The US Treasury Department will begin sending 2008 Economic Stimulus payments starting in early May to more than 130 million individuals.

To get a payment, individuals must file a 2007 tax return as they normally would. The IRS will then do all the rest, including determining eligibility and payment amounts.

The stimulus payments could be up to $600 for single filers and $1,200 for joint filers. In addition, individuals may be eligible to receive $300 credit per dependent child.  The payments will be reduced and ultimately phased out for individuals with adjusted gross income levels at or above $75,000 for a single filer and $150,000 for joint filers.

The legislation also provides stimulus payments to low-income workers and recipients of Social Security, Railroad Retirement and certain veterans’ benefits.  These benefits, plus any earned income the benefits recipient may have received, must total at least $3,000 in any combination.  The veterans’ benefits include certain pension, disability or death benefits paid by Veterans Affairs.

If low-income workers, recipients of Social Security and certain veterans’ benefits do not normally file a federal income tax return, they will need to send in a simple tax return this year in order to receive a payment.

Only individuals who file a 2007 tax return with valid Social Security numbers will be able to receive a stimulus payment. If filing a joint return, both spouses must have valid Social Security numbers. In order to get the $300 additional child credit, the child being claimed must also have a valid Social Security Number.

The IRS.gov Web site is the best source of information for all stimulus questions. The Web site contains all the latest information as it becomes available.