The Internal Revenue Service said it would begin sending out more than 130 million economic stimulus payments in weekly installments starting May 2, with the distribution schedule based on the last two digits of the recipient's Social Security number.

The initial recipients will be those whose Social Security numbers end between 00 and 20, and who have elected to receive their tax refunds by direct deposit. For those who don't use direct deposit, paper checks will be sent starting May 16.

Taxpayers must file a tax return by April 15 if they want to be among those receiving the first round of payments. The latest date to file and receive a payment is October 15. The IRS plans to complete the initial round of payments by early July.

The IRS also added an online calculator to its Web site to help people determine the amount they will receive. After they answer a series of questions, the calculator displays the projected dollar value of the payment.

Here is the payment schedule provided by the IRS: Stimulus Payment Schedule for Tax Returns Received and Processed by April 15  

Direct Deposit Payments
If the last two digits of your Social Security number are: Your economic stimulus payment deposit should be sent to your bank account by:
00 – 20 May 2
21 – 75 May 9
76 – 99 May 16
Paper Check
If the last two digits of your Social Security number are: Your check should be in the mail by:
00 – 09 May 16
10 – 18 May 23
19 – 25 May 30
26 – 38 June 6
39 – 51 June 13
52 – 63 June 20
64 – 75 June 27
76 – 87 July 4
88 – 99 July 11

 

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