Economic Stimulus check to to start pouring in from May

23 April 2008

Starting in May 2008, the Treasury will start sending economic stimulus payments to more than 130 million USA households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will then process the payment.

Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.

A typical household can look forward to receiving $3000 with two young kids assuming that the parents are filing jointly.