Got my tax stimulus money Options

[mdw2006]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

[Googie]

[stressedtothemax]

I've been wondering about the TurboTax issue and direct deposit too so if anyone gets dd that filed turbo tax please let us know! I was hoping that our dd went through and that we didn't have to wait for a paper check since we did technically e-file. DH is 27 and I am 49 so we were in the scheduled 2nd batch. It was going to go to our vacation fund (but if we have to wait for paper check it might not get here in time but that's ok, it's not a huge deal we have enough) and pay back some of our emergency fund that had to get dipped into (a few hundred) and the rest was gonna be some play money for the family since we don't often get to have that

[Nikki Sixx]

I've been wondering about the TurboTax issue and direct deposit too so if anyone gets dd that filed turbo tax please let us know! I was hoping that our dd went through and that we didn't have to wait for a paper check since we did technically e-file. DH is 27 and I am 49 so we were in the scheduled 2nd batch. It was going to go to our vacation fund (but if we have to wait for paper check it might not get here in time but that's ok, it's not a huge deal we have enough) and pay back some of our emergency fund that had to get dipped into (a few hundred) and the rest was gonna be some play money for the family since we don't often get to have that

What TurboTax issue?

[amberz11]

Will I have to pay it back?

No. And here's why.

Your stimulus payment is a one-time tax cut - an advance on a credit you'll receive on your 2008 return. You will not owe tax on your payment when you file your 2008 tax return, and it will not increase the amount you owe or reduce your 2008 refund.

The stimulus payment is based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

I didn't know this was an advance based on 2008 taxes. This is great for me. DH was deployed to Iraq for 8 months of 2007, so we get less because of all of his non-taxable income. Our deposit should be $1200 in two weeks (we have two kids) , but we should get the remaining $600 as a credit on our taxes in 2008. I'd like to have it all now, but I can't complain. It'll come in handy next February as well. Thanks for the info.

[nyrfann]

I've been wondering about the TurboTax issue and direct deposit too so if anyone gets dd that filed turbo tax please let us know! I was hoping that our dd went through and that we didn't have to wait for a paper check since we did technically e-file. DH is 27 and I am 49 so we were in the scheduled 2nd batch. It was going to go to our vacation fund (but if we have to wait for paper check it might not get here in time but that's ok, it's not a huge deal we have enough) and pay back some of our emergency fund that had to get dipped into (a few hundred) and the rest was gonna be some play money for the family since we don't often get to have that

If you used "simple pay" that taxcut offers or something similar like that (turbo tax) you will be getting a check and NOT direct deposit.



This post has been edited by nyrfann: Apr 28 2008, 02:41 PM

[alicia671]

There were TWO options with TurboTax... if you filed and paid the fee to TurboTax INSTEAD of having it withdrawn from the refund, the IRS has your DD info and should be direct deposited... at least I hope. Because that way bypasses Santa Barbara. I'm not sure about the other route (having the fee withdrawn from refund)

[nyrfann]

There were TWO options with TurboTax... if you filed and paid the fee to TurboTax INSTEAD of having it withdrawn from the refund, the IRS has your DD info and should be direct deposited... at least I hope. Because that way bypasses Santa Barbara. I'm not sure about the other route (having the fee withdrawn from refund)

Easy way to tell:
Look at your tax return, if your account # and routing # is in there then yes it should be DD BUT if it's not your info (ex. simplepay) then you'll be getting a check.

This post has been edited by nyrfann: Apr 28 2008, 02:53 PM

[ClarkeCO]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

LOL wait lemme get this straight, it irks you that you owe them money, and you still want them to pay you? I fail to see your logic here.

[alicia671]

Easy way to tell:
Look at your tax return, if your account # and routing # is in there then yes it should be DD BUT if it's not your info (ex. simplepay) then you'll be getting a check.

Didn't even think about that. I see mine! WOO!

Although, my bf's bank account info is also listed on his return (line 44a I believe 1040) and he did the simplepay thing or whatev which deducted the fees from his refund.

This post has been edited by alicia671: Apr 28 2008, 03:05 PM

[Doodah]

The government started depositing thousands of rebate checks in taxpayers' bank accounts on Monday, earlier than originally scheduled, with the Bush administration hoping the payments will give a jump-start to a weak economy.

The Internal Revenue Service started making the deposits at 8:30 a.m. EDT Monday with the goal of completing 800,000 direct deposits each day over the first three days of this week. No deposits will be made Thursday while the IRS prepares a big batch of 5 million direct deposits scheduled on Friday.

[InfamousNY]

Strange it seems websites keep contradicting each other. http://biz.yahoo.com/ap/080428/tax_rebate.html

[Doodah]

Strange it seems websites keep contradicting each other. http://biz.yahoo.com/ap/080428/tax_rebate.html

After reading the complete article, the dates are not changed from the original schedule issued by the IRS. I was originally scheduled to receive the SR on May 9 and according to the Yahoo article, it remains the 9th. When dealing with the government, one needs to be patient and unassuming.

[mdw2006]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

LOL wait lemme get this straight, it irks you that you owe them money, and you still want them to pay you? I fail to see your logic here.

Its not like I am not paying them, I pay them every month so I am NOT cheating the goverment. I am just saying they offer everyone a refund I would at least like to say what bills I want to pay with it. I have a right to be irked is I want to.

I work 40 hours plus a week and pay my bills havent had a refund in years sometimes some of "middle of the road" taxpapers deserve a break too.

This post has been edited by mdw2006: Apr 28 2008, 03:48 PM

[InfamousNY]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

LOL wait lemme get this straight, it irks you that you owe them money, and you still want them to pay you? I fail to see your logic here.

Its not like I am not paying them, I pay them every month so I am NOT cheating the goverment. I am just saying they offer everyone a refund I would at least like to say what bills I want to pay with it. I have a right to be irked is I want to.

I work 40 hours plus a week and pay my bills havent had a refund in years sometimes some of "middle of the road" taxpapers deserve a break too.

mdw even though this is off topic u need to change ur sig to game 3 . 0-2

[mdw2006]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

LOL wait lemme get this straight, it irks you that you owe them money, and you still want them to pay you? I fail to see your logic here.

Its not like I am not paying them, I pay them every month so I am NOT cheating the goverment. I am just saying they offer everyone a refund I would at least like to say what bills I want to pay with it. I have a right to be irked is I want to.

I work 40 hours plus a week and pay my bills havent had a refund in years sometimes some of "middle of the road" taxpapers deserve a break too.

mdw even though this is off topic u need to change ur sig to game 3 . 0-2

I know those Rangers better get their butts in gear!

[InfamousNY]

Well since I owe federal I wont see mine wonder how soon federal will get paid?

On one hand yes I am happy federal is getting paid, but still would have been nice to split that money up, but some on federal and some on state and some on some other bills.

It irks me a little the goverment says here free money but no we are going to keep it.

Oh well.

LOL wait lemme get this straight, it irks you that you owe them money, and you still want them to pay you? I fail to see your logic here.

Its not like I am not paying them, I pay them every month so I am NOT cheating the goverment. I am just saying they offer everyone a refund I would at least like to say what bills I want to pay with it. I have a right to be irked is I want to.

I work 40 hours plus a week and pay my bills havent had a refund in years sometimes some of "middle of the road" taxpapers deserve a break too.

mdw even though this is off topic u need to change ur sig to game 3 . 0-2

I know those Rangers better get their butts in gear!

I'm surprised the Avalanche are down 2 as well.

[Sillysoft]

If you get a rebate but it all goes to paying off taxes owed will they still send you a notification letting you know what your rebate was and what is was applied to and what the remaining balance is? Or do I need to call and find out?

[Seabee]

If you get a rebate but it all goes to paying off taxes owed will they still send you a notification letting you know what your rebate was and what is was applied to and what the remaining balance is? Or do I need to call and find out?

Their FAQ says you will. If you're on a payment plan you get a monthly statement/bill anyway, don't you?

[Sillysoft]

If you get a rebate but it all goes to paying off taxes owed will they still send you a notification letting you know what your rebate was and what is was applied to and what the remaining balance is? Or do I need to call and find out?

Their FAQ says you will. If you're on a payment plan you get a monthly statement/bill anyway, don't you?

This is all new to me, never owed before. But apparently I did a side job and didnt report it, which again is a first for me. So I would assume it should be updated on my next statement, just got my first one this past month. Thanks for the answer!

[ClarkeCO]

mdw, was not implying that you were not a hard working tax payer at all. Just saying, its their money, their program. If you owe them money they will take everything and anything.

As a former NY'er and a current Coloradian, Go AVS and go islanders.... (I know I know...) Sorry the rangers are gonna get beat!

[alathea]

So, did they modify the entire schedule, or is just the May 2 batch going out a week early? The conflicting reports are somewhat confusing. The only reason I ask is because im trying pin down a date for my mortgage broker to do a VOD and if she can do it early, all the better...

[Sillysoft]

mdw, was not implying that you were not a hard working tax payer at all. Just saying, its their money, their program. If you owe them money they will take everything and anything.

As a former NY'er and a current Coloradian, Go AVS and go islanders.... (I know I know...) Sorry the rangers are gonna get beat!

Yeah dont care if they take it all, just means less for me to pay off. Just kind of embarrassing

[mdw2006]

mdw, was not implying that you were not a hard working tax payer at all. Just saying, its their money, their program. If you owe them money they will take everything and anything.

As a former NY'er and a current Coloradian, Go AVS and go islanders.... (I know I know...) Sorry the rangers are gonna get beat!

I know its their money it just sucks it would be nice to have some extra money to apply to bills as I like but in the long run federal will almost be paid off so that is good and to the payments I make to them will be used elsewhere. Its just depressing and I admit I get a jealous twang once and while esp when I have two bil who got over 4500 back then this rebate too and come over to watch hockey but want us to feed them?

So now I will anxiously wait to get the letter from federal saying I owe them alot less and do a happy dance.

Islanders!! ohhhh them are fighting words

This post has been edited by mdw2006: Apr 28 2008, 05:05 PM

[mdw2006]

mdw, was not implying that you were not a hard working tax payer at all. Just saying, its their money, their program. If you owe them money they will take everything and anything.

As a former NY'er and a current Coloradian, Go AVS and go islanders.... (I know I know...) Sorry the rangers are gonna get beat!

Yeah dont care if they take it all, just means less for me to pay off. Just kind of embarrassing

Nothing to be embarrassed about, you work hard and you try to pay your taxes and you make payments you are doing what you can do. So dont feel bad.

[clambert1273]

well found this on turbotax:

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.

The IRS says taxpayers who use certain financial transactions with third parties to obtain their refunds will receive their rebates by mail—even if they got or will get their refunds by direct deposit.