IRS will start sending stimulus payments May 2

The Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments on May 2.

Stimulus payments will be made by direct deposit to taxpayers who opt to receive their 2007 income tax refunds through direct deposit; others will receive refunds in the form of a paper check, the IRS said.

Stimulus payments will be sent out in the order of the last two digits of the Social Security number used on the tax return, the IRS said; as a result, taxpayers may receive their checks at different times than their neighbors or other family members.

With jointly filed returns, the first Social Security number listed will determine the mail-out time, said the IRS, which expects to make about 34 million payments in the three weeks following the May 2 starting date.

The IRS also unveiled a new online calculator on its website that can taxpayers determine the amount of their stimulus payments.

To view the full IRS statement, which includes additional details about the schedule for sending refunds, please click this link.
(By Chris Reidy, Globe staff)