The time is quickly approaching for the 2008 Economic Stimulus Payments to be processed.  Tomorrow is tax day and the deadline to file your 2007 Income Tax.  Even those individuals who wouldn’t usually file a tax return (some disabled individuals, veterans, etc) need to be sure to file for 2007 as the 2008 Economic Stimulus Payments will only be sent to individuals who filed a 2007 Income Tax return. 

Here is the payment schedule taken directly from the IRS website.

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:
 00 through 09              May 16
 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

If you are married and filed a joint return, the social security number of the first person listed on the return will be used when determining the payment processing date.

With payments starting at $300 and going up from there, the stimulus package was enacted in order to stimulate the slowing economy.  For information on how much you will be receiving, visit the IRS Economic Stimulus Payment Calculator online.

Here at the Six Figures and Brokehouse, we will be putting the payment into our savings account to pay for my Fall 2008 tuition.  Although we originally intended to pay down debt, I decided to take more courses than I originally planned for as I’d rather finish up my degree sooner vs. later.  Our refund will cover my courses and books for the entire semester.  I’m not sure if that is going to help stimulate the economy but it will help stimulate our household’s future economy.  No more student loans for me, please!

photo credit: pfala