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***NEWS RELEASE*** IRS Announces Economic Stimulus Payment Schedules, Provides Online Payment Calculator IR-2008-44, March 17, 2008 WASHINGTON — The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July. The IRS also announced the availability of a new online calculator on IRS.gov to help people determine the amount of their stimulus payments. Stimulus payments will be made by direct deposit to people who choose to receive their 2007 income tax refunds through direct deposit. All others will receive their economic stimulus payments in the form of a paper check. “To receive an economic stimulus payment, people just need to file their tax returns as they usually do,” said IRS Acting Commissioner Linda E. Stiff. “The payments will be automatic for the vast majority of taxpayers. Some lower-income workers and recipients of certain Social Security and veterans benefits who don’t normally need to file a tax return will need to do so in order to receive a stimulus payment. IRS.gov has all the information people need to help them obtain a stimulus payment.” Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return. Because the IRS will use the Social Security number to determine when checks are mailed, taxpayers may receive their checks at different times than their neighbors or other family members. On a jointly filed return, the first Social Security number listed will determine the mail-out time. Taxpayers who choose direct deposit on their federal income tax returns can expect to receive their economic stimulus payments between May 2 and May 16 provided their returns were received and processed by April 15, 2008. For taxpayers who did not choose direct deposit on their tax return but whose returns were processed by April 15, the paper checks will be in the mail starting May 16, with the initial mailings completed by around July 11. The IRS is also announcing today the availability of an on-line calculator on IRS.gov to help taxpayers determine if they are eligible to receive an economic stimulus payment and if they are, how much they can expect. Anyone who has prepared a 2007 income tax return can use the calculator. It will ask taxpayers a series of questions, so they should have their 2007 tax returns handy. After answering the questions, the calculator will provide the projected dollar value of the payment. Below are the schedules for economic stimulus payments related to tax returns processed by April 15, 2008. 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 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.      All or part of an economic stimulus payment may be applied to back taxes or certain other debts of the taxpayer, such as delinquent child support and student loans. In such cases, the IRS will send a letter to the taxpayer explaining the offset. To accommodate people whose tax returns are processed after April 15, the IRS will continue sending weekly payments. People who file tax returns after April 15 and receive a refund can expect to receive their economic stimulus payments in about two weeks after receiving their tax refunds, but not before the date they would have received their payment if the return had been processed by April 15. To ensure taxpayers receive their stimulus payment this year, they must file a tax return by Oct. 15. Two bureaus of the Treasury Department are involved in making the payments. The IRS will calculate the amount of each economic stimulus payment based on the tax year 2007 income tax returns it receives. The IRS will then forward the information to the Financial Management Service (FMS), which is the bureau of the Treasury Department that makes federal payments such as Social Security benefits, federal income tax refunds and, now, economic stimulus payments. The IRS reminds taxpayers that they can get their stimulus payments faster by using direct deposit when they file their tax return. In addition, the IRS urges taxpayers to file electronically. For people who normally don’t need to file a tax return, the IRS and Free File Alliance have a special program set up to allow for free electronic filing.  IRS Free File –Economic Stimulus Payment is available at IRS.gov. ------------------------------------------------------------------------------------ $152 Billion Stimulus Law Passed In an effort to boost the U.S. economy, Congress passed the Economic Stimulus Package Act of 2008 on February 7. The legislation will provide tax rebate checks to about 130 million households, starting sometime in May. The package also contains business tax incentives and help for distressed homeowners. Here are the major provisions in the law. * Single individuals may be entitled to receive a one-time tax rebate of up to $600; joint filers may qualify for up to $1,200. The rebate amount begins to phase out for higher-income taxpayers, beginning at $75,000 of adjusted gross income for single filers and $150,000 for joint filers (based on 2007 tax returns). * People who don’t pay income taxes may qualify for $300 rebates if they had at least $3,000 of earned income or tax liability of at least $1 in 2007. Social security income and federal payments to disabled veterans and their widows count as earned income for rebate purposes. * Those who qualify for the basic rebates are also eligible for an additional $300 for each dependent child under age 17. * Businesses may qualify for 50% bonus depreciation on qualifying new equipment purchases in 2008. * The Section 179 expensing limit for 2008 is increased from the previous $128,000 to $250,000, and the 2008 phase-out threshold is increased from $510,000 of total equipment purchases to $800,000. * The loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Administration are increased, a provision intended to assist taxpayers during the sub-prime mortgage crisis. New Tax Act Contains Tax Breaks; Adds Revenue Raisers The new Tax Increase Prevention and Reconciliation Act (TIPRA) retroactively extended a number of popular tax breaks, added several new tax breaks, and included a number of revenue raisers.   New Pension Act Covers More Than Just Pensions You may have heard about the Pension Protection Act of 2006 (Pension Act). Many of the changes in this legislation actually have nothing to do with pension plans, even though its main purpose was purportedly to shore up traditional defined benefit pension plans, including those of the legacy airlines, and avoid the need for a future taxpayer-funded bailout.   Unexpected Consequences with Employer Retirement Plan Loans It's not unusual for retirement plan participants to have the opportunity to borrow a portion of their vested balance from the plan.