More Information On The Stimulus Payments From the Government

Main IRS web site giving this information can be found here. Below are some interesting facts:

• Stimulus payments will be direct deposited for taxpayers selecting that option when filing their 2007 tax returns. Taxpayers who have already filed with direct deposit won’t need to do anything else to receive the stimulus payment. For taxpayers who haven’t filed their 2007 returns yet, the IRS reminds them that direct deposit is the fastest way to get both regular refunds and stimulus payments.
• The IRS will use the 2007 tax return to determine eligibility and calculate the basic amount of the payment.  In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return). 
• Parents and anyone else eligible for a stimulus payment will also receive an additional $300 for each qualifying child (subject to income phase-outs). To qualify, a child must be eligible under the Child Tax Credit and have a valid Social Security Number.

Now, I also read in my local paper (can’t find the article online) a statement saying that these will not affect next year’s refund. Since I can not find anything saying this online. And, the IRS site says to save the notices it will be sending you so that you can use that information for your 2008 tax return.