When will you receive your federal rebate? Now we know — the Internal Revenue Service published the payment schedule yesterday.

The IRS plans to start issuing about $107 billion in rebates on May 2 to about 130 million households.

To be eligible for a rebate, you must file a federal income-tax return. So, assuming you file by April 15, here are the general rules:

•Direct Deposit: If you complete the “direct deposit” section of your return, your rebate will probably be deposited directly into your bank or credit union account.

And you’ll get your rebate faster than others will. The U.S. Treasury plans to directly deposit rebates in three weekly batches: on May 2, May 9 and May 16.

Directly deposited rebates “will all be done in the first three weeks of May,” IRS spokeswoman Peggy Riley said. Altogether, the IRS expects to issue about 34 million rebates this way.

•Paper Checks: If you do not complete the “direct deposit” section of your return, you’ll get your rebate in the form of a paper check, by mail. The Treasury plans to put rebate checks in the mail in weekly batches, starting May 16 and ending July 11.

•Order of Payments: Exactly when you’ll receive your rebate depends on the last two digits of your Social Security number. (If you’re married and filing a joint return, the IRS will rely, for this purpose, on the Social Security number listed first on the return.)

To understand how this will work, consider the last two digits of your Social Security number to be a whole number. For example, if your Social Security number ends in “26,” your number is 26.

The closer that number is to zero, the sooner you’ll get your payment.

The closer that number is to 99, the later you’ll get your payment.

Here’s how it’ll work if you use direct deposit:

•If your number is from 00 to 20, the Treasury will send your rebate directly to your bank or credit union account May 2.

•If your number is from 21 to 75, your rebate will be directly deposited May 9.

•If your number is from 76 to 99, your rebate will be directly deposited May 16.

The Treasury will use a similar procedure for mailing of paper checks. For example:

•If your number is from 00 to 25, the Treasury will put your check in the mail in May.

•If your number is from 26 to 75, the Treasury will put your check in the mail in June.

•If your number is from 76 to 99, the Treasury will put your check in the mail in early July.

The payment schedule is especially important for those many MoneyLine readers who have been looking forward to receiving their rebates.

Maybe you’ve got some bills to pay, are planning a big purchase or want to add to your savings.

Rick Keller, coordinator of a Providence branch of the IRS’s Volunteer Income Tax Assistance (VITA) program, which helps people prepare and file various tax-related forms, said, “We’ve had some folks who are anxious” to receive their rebates, and want to know when they’ll receive their payments.

“There’s been some confusion about that,” Keller said. For instance, some people aren’t sure whether they’ll receive rebates in the order they file their returns, he said.

The IRS schedule published yesterday should help to resolve such issues.

A few other points:

•Broadly speaking, your rebate will range from $300 to $600 if you’re single, or from $600 to $1,200 if you’re married and filing a joint return. (You may be eligible for an additional rebate amount of up to $300 for each child you have who was under age 17 as of Dec. 31, 2007.)

•If you file your return by April 15, you’ll receive your rebate by mid-July, Riley said. What if you file your return after April 15? You’ll still be eligible for a rebate, but it could take a few weeks to process your payment after the IRS receives your return. (If you file after April 15 and are due a federal income-tax refund, for example, you’ll probably receive your rebate about two weeks after you receive your refund, Riley said.)

•To make sure you receive a rebate, file your return by Oct. 15. If you file after that, the IRS cannot guarantee that you’ll receive a rebate this year (and cannot, by law, issue rebates after Dec. 31).

•Keep in mind that the amount of your rebate could be reduced — in some cases to zero — if you are delinquent on federal or state income taxes, federally backed college loans or certain other debts, such as child support.

•If you still have questions about the rebate program’s rules, especially if you’re retired and don’t normally file a federal income-tax return, keep in mind that U.S. Sen. Sheldon Whitehouse is sponsoring an information session today, starting at 10:15 a.m., at the Leon Mathieu Senior Center, 420 Main St., Pawtucket.

The meeting is free and open to the public, and will include representatives from the IRS and from AARP, a membership organization for people 50 and older.

TODAY’S TIP: The IRS yesterday launched an online rebate calculator. You can use it to help figure out how much of a rebate you’ll receive:

www.irs.gov

(Click on the “Rebate Questions?” link at the top of the page, then click on “calculator”.)

To use the calculator, it’s best to have your federal return handy, Riley said.

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