I wrote on Friday that I received the stimulus payment on the scheduled date that I was supposed to receive it. I received a letter in the mail today from the IRS that explained the payment that I was entitled to, and it explained why I received the $600.00 instead of the $1,200.00.
Here is the excerpt straight from their letter:
Based on your filing status, the amount of the stimulus payment is $1,200 or your 2007 net income tax liability, whichever is less. Net income tax liability is your tax before credits, including the alternative minimum tax, less all non-refundable credits other than the allowable child tax credit.
However, if the net income tax liability on your 2007 federal income tax return is less than $600 and you had $3,000 or more in qualifying income, the amount of your stimulus payment is $600.
For those who had their tax refund directly deposited into a refund anticipation loan account . . .
According to the letter, you will receive a paper check in the mail. You can check the payment schedule for when your paper check might be sent out, but do not rely on that. Over 100 people have commented on here about not receiving the payment on time based on that schedule. Also, check out my podcast in the previous post about why I think the IRS should have never sent out a payment schedule.