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| | Author | Messages | |
Jason
Posts:3377
 | | 05/05/2008 1:44 PM |
 Alert | http://turbotax.intuit.com/support/kb/e-file/ef-status/1883.html
Will my economic stimulus payment be direct deposited into the same bank account?
No. With the recent enactment of the Economic Stimulus Act of 2008, TurboTax does not ask for deposit information for your economic stimulus payment.
Although the IRS encouraged tax filers to elect to have their rebates deposited directly into their bank accounts, some filers will only be able to receive theirs by mail. They include filers who conducted certain financial transactions, such as paying filing fees from the proceeds of their tax refunds, using third parties, such as SBB&T. | |
Joined: Jul 2005 | |
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| | DaybyDay
Posts:199
| | 05/05/2008 1:47 PM |
Alert | | I did call and check on this per someone's suggestion. And we are fine to receive direct deposit on Friday. Thanks for making the suggestion! I also noticed that when I put in the information into the IRS stimulus calculator, it did say "direct deposit" I don't know if those who used turbotax, but had them deduct the fees from the refund, if theirs would say the same thing. | | | |
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| | reina
Posts:238
| | 05/06/2008 6:45 AM |
Alert | This site was updated today. Last week our information did not work, but today it does.
https://sa1.www4.irs.gov/irfof/IRServlet?app=IRACTC We're scheduled to receive ours on May 9th. | | | |
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| | AZSUN
Posts:39
| | 05/06/2008 7:00 PM |
Alert | Very very strange, earlier today it said that my husband and I were to recieve 1,200 total, we filed married filing jointly, make less than 150,000 a year and have two kids 7 &5. Now, shouldn't we be recieving 1,800?? Thats what we thought all along anyway. | | | |
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| | DaybyDay
Posts:199
| | 05/07/2008 7:11 AM |
Alert | | I think that you would. You should call them. I think once I got to the IRS Stimulus Rebate hotline, I pushed 0...had to wait like 20 minutes, but then got a live body. They should be able to tell you what your rebate is and when you should receive it. You could also check your banking information with them to make sure they have it for deposit purposes. If they don't already have it, they won't change it, but since you have them on the telephone you may as well check it out. | | | |
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| | DaybyDay
Posts:199
| | 05/07/2008 7:13 AM |
Alert | | test | | | |
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|  | LeonPotter
Posts:354
| | 05/07/2008 9:05 AM |
Alert | Posted By AZSUN on 05/06/2008 7:00 PM Very very strange, earlier today it said that my husband and I were to recieve 1,200 total, we filed married filing jointly, make less than 150,000 a year and have two kids 7 &5. Now, shouldn't we be recieving 1,800?? Thats what we thought all along anyway.
Married filing jointly is UP TO $1200. So If your tax liability(what you were required to pay after deductions and credits)was $600, then $1200 would be correct factoring income and dependent children.
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You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | hendersona
Posts:382
| | 05/07/2008 10:42 AM |
Alert | | you get 1200 for join filling then add 300 per child | | | |
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| | LeonPotter
Posts:354
| | 05/07/2008 10:55 AM |
Alert | Posted By hendersona on 05/07/2008 10:42 AM
you get 1200 for join filling then add 300 per child
The MAXIMUM would be $1200 for married filing jointly. It could be less than that. Yes, add 300 for each dependent child under 17.
Example: MFJ income less than 150k, 2 dependent children under 17. Tax liabilty = $900 after deduction and credits on filed 2007 tax return. The rebate would be $1500. $900 liabilty+ (2)$300 dependent children= $1500 total. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | Jason
Posts:3377
| | 05/07/2008 11:11 AM |
Alert | Question: I filed my return, thinking that I could be claimed as a dependent, and thus did not take a personal exemption. Therefore, I didn't receive a stimulus payment. I have since reviewed the rules and it turns out I can't be claimed as a dependent (and I wasn't, so that reduces complexity). If I file an amended return, will I receive a stimulus payment in addition to an extra refund? Or will I have to wait until next year? | |
Joined: Jul 2005 | |
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| | LeonPotter
Posts:354
| | 05/07/2008 12:12 PM |
Alert | Posted By Jason on 05/07/2008 11:11 AM Question: I filed my return, thinking that I could be claimed as a dependent, and thus did not take a personal exemption. Therefore, I didn't receive a stimulus payment. I have since reviewed the rules and it turns out I can't be claimed as a dependent (and I wasn't, so that reduces complexity). If I file an amended return, will I receive a stimulus payment in addition to an extra refund? Or will I have to wait until next year?
This is a good question. Amended returns take a few weeks to go through the process, simply because they aren't electronically filed. But, since your case seems straight forward(no one else can or did claim you), your rebate could come a short time after your amended return is processed and any refund due is returned to you. I wouldn't expect it to go into next year. I have not heard or seen anything in regards to this being added on to 2008 tax return questioning(did you qualify for rebate and not receive it?). The only insight I have is that everything is being based on the filing of 2007 tax returns. I suspect(hope)that you'll be pleasantly surprised. The only thing is the matter of rebate of tax liabilty. This would be apart from any refund(overpayment of required taxes) you receive. Basically, if you had a tax liability after credits and deductions and met income requirement, your rebate will be up to $600 for filing single. Please keep us posted. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | NateK1975
Posts:79
| | 05/07/2008 12:35 PM |
Alert | Yup, Just like I thought. I think the Wall Street Journal was correct when I read it and posted my reply to the original person on here. It goes by Last two digits and all you had to do is file and have your returns as being direct deposited...Whatever the real way it is supposed to be, Since I am with the last two digits of 88, I dont expect mine deposited for another week or so. Good luck to everyone trying to figure out how the Govt. does things. Good luck everyone. | | | |
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| | NateK1975
Posts:79
| | 05/07/2008 12:42 PM |
Alert | From the IRS website:
DIRECT DEPOSIT
Last two SSN digits: Payments will be transmitted no later than:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16
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| | Jason
Posts:3377
| | 05/07/2008 1:34 PM |
Alert | Posted By NateK1975 on 05/07/2008 12:42 PM
From the IRS website:
DIRECT DEPOSIT
Last two SSN digits: Payments will be transmitted no later than:
00 through 20 May 2
21 through 75 May 9
76 through 99 May 16 Yes, I was mistaken. For some reason I thought that all the direct deposits were supposed to have been completed last week. However, I was right in that if you had fees taken out of your direct deposit return, you will receive a paper check. See my post above from TurboTax. The reason I brought up the 2008 taxes is that this economic stimulus is a part of 2008 taxes. Everyone is getting it early (and will not have to pay it back) and so, if you aren't eligible now, you might be eligible next year (such as dependency status changes). | |
Joined: Jul 2005 | |
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| | LeonPotter
Posts:354
| | 05/07/2008 1:51 PM |
Alert | Posted By Jason on 05/07/2008 1:34 PM The reason I brought up the 2008 taxes is that this economic stimulus is a part of 2008 taxes. Everyone is getting it early (and will not have to pay it back) and so, if you aren't eligible now, you might be eligible next year (such as dependency status changes).
Where did you find this information that it is part of 2008 taxes? | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | poobaa
Posts:136
| | 05/07/2008 2:22 PM |
Alert | Jason is correct If you made too much in 2007, you may qualify in 2008.
Congress can not just give away money, so they called it an advance rebate of 2008 taxes.
Congress will tell the IRS not to count it for 2008.
As an aside if you use turbotax, you must pay the $17.95 electronic filing fee by credit/debit card to have IRS direct deposit your rebate check. | |
"What me worry"
If you don't know where you are going, it matters less what road you take | |
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| | LeonPotter
Posts:354
| | 05/07/2008 2:40 PM |
Alert | Posted By poobaa on 05/07/2008 2:22 PM
Jason is correct If you made too much in 2007, you may qualify in 2008.
Congress can not just give away money, so they called it an advance rebate of 2008 taxes.
Congress will tell the IRS not to count it for 2008.
Again, where is this information found? There is one reference to 2008 tax return on the IRS website in this area. It mentions to have rebate info available. But, I have yet to see anything saying this info is based on 2008 tax staus/rates like the advance paid a few years ago. That WAS an advance because tax rates were lowered retroactively and the checks were mailed based on prior year's filing. Thus, info was required upon filing for the year advances were mailed. If one made too much?If one didn't have a tax liability, no rebate. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | Jason
Posts:3377
| | 05/07/2008 3:14 PM |
Alert | Directly from the text itself:
(a) In General- In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2008 an amount equal to the lesser of...
and...
g) Advance Refunds and Credits-
`(1) IN GENERAL- Each individual who was an eligible individual for such individual's first taxable year beginning in 2007 shall be treated as having made a payment against the tax imposed by chapter 1 for such first taxable year in an amount equal to the advance refund amount for such taxable year.
`(2) ADVANCE REFUND AMOUNT- For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such first taxable year if this section (other than subsection (f) and this subsection) had applied to such taxable year.
`(3) TIMING OF PAYMENTS- The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible. No refund or credit shall be made or allowed under this subsection after December 31, 2008.
`(4) NO INTEREST- No interest shall be allowed on any overpayment attributable to this section.
Economic Stimulus Act of 2008 Text | |
Joined: Jul 2005 | |
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| | LeonPotter
Posts:354
| | 05/07/2008 3:22 PM |
Alert | Thanks. I did find another reference to it in the IRS site. Ahhhhh. Leave it to the politicians to make something that could be simple more complicated than life needs to be. In the business, we call these things: The Tax advisor employment opportunity act. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender.
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| | Jason
Posts:3377
| | 05/07/2008 3:23 PM |
Alert | Posted By poobaa on 05/07/2008 2:22 PM
As an aside if you use turbotax, you must pay the $17.95 electronic filing fee by credit/debit card to have IRS direct deposit your rebate check.
Or you can have them take the e-File fee out of the return, which will cause a paper check.
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Joined: Jul 2005 | |
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