IRS releases Stimulus Payment Schedules & Calculator to estimate stimulus payments

The IRS announced yesterday that they will begin sending out the more than 130 million economic stimulus payments as early as May 2nd. The payments will be sent weekly through early July. The IRS expects to make up to 34 million payments within the first few weeks of May. The majority of those receiving payments early will be those whose returns are received and processed by April 15th, and who have elected Direct Deposit on their Federal income tax returns.

It was also announced that the IRS created a new online calculator designed to estimate the amount of a taxpayers stimulus payment based on the payment schedules. Click here to use the on-line calculator.

Below are the schedules sent out by the IRS yesterday for economic stimulus payments related to tax returns processed by April 15, 2008. There is also a podcast from the IRS that discusses the economic stimulus payments. To listen to the podcast, Click here.

Stimulus Payment Schedule for Tax Returns
Received and Processed by April 15

Direct Deposit Payments
If the last two digits of your Social Security number are:	Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20	May 2
21 – 75	May 9
76 – 99	May 16
Paper Check
If the last two digits of your Social Security number are:	Your check should be in the mail by:
00 – 09	May 16
10 – 18	May 23
19 – 25	May 30
26 – 38	June 6
39 – 51	June 13
52 – 63	June 20
64 – 75	June 27
76 – 87	July 4
88 – 99	July 11