HispanicBusiness

"Where's my stimulus check?" you ask?

You could already have it--if you had the foresight to sign up for electronic distribution of your tax return. If your IRS return came via paper check, you're going to wait a little while.

Today, the Department of the Treasury announced that in its first official week of sending out economic stimulus package payments, approximately $7.1 billion was distributed to about 7.7 million Americans. The stimulus package payments were originally scheduled to be sent out starting May 2, but the department was able to get a jump on the gun.

Electronic distributions are slated to be completed by mid-month; paper check distributions start May 16 and will continue through mid-July. Exceptions include those with complicated tax returns. For these taxpayers, stimulus checks will follow approximately two weeks after the Internal Revenue Service manages to process their 2007 tax filings.

Single filers can generally look forward to $300, or up to $600. For those filing jointly, it's doubled. Each qualifying child garners an extra $300, undoubtedly to be used toward diapers or future education.

Of course, if citizens want to indulge in the spirit of an "economic stimulus payment," perhaps they'll treat their child to the latest movie-tie-in toy for Iron Man or Speed Racer. Or purchase Grand Theft Auto 4.

(Or, if you're one of the lucky few that has it already, a little off-track betting on the Kentucky Derby).

The planned distribution schedule, per the Treasury Department, follows. It's determined by your payment method and the last two digits of your Social Security number.

Direct Deposit Payments

If the last two digits of your Social Security number are 00-20, you should receive economic payment deposit by May 2. For SS#s with the final two digits of 21-75 by May 9; and 76-99 by May 16

Paper Checks

If the last two digits of your Social Security number are 00-09, your check should be in the mail by May 16. For SS#s with the final two digits of 10-18, checks should be in the mail by May 23; 19-25 by May 30; 26-38 by June 6; 39-51 by June 13; 52-63 by June 20; 64-75 by June 27; 76-87 by July 4; and 88-99 by July 11.

UPDATE
Note from HispanicBusiness.com--for the latest information on economic stimulus payments, please see "Where the Heck is my Stimulus Check"