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IRS Posts Stimulus FAQs


May 8, 2008 (SmartPros) The Internal Revenue Service released a list of the most-frequently-asked questions and answers that Americans are asking about the economic stimulus payments.



"Many people have questions about the stimulus payments, and the IRS has the answers available on the IRS.gov Web site," IRS Commissioner Doug Shulman said. "The stimulus payments are automatic for eligible taxpayers who filed a 2007 tax return, and taxpayers do not need to take any additional action to receive the payment."

Stimulus payments started going out last week, and the initial round of payments will continue on a weekly basis through mid-July. In all, nearly 130 million payments will go out this year. Last week, 7.7 million payments were direct deposited, and the first mass production of paper checks begins today.

Since last week millions of Americans have visited IRS.gov and called the IRS toll-free lines. The IRS reminded taxpayers the fastest way to get answers is to visit IRS.gov, which has payment schedules and other information.

Since the payments began, the IRS has been fielding a variety of questions centered on the payment schedule, factors affecting direct deposit of payments, eligibility requirements and questions about the payment amounts. The IRS released an updated set of FAQs covering everything from when someone can expect the payment to whether it will be delivered electronically or on paper.

The most common questions and answers are part of an extensive listing of FAQs that address various aspects of the economic stimulus program. Other economic stimulus information is also on IRS.gov.

The most common question has been when people can expect their payments. Economic stimulus payments will be issued according to the last two-digits of the taxpayer's Social Security number. For joint filers the payments will go out based on the last two digits of the Social Security number of the person listed first on the return. Payments will be made by either direct deposit or paper check, based generally on the option people chose when they filed their 2007 tax returns.

2008 SmartPros Ltd. All rights reserved.

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2007 SmartPros Ltd.