No doubt you have heard about President Bush’s economic stimulus plan intended to stimulate the economy and thereby side-step an economic recession in 2008 by providing a $145 billion rebate to taxpayers. Approximately $100 billion of the plan will go to individual tax payers while the balance will be directed to businesses.

Lest you think this was some sort of dream, the Internal Revenue Service announced today that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July.

How much will you be stimulated?

The IRS has provided a nifty calculator to get us all hot and bothered about our stimulus. To use the calculator, you will need some information handy to answer the 15 questions necessary to get your estimate. All answers can be found directly on your tax return from 2007. So be ready with your 2007 Form 1040, Form 1040EZ, or Form 1040A. You will be entering information from one of these forms.

The IRS also advises -

• The result from this tool is just an estimate.
• Allow approximately 5-10 minutes to complete this tool.
• Please answer all questions on each page.

Before you get to the questions from your tax return, you will need to answer these questions.

• Can you, or your spouse if filing a joint return, be claimed as a dependent on another person's return?
• Are you, or your spouse if filing a joint return, a nonresident alien?
• Does your tax return include a valid social security number for you and your spouse, if filing a joint return?

When will you be stimulated?

The IRS posted a schedule indicating when eligible tax payers will receive their tax stimulus payments. The schedule is based on the final two digits of your Social Security number so congrats to all those ending in 00, 01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 12, 13, 14, 15, 16, 17, 18, 19, 20. You could get a direct deposit as early as May 2. If you file jointly, use the last two digits of the primary filer’s Social Security number. The fastest way to get the economic stimulus payment from the IRS is through direct deposit.

Direct Deposit if your Social Security number ends in

• 00-20 paid May 2
• 21-75 paid May 9
• 76-99 paid May 16

If you want your check in the mail then a check will be sent on the following dates based on if your Social Security number ends in

• 00-09 paid May 16
• 10-18 paid May 23
• 19-25 paid May 30
• 26-38 paid June 6
• 39-51 paid June 13
• 52-63 paid June 20
• 64-75 paid June 27
• 76-87 paid July 4
• 88-99 paid July 11

iPhones for everyone in July. Maybe I will buy 6 shares of Apple Inc. (NASDAQ:AAPL) stock.

For more information about the Economic Stimulus Payment, please see the IRS.