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Stimulus
Payment
What Is It?
The Economic Stimulus Package was a bill signed into law at the beginning of this year to help
stimulate the economy and deter an economic recession. This plan will result in checks from $300
to $600 for individuals ($600 to $1,200 for joint filers) plus $300 for each qualifying child.
Who Gets It?
Over 180 million American households will receive payments from the IRS starting in May 2007.
Most taxpayers are eligible for payments, except for some highincome earners who will not
receive a payment or will receive a reduced payment.
This payment is not the same as a tax return; however, you are required to file a 2007 tax return
to get the payments. This applies to everyone, even low income earners and Social Security
recipient who don’t normally file tax returns.
How and When?
Taxpayers who chose to receive their 2007 tax returns through direct deposit will receive direct
deposit stimulus payments and all others will receive a paper check. Payments will start to go out
in the beginning of May starting with direct deposit recipients and then distributed by the last two
digits of Social Security numbers:
Stimulus Payment Schedule for Tax Returns Received and Processed by April 15
Direct Deposit
Last two SSN digits: Payment will be transmitted:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16
Paper Check
Last two SSN digits: Payments will be mailed by:
10 through 18 May 23
19 through 25 May 30
26 through 38 June 6
39 through 51 June 13
52 through 63 June 20
64 through 75 June 27
76 through 87 July 4
88 through 99 July 11
Source: http://www.irs.gov/irs/article/0,,id=180250,00.html
What Should You Do With Your Payment?
A 360FinancialLiteracy.org poll surveyed nearly 4,000 visitors and asked what they plan to do with
their economic stimulus payments:
• Spend it: 13%
• Save it: 31%
• Pay off debt: 48%
A little extra money can go a long way toward settling your debts and graduating you from the
Debt Shield program even faster. Consider putting your economic stimulus payment in your set
aside account and settle your next debt sooner. Call Client Services at 18888284673 to make
arrangements for applying these funds to your setaside account.
More Info?
To find out if you are eligible to receive a stimulus payment and for more information check out
these IRS resources:
• Economic Stimulus Payments Information Center
http://www.irs.gov/irs/article/0,,id=177937,00.html
• Stimulus Payments: Answers to Frequently Asked Questions
http://www.irs.gov/newsroom/article/0,,id=179181,00.html
• Instructions for LowIncome Workers & Recipients of Social Security and Certain
Veterans’ Benefits
http://www.irs.gov/irs/article/0,,id=179096,00.html
http://www.diydebtsettlementkit.com
http://www.helpfordebtors.com
http://www.nfan.com