Your Economic Stimulus Payment Check is Coming Early

When the Economic Stimulus Payment schedule was initially announced on March 17, IRS said the first check will be made on May 2 to taxpayers who selected to receive the payment via direct deposit and on May 16 for those who choose to receive paper check instead.

Now, the schedule has been pushed up a little and you may get your check as early as next week, depending on the last two digits of your SSN. Instead of May 2, IRS will begin depositing payments next Monday, April 28, four days earlier than schedule and paper checks will be mailing out on May 9. By speeding up the process, the government is apparently trying to jump start the economy, which has slowed dramatically in the first quarter and lost nearly a quarter million jobs since the beginning of 2008. However, with consumer sentiment at 26-year low and food and gas prices at all-time high, I wonder how many people will actually spend the money as the government has hoped. If I have thousands credit card debt, I will use that money to reduce my debt, not buy a big screen TV.

For us, there isn’t too much to anticipate because we won’t get a $1,800 check as we originally assumed. Instead, we will only get a little over $400 :( But any money is good :)

Update: Check out details on 2009 economic stimulus plan.

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13 Responses to “Your Economic Stimulus Payment Check is Coming Early”

  1. cs |  Apr 25, 2008 at 6:23 pm

    Each child is worth $300. So, you should be getting $1000 ($400 + 2 x $300).

  2. Tim |  Apr 28, 2008 at 11:40 pm

    there’s always a big divide in what people say they will do and what they actually do. my guess is that many people have already spent the rebate check in anticipation of receiving the rebate check. bad habits are hard to die. I’ve been seeing a spike in shopping since the announcement that the checks were coming early.

    it really doesn’t matter if the money gets invested, pays off debt or is used to buy stuff, the money goes back into the market anyways.

  3. dee |  Apr 30, 2008 at 12:55 pm

    It’s $600 per individual, $1200 for couples, plus $300 per child. how are you only getting $400 in that equation, CS?

  4. rs |  Apr 30, 2008 at 3:05 pm

    Actually, the 600, 1200, 300 thing doesn’t really work due to the fact that it is also based on how much you make. If you make over 75,000 they take out 5% of anything above that or 150,000 for couples they take out 5%. So if you were a couple that had two children and made oh let’s just say 178,000 dollars last year , then you would get $1800 but wait since you made $178,000 since that is over $150,000, you take $178,000 – $150,000. That equals $28,000. Then you would take $28,000 times 5%, which equals $1,400. Finally $1,800 – $1,400 is $400 dollars that is all that person would receive. Maybe people should learn to read up on stuff a little more before the go around thinking they are smarter than anyone else on the planet. By the way in case you don’t realize it….. YES Dee this was just for you.

  5. Sun |  May 01, 2008 at 12:26 am

    RS: Thanks for the explanation. Theoretically, we could get $1800 (2*600+2*300) rebate. However, just as you said, the total amount people eventually receive also depends on their total income. Our $400 some rebate is the result of our income.

  6. peggy |  May 03, 2008 at 10:26 am

    It would be nice if irs could have updated the date of the stimulus checks being deposited by the last 2 numbers of the persons ss# it really doesnt update the info for everyone does it?

  7. Sun |  May 03, 2008 at 2:55 pm

    That’s right. I found it’s weird that IRS has updated the FAQ section on April 30, but still leaves the payment date as May 2 when the first payment was sent on April 28. Oh well, that’s probably the way the government does thing. They should know that people are now expecting their checks and rely on their website for updated information.

  8. Kelly |  May 05, 2008 at 8:09 am

    We are waiting for the stimulus payment to be direct deposited into are savings my husbands last two # are 20 and we have not recieved it yet, is there anyway to check on it?

  9. Chris Paul |  May 12, 2008 at 11:49 am

    If you took out a RAL (Refund Anticipation Loan) that was direct deposited into your checking account you will be receiving a paper check. Just found this out.

  10. laura |  May 20, 2008 at 10:05 am

    I’ve been waiting for a few weeks now for the stimulus check. It was suppose to be direct deposited on May 9th. But then I found out that if you went to places such as H&R Block and paid the fee’s they charge you through your refund then you get a paper check even if you selected Direct Deposite. I think that this stimulus check is over rated and people are getting to excited for it. TRUST ME.. I’m excited for it.. or I was… and I’ll be glad to have free money. But people who are expecting it on a certain date.. DONT. And people who are going by the “amounts” that they are saying in the news dont trust.. if you think u are getting 600.. ur probably getting 300. Come on.. its the goverment.. you think that they really give a crap when people get their stuff. Their phone lines are so busy that you would have to wait hours to even talk to anyone. THEY DONT CARE. I’m like any one of you out there there who is upset by the fact that ya know the goverment is once again lying to us. I had planned on moving with the money. I tried to use my income taxes but got in a car accident and had to use it to pay for that. I even had to tell my landlord that I was “taking back” my 30 day notice because my money hadnt come yet.. my husbands did.. but we did his online. We’re trying to save but when your bills are $500 a week and you $560 between both people. It doesnt add up fast. Now i’m probably not going to get mine till end of June begining of July. All I’m really saying is…. DONT GET YOUR HOPES UP.. THIS IS THE GOVERMENT WE ARE TALKING ABOUT AND THEY COULD CARE LESS!!!

  11. Breimann |  May 23, 2008 at 1:46 am

    Eh whenever I get it I get it… I’m 19, so it’s not like I need it to pay off a large bill or something. People are expecting too much from the government. My girlfriend is upset that she won’t be getting hers till probably mid july. I just keep telling her “hey be glad you’re getting anything”. She hasn’t taken my advice yet -_-

  12. Michelle |  Jun 10, 2008 at 3:22 pm

    I also just recieved $3oo instead of the $600,and im single barely making it!!The government is full of #%##%!

  13. Linda Harris |  Mar 01, 2009 at 1:07 pm

    Hello I am a single home owner and have a student in college and a son who is 18. Am I getting a 2009 Stimulus check this year and how much? I am the only one that works and has a check every other week. I am barely making ends meet weekly. Thank you for your response soon.