MYTH: You have to report the stimulus payment you receive this year as income and pay tax on it.

FACT: The payments are not taxable.

MYTH: Stimulus payments will reduce your refund when you file your taxes next year.

FACT: Not only will the payment not reduce your refund, but if you receive less than the maximum amount, you could receive an additional credit amount, up to the maximum, on your return next year. If your stimulus payment is more than the credit calculated on your return next year, you do not have to repay the difference. (The maximum amount is up to $600 for individuals or $1,200 for married couples filing jointly, plus up to $300 for each qualifying child.)

MYTH: Filing taxes is so hard, you can't possibly do them yourself, and professionals are too expensive.

FACT: People not normally required to file can use a special, simple version of Form 1040A to qualify for the payment, only needing to fill out a few lines of the form.

MYTH: Payments are automatic. You don't need to do anything but check your mail in anticipation of its arrival.

FACT: You must file a federal tax return in order to receive it. If you don't normally file a tax return but got at least $3,000 in Social Security, railroad-retirement or certain veterans' benefits, or if you have a small amount of earned income, you need to file a Form 1040A to receive a minimum payment.

MYTH: Payments won't be mailed until July or later, which doesn't help when you need your money now.

FACT: Payments go out starting in early May and will continue through the summer. The IRS hasn't released the 2008 stimulus-payment direct-deposit and mail-out schedule. The fastest way to get your payment is to electronically file your taxes and have the money directly deposited into your bank account.

MYTH: Everyone is eligible for a payment.

FACT: Many won't get it. People who have less than $3,000 in qualifying income who wouldn't otherwise file a return, "nonresident aliens," people who don't have a Social Security number, those who can be claimed as dependents by someone else and anyone who files a Form 1040NR, Form 1040PR or Form 1040SS are not eligible. Anyone with an income above the level at which the stimulus payment gradually reduces until it is phased out will not get a stimulus payment. Phase-out income levels begin at $75,000 for a single head of household or $150,000 for married filing jointly.