Stimulus checks going out in May

The IRS plans to mail millions of economic-stimulus payments beginning May 2, and taxpayers can determine how much they likely will receive by using an online calculator at www.irs.gov.

Payments will be made by direct deposit to people who chose to receive their 2007 income tax refund that way, the IRS said. Others will receive paper checks.

Payments will follow a schedule determined by the final two digits of a taxpayers’ Social Security number. For returns filed jointly, the first number listed will be used.

People choosing direct deposit should have their stimulus payments deposited by May 2 for numbers 00-20; May 9 for numbers 21-75; and May 16 for numbers 76-99, the IRS said. Paper checks should be in the mail sometime between May 16 (for numbers 00-09) and July 11 (for numbers 88-99).