By CARLA MORRICAL-FREDERKING

Special to The Hays Daily News

People are relieved the tax deadline is past and their taxes are filed. Now it is wait time to get the economic stimulus payment.

The IRS has a plan to issue the economic stimulus payments based on Social Security numbers.

If you are expecting a tax refund and requested it be direct-deposited into your account, your economic stimulus payment will also be direct-deposited. If you got your tax refund in the mail, your stimulus payment will arrive in the mail.

A tax return must have been processed by the IRS to receive the stimulus payment. Therefore, even though it appears your Social Security number should receive one of the earliest stimulus payments, if you filed on April 15, your return might not be processed by the date your payment is scheduled to go out.

The last two digits of your Social Security number will determine the date the IRS will issue your stimulus payment. For example, if your Social Security number ends in 86, you can expect the direct deposit of your payment May 16. On jointly filed returns, the payment date will be based on the first Social Security number listed.

The schedule:

For direct deposit

00-20 May 2

21-75 May 9

76-99 May 16

For check payments:

00-09 May 16

10-18 May 23

19-25 May 30

26-39 June 6

39-51 June 13

52-63 June 20

64-75 June 27

76-87 July 4

88-99 July 11

The IRS has an online calculator taxpayers can use to figure how much their stimulus payment will be. You need to have figures from your tax return to use the calculator at www.irs.gov/app/espc.

If you got an extension to file your taxes, file by Oct. 15 to get the stimulus payment in 2008.

Do you have plans for the economic stimulus payment you will receive? Have you discussed with your family the best use of this unexpected money?

It would be so easy to spend the money on something fun, but would that be the wisest financial decision for you or your family?

This is a time when wants and needs might clash. You might want to spend the $1,200 on a larger TV, but you might need to use the money to pay for the gas charged on your credit card.

If your bills are caught up, consider using the stimulus payment to make a deposit to your IRA or other retirement savings.

Most people who have children will receive $300 per child. Why not open a savings account for your child and continue to add to it each month? Whether your child uses the money for education or for their first apartment, they will thank you some day for helping them get started in their adult life.

This information was provided by: Mary Lou Odle, central district Extension agent, family and consumer sciences, Saline County.

Carla Morrical-Frederking is the Ellis County Research and Extension agent for family and consumer science.