Checks begin arriving

Some Swanton area residents have already received their 2008 Economic Stimulus Payment by direct deposit while many more will receive their money over the next several months.

Economic stimulus payments will be issued according to the last two digits of the main filer's Social Security number. For joint filers, the payments will go out based on the person listed first on the return. Payments will be made by either direct deposit or paper check, consistent with how people filed their 2007 tax return. If you filed your taxes and had a refund directly depoitied to your account, your stimulus check will be deposited into that account. If you had a paper check issued for your tax return, your stimulus check will come in the mail.

People who use direct deposit also will be among the first to receive the payments starting April 28. Direct deposits will be made daily and completed by the date listed on the graph.

Paper checks will also go out based on Social Security number. For Social Security numbers ending in 00 through 09, the paper checks will be mailed starting May 9 and will continue through May 16. A similar process will be repeated in the following weeks.

People who file a return after April 15 will receive their economic stimulus payment, but probably later than the schedule shows. A return must be filed by Oct. 15 in order to receive a stimulus payment this year. See the online calculator for an estimate of the amount you will receive.

A small percentage of tax returns will require additional time to process and to compute a stimulus payment amount. For these returns, stimulus payments may not be issued in accordance with the schedule above, even if the tax return was processed by April 15.

Your economic stimulus payment will be based on information provided on your 2007 income tax return.

Many, but not all, taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.

Your payment may be less than the maximum for one or more of the following reasons:

* You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.

* You are married and your net income tax liability is less than $1,200.

* You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.

* You are married filing a joint return and your AGI is more than $150,000.

* You owe back taxes.

* You have non-tax federal debts such as unpaid student loans or child-support obligations.

Around the same time you receive your payment, you will receive a notice from the IRS explaining how your payment was figured. It is important to keep this notice as a record of your economic stimulus payment. In addition, you'll get a separate notice if you owe back taxes or non-tax debts.