Ever since the federal government announced the issuing of the economic stimulus package, Americans have been asking two questions, how much and when? While the first question has been answered for some time now, it took more than a month to answer the second, and on Monday the IRS released that information.

Payments of up to $600 ($1,200 for married couples) plus $300 for eligible children younger than 17, will be issued by the IRS throughout the spring and summer. Those who chose direct deposit payments will be the first to receive their payments.

"People who chose direct deposit will receive their economic stimulus payments the quickest," IRS Commissioner Doug Shulman said. "We know there are many people who are eligible for an economic stimulus payment who have not filed a tax return. If you think you may be eligible, even if you don't normally file a tax return, please check it out. And, use direct deposit to get your payment faster."

Mailing of paper checks will begin on May 9.

To qualify for the stimulus payment, individuals must have at least $3,000 in income, which includes any combination of earned income, nontaxable combat pay they elect to include in earned income and certain payments from social security, Veterans Affairs and Railroad Retirement. Those who qualify must file a 2007 income tax return and a 1040A Form by October 15, 2008, to receive a stimulus payment. The 1040A Form is available here.

The payment schedule below is for people who filed early enough to have their tax returns 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 transmitted 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

According to the statement released by the IRS, "Some taxpayers may receive smaller economic stimulus payments than they anticipated. By law, the stimulus payments are offset to satisfy past-due taxes, student loans, child support and certain other debts."

Those who are eligible for an economic stimulus payment will receive notices from the IRS if they have already filed their 2007 tax return. The IRS states that the goal of the notices are to keep taxpayers informed and reduce the volume of calls to the bureau's customer service representatives, who are still helping callers complete their tax returns.

For more information visit the irs.gov.