Dana Peters, a volunteer tax preparer

Mar. 23, 2008 (McClatchy-Tribune Regional News delivered by Newstex) --
The Internal Revenue Service in May will start sending out stimulus payments to more than 130 million Americans in an effort to jump-start the floundering U.S. economy.

Tax filers will receive up to $600 for an individual return and $1,200 for a joint return, plus an additional $300 for each qualifying child.

The Daily Journal spoke with Dana Peters, a compliance officer with BancorpSouth and a five-year volunteer with the IRS Volunteer Income Tax Assistance program, to find out more about the stimulus payment.


QUESTION: What do people need to do to get their economic stimulus payment?

ANSWER: They need to file their taxes for this year. If they are not required to file taxes, say they only draw Social Security, they must file a 1040a to get the stimulus payment. They can find it online at IRS.gov or at the IRS tax office that's now located in Fairpark.


Q: When will the payments go out?

A: If you have direct deposit on the regular tax filing, they will start going out May 2 for tax returns received and processed by April 15. The order is based on the last two digits of your Social Security number. (On a jointly filed return, the first Social Security number listed will determine the mail-out time.)

--00 through 20 will be May 2

--21 through 75 will be May 9

--76 through 99 will be May 16

Paper checks will go out starting May 16.

--00 to 09 will be May 16

--10 to 18 will be May 23

--19 to 25 will be May 30

--26 to 38 will be June 6

--39 to 51 will be June 13

--52 to 63 will be June 20

--64 to 75 will be June 27

--76 to 87 will be July 4

--88 to 99 will be July 11


Q: If people need help filling out the forms for the stimulus payment, where can they find it?

A: For the stimulus payment, go to the IRS direct number, which is 800-829-1040.

The IRS Volunteer Income Tax Assistance program is having a special stimulus day on Saturday from 9 a.m. to noon at the Spanish Village in Tupelo. Anyone that doesn't normally have a tax burden but needs to file to get the stimulus can come. We will have people set aside to do filing for them free of charge.

They need to bring a driver's license, Social Security card and their 2007 statement of benefits from the Social Security Administration.

VITA also offers free tax help to people with a household income of $40,000 or less. We do basic income tax returns every Saturday from 9 to noon through April 5. In April, we do them every Tuesday and Thursday from 5 to 8 p.m. through April 10. For more information, call 680-2262 or 407-3005.

Newstex ID: KRTB-0204-23986291