Econ. stimulus tax rebate (Update: Payments began week of 4/28) - Some TurboTax clients missed?

[tristarscoop]

I've been looking everywhere but can't find the info as to how I'll receive my money if I owed the Fed money on my 2007 return? I paid them electronically out of my bank account, so does that count when they're talking "Direct Deposit"?

[JJHardy7]

I've been looking everywhere but can't find the info as to how I'll receive my money if I owed the Fed money on my 2007 return? I paid them electronically out of my bank account, so does that count when they're talking "Direct Deposit"?

 

You'll have to look on your 2007 tax return. Under "Refund" on the second page is your bank account information filled out there? This can be filled in regardless of whether you have a refund or have to pay.

[craigharmann]

I owed money, am making payments, but when I did it with Turbo Tax, it computed my refund ($688, much less than the "up to $1200 for married couples") and had me fill out my bank info for direct deposit.

[tristarscoop]

I've been looking everywhere but can't find the info as to how I'll receive my money if I owed the Fed money on my 2007 return? I paid them electronically out of my bank account, so does that count when they're talking "Direct Deposit"?

 

You'll have to look on your 2007 tax return. Under "Refund" on the second page is your bank account information filled out there? This can be filled in regardless of whether you have a refund or have to pay.

I'll have to look when I get home. Thanks

 

[dadofandrew]

My wife read that if the IRS says you owe money, your stimulus will go towards that. None for us, I guess, at least until we get that straightened out.

[ewizabeff]

I got mine today. I filed in February I think, electronically, and had my refund direct deposited. My SS# ends in 16. Yay free money!

[craigharmann]

Yay free money!

I guess that works, if you look at it that way. Or it's the government giving your money back to you (which I wish they wouldn't take so much in the first place!)

 

[jaybird2001wi]

Well, I checked my online banking site TWICE since 3am and did NOT receive my stimulus tax rebate despite the fact that my SSN falls in line with today's pay date.

Then I checked turbotax.com and it says that the IRS cannot track down the routing numbers from the Online e-filing forms from my 2007 return. What is worse is I went to the IRS to track my payment and it says, "We are sorry, we have no record of you filing." This also happened to my parents on the IRS website.

What gives? And what is going on here? I am surprised people are not in an uproar over this. Now turbotax says I will likely get a "paper check" because I used a "third-party" transfer through Santa Barbara Bank and Trust.

Ugh, just when I NEEDED this additional $600, somehow it screws me over once again and now I won't be able to get a car... until freakin June 27?

[pitchleague]

hmm, I'll have to check that out, too, jaybird. I used the online version of Turbotax and had been wondering all week why it wasn't deposited earlier like others had.

 

The government had no problem depositing my refund in February. I wonder why there may be a hangup now.

[fondybrewfan]

I went with TaxAct and I got my $600 today. I was expecting $1,200 since I am married but after checking the IRS website, I don't believe we have a high enough tax liability to qaulify for the $1,200. I'll take it though, put it right into my saving so my wife and I can get a house next year. Come on home prices, keep falling!!!!!!

[pitchleague]

just checked my bank account during my lunch break and discovered that my $1200 was deposited this morning. Hooray!

 

I still gotta wonder what the problem was for other Turbotax users.

[jwill535]

Got our $1500 in the mail, my $600 is going towards either a newer car or replacing the 6 yr old 65" Big screen in the basement with a plasma(anyone want to buy a 65" bigscreen? The wife and 22 month old are undecided on what they are going to buy with they're $600 and $300 respectably.

[dadofandrew]

Got mine the other day, and i used Turbotax. They did not withhold it even though they say I owe thousands from 2006.

[olliegjw]

Got mine the other day, and i used Turbotax. They did not withhold it even though they say I owe thousands from 2006.

Got ours on-time today. I used Turbotax to file our return.

[craigharmann]

Still haven't gotten mine, so I don't know what the deal is. My social ends in 24, so I was figuring it would come today. Oh well.

[bullox]

Got mine today. Also used Turbotax online.

[Paul77]

Yeah, the title of this thread really should be changed because it seems that everyone else here who used Turbotax had no problems. Myself included. I got my DD on Wednesday and I used turbotax as well.

[jazzytrav]

Not sure if this has been posted yet, but this might help some people.

 

Specifically:

 

Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?

A. Taxpayers who use Refund Anticipation Loans (RALs) or enter into any other loans or financial agreements with a tax professional, such as agreeing to have return preparation fees deducted from their refunds, cannot receive their stimulus payments by direct deposit and instead will get paper checks based on the paper check distribution schedule.

If the preparation fee was automatically taken out of your refund, then your stimulus return will come as a paper check.

[Patrick425]

Ok, I was assuming I would get my rebate direct deposited this last week sometime since my SS number ends between 20-75. But I did not. My understanding is people who got there tax refund deposited directly to there account will also get their rebate deposited directly to their accounts. However, what if you did not get a Federal tax refund? I guess I was assuming if you owed taxes and you had them taken directly from your checking account (which I did through Tax Cut), that it would be the same as having your tax refund directly deposited because they have all your bank routing and account information.

 

Now, I get the feeling that I'm going to get a physical check sometime in June. Does not seem right since my tax payment was taken directly from my account. Can anyone confirm this? Did you have to get a refund in order to qualify get the rebate electronically deposited..even if your tax payment was electronically deposited?

[jazzytrav]

Took a little bit of digging, but here's what I found:

 

Q. I chose direct debit to pay my tax bill. Will my stimulus payment be direct deposited to the same account?

A. No, the account information used for an incoming direct debit payment to the IRS cannot be used as the account information for the direct deposit of the stimulus payment. People who choose direct debit to pay a balance due will receive their stimulus payments by paper check through the mail. [updated 3/3/08]

Q. I plan to choose direct debit to pay my tax bill. I know my economic stimulus payment will not automatically be direct deposited based upon the direct debit information I've provided to pay my tax bill, but can I also enter direct deposit information to receive my stimulus payment by direct deposit?

A. Some tax preparation software will allow this, some will not. You will have to make this determination based on your own review of the tax preparation software you use. If the tax software allows you to enter both direct debit (electronic funds withdrawal), as well as direct deposit information, doing so will allow your economic stimulus payment to be direct deposited. [New 3/20/08

If you click on the link, you can find an answer to most questions somewhere through following a some links depending on what the question pertains to.

[Patrick425]

Thanks for the info jazzy.

 

No, the account information used for an incoming direct debit payment to the IRS cannot be used as the account information for the direct deposit of the stimulus payment

Why not!? It's the same information (routing number and account number). Typical government mentality.

[jazzytrav]

I believe it's because of the way the transaction happens. When you fill in the info for direct debit, you're giving the IRS permission to withdraw from your account. But you're not giving them permission to deposit into your account. A little messed up, but that has more to do with how financial institutions work than the government.

[tristarscoop]

I also learned that lesson the hard way. I assumed that giving them my info for withdrawing would give them the info they needed to deposit, but not so.

 

I guess I think it's ridiculous that you have to give them permission to give you the money. I wrote down the numbers for them, gave them authority to take my money, but that doesn't cover them giving me free money. As though anyone out there would turn this down.

[brewerjamie15]

We got ours last week. Unfortunately, Mary spent the whole thing to pay off credit card debt. We are up to date on all bills, credit card debt is nonexistent. I sure would have liked to buy something foolish and splurge like, but I had to go marry some broad who's responsible. That'll teach me. You guys know me well enough. I'd have totally wasted that money if she'd have let me.

[mark brouhard is number on]

filed through turbo tax and according to the schedule should have got mine on May 9. still haven't got it, the government is full of tools