway–thanks.
@english major- if you owe taxes you will not receive a stimulus check , they may just apply it to your debt owe. By the way, Single ma is not a Tax Attorney.
MoneyMonk, did you really take “Here’s a question, Single Ma–you might know” to mean, “Hey, Single Ma the tax attorney, please give me advice for which I will hold you accountable,” or are you just being nit-picky for the fun of it? And as it happens, judging from the FAQ that Single Ma so kindly posted and from prior research (which I’ve done–you’ll note that my question was not “if I owe taxes, do I still get the stimulus check?”), I believe you’re incorrect–I think I pay the $160 or so I’ll owe in federal taxes when I file, and then get the $600 stimulus check with the rest of my fellow citizens.
Love your post, I was able to find out how much i get back in seconds flat. Str8 to my savings it will go.
So if this check we are getting is to stimulate the economy, why does it go back into the hands of the IRS if we owe back taxes. That isn’t going to stimulate anything for those of us with back taxes owed.