Show me the money!

Under the Economic Stimulus Act of 2008, the Internal Revenue Service will begin sending checks to more than 130 million households May 2.

Although some filers, such as those with very high incomes, will not qualify for a stimulus payment, most people can expect between $300 and $600 if filing separately and up to $1,200 for married persons filing jointly, according to the IRS.

The United States Treasury Department will make payments starting in early May and have already set up a schedule for the check payments.

The IRS has set up a Web site specifically for the economic stimulus package.

Those who want to estimate the amount of their payment can use the economic stimulus payment calculator.

To receive a stimulus payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return, according to the IRS economic stimulus package Web site.

They also cannot be considered a dependent.

People with no net income tax liability — those who receive all of the money they pay in income taxes back from the government — will usually get a minimum payment of $300.

In addition, parents will receive an additional $300 for each eligible child younger than 17.

Stimulus payments are not taxable and will not reduce a taxpayer's refund or increase the amount owed on 2008 returns, but they can be used to pay past-due taxes as any other refund would, according to the IRS.

Many retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return may also receive a stimulus payment by filing a 2007 tax return.

More information

regarding this and other special circumstances can be found on the IRS' stimulus package Web site.

~ Original story by Stephany