Got my tax stimulus money Options

[stressedtothemax]

Well I will just wait and see what happens then or until someone reports back who also used TurboTax. I did check my return and my bank acct and routing number are on it so that made me happy but this new info doesn't . Ah well, I guess it's a waiting game at this point!

[Googie]

[clevermonkey]

I'm lost here. I used turbo tax because it was free. My refund came directly from the IRS and was dd. So I have to wait months for a check now??

[Gigi9585]

I was a student for half of 2007 (I graduated in May 07). I was a part time waitress the whole year while looking for a post-college job so I only made $13000 (that the gov't knows about...shhh) and my total tax was $393 (this is after a whopping $29 refund via dd). This was what I was expecting as my stimulus rebate before I learned that college students wouldn't be getting one.

My parents did not claim me as a dependent for last year, but I guess they could have because I was a student for part of the year. I am not a student at all in 2008. I have had a full-time job the whole year making about $30,000/year pre-tax plus a part-time cocktail waitressing job where i make about $12,000/year (but only about $6,000 that the government knows about... SHHH! )

So, what I've gathered from this is that

1. I will not be getting a $393 stimulus DD because I COULD have been a claimed as a dependent in 2007, which is the year the stimulus packages are based on.

2. Because the stimulus package is actually an ADVANCE on 2008 Taxes, and because I was not a student in 2008 and had a higher reported income and therefore I paid more taxes, I should probably get the whole $600 rebate (Single filer, no kids) in 2009.

Is this correct? For the record, I am 22, but am completely financially independent and not a student at all in the 2008 tax year.

This post has been edited by Gigi9585: Apr 28 2008, 06:11 PM

[stressedtothemax]

I will agree that I'm pretty peeved also if that's the way this turns out but I'm trying very hard to take it like a big girl

And no, it's not so much that we needed the $$ but we were hoping for it before the summer rather than after - it would've helped so much more now.

[KevinInFlorida]

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.

Well, I found the following on turbotax which seems to refute the above:

"Under certain circumstances, however, the IRS has decided that taxpayers can only get their rebates by mail, even if they get their refunds by direct deposit. At TurboTax, this will happen if you use a "refund transfer" when filing your 2007 return. This service lets you pay for your tax preparation and/or e-filing from your refund proceeds, for an additional fee, under an agreement with Santa Barbara Bank & Trust .

The IRS also says that taxpayers who use "refund anticipation loans" or RALs (loans made to tax filers against their expected refunds) will also be unable to receive their rebates by direct deposit. TurboTax does not offer RALs. "


So it sounds like if you had your fee deducted from your refund you will get a mailed check -- if you paid by cc then you get direct deposit. I hope so anyway -- I paid by cc. I'll post when if I recieve mine although since my SS ends with 53 it will prolly be towards the end of the week.

This post has been edited by KevinInFlorida: Apr 28 2008, 06:21 PM

[cfj503]

I was a student for half of 2007 (I graduated in May 07). I was a part time waitress the whole year while looking for a post-college job so I only made $13000 (that the gov't knows about...shhh) and my total tax was $393 (this is after a whopping $29 refund via dd). This was what I was expecting as my stimulus rebate before I learned that college students wouldn't be getting one.

My parents did not claim me as a dependent for last year, but I guess they could have because I was a student for part of the year. I am not a student at all in 2008. I have had a full-time job the whole year making about $30,000/year pre-tax plus a part-time cocktail waitressing job where i make about $12,000/year (but only about $6,000 that the government knows about... SHHH! )

So, what I've gathered from this is that

1. I will not be getting a $393 stimulus DD because I COULD have been a claimed as a dependent in 2007, which is the year the stimulus packages are based on.

2. Because the stimulus package is actually an ADVANCE on 2008 Taxes, and because I was not a student in 2008 and had a higher reported income and therefore I paid more taxes, I should probably get the whole $600 rebate (Single filer, no kids) in 2009.
Is this correct? For the record, I am 22, but am completely financially independent and not a student at all in the 2008 tax year.

It is NOT an advance. The only reason you have to keep your paper saying how much you rec'd, according to the IRS website is in case you were not properly credited the right amount. If you were overpaid, you will NOT have to give it back.


. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

[brighteyes97]

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.

this is interesting because i waited till like a week before taxes were due to do ours since we owed this year. turbo tax specifically said we'd qualify for the stimulus check and asked if we'd like it direct deposited. then asked for the account information. either way, we're at the top of the bunch in the order but it would be nice to get it this week.

[Gigi9585]

I was a student for half of 2007 (I graduated in May 07). I was a part time waitress the whole year while looking for a post-college job so I only made $13000 (that the gov't knows about...shhh) and my total tax was $393 (this is after a whopping $29 refund via dd). This was what I was expecting as my stimulus rebate before I learned that college students wouldn't be getting one.

My parents did not claim me as a dependent for last year, but I guess they could have because I was a student for part of the year. I am not a student at all in 2008. I have had a full-time job the whole year making about $30,000/year pre-tax plus a part-time cocktail waitressing job where i make about $12,000/year (but only about $6,000 that the government knows about... SHHH! )

So, what I've gathered from this is that

1. I will not be getting a $393 stimulus DD because I COULD have been a claimed as a dependent in 2007, which is the year the stimulus packages are based on.

2. Because the stimulus package is actually an ADVANCE on 2008 Taxes, and because I was not a student in 2008 and had a higher reported income and therefore I paid more taxes, I should probably get the whole $600 rebate (Single filer, no kids) in 2009.
Is this correct? For the record, I am 22, but am completely financially independent and not a student at all in the 2008 tax year.

It is NOT an advance. The only reason you have to keep your paper saying how much you rec'd, according to the IRS website is in case you were not properly credited the right amount. If you were overpaid, you will NOT have to give it back.


. If my Stimulus Payment is not going to affect my 2008 tax refund or increase the tax I owe next year, why is it I need to retain the letter that lists how much I received?

A. In the event you do not qualify for the full amount on your 2007 return but you do on your 2008 return, you will need to have the letter as a record of the amount you previously received. [New 4/11/08]

Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008?

A. No, the Stimulus Payment will not reduce your refund or increase the amount you owe when you file your 2008 return.

Q. I don’t qualify for a Stimulus Payment based on my 2007 return. But my tax situation will be different in 2008. Will I qualify for any special benefit?

A. Possibly. The 2008 tax instructions will include a worksheet to help those who did not qualify for a payment or those who received a reduced amount determine if they can obtain a benefit when they file their 2008 tax returns next year.

Yeah but isn't it pretty much an advance considering it's supposed to be based on the 2008 tax year, but they are using 2007 so we can all get it sooner? I realize that if you got more based on 2007 than should have gotten based on 2008, you do not have to pay the difference, but I will be getting less because of my student-status in 2007. I believe I will be getting my whole rebate amount when i file my 2008 taxes though. So isn't the rebate essentially an advance that everyone else is getting besides me (and other 2007 college graduates)?

[Durnit]

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.

I'm so confused!!! So if you use Turbo Tax and you have your refund DD'd that refund doesn't come form the IRS? It comes from Turbo Tax? I filed using freetaxusa dot com, and my DD came from the IRS I know it did because when I checked their website it told me when I'd get my DD. Did turbo tax do something different??

[melikey]

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.

I'm so confused!!! So if you use Turbo Tax and you have your refund DD'd that refund doesn't come form the IRS? It comes from Turbo Tax? I filed using freetaxusa dot com, and my DD came from the IRS I know it did because when I checked their website it told me when I'd get my DD. Did turbo tax do something different??

I think they are talking about a third party Rapid Refund. For a fee a financial institution advances your refund then they basically intercept it from the IRS. I think that is what this is referring to???

I remember seeing this option through TurboTax before, that was years ago though, I didn't think they still offered this.

[kalli007]

I did mine through TurboTax, and had the fee automatically deducted from the refund amount, but my refund deposit states that it is from the IRS Treasury Dept or whatever.... so it doesnt look like it was routed through anywhere.

[spikedup]

Wow. There's a lot of misinformation in this thread. Half the people are confused, and half the other are confusing the rest.

[melikey]

"Under certain circumstances, however, the IRS has decided that taxpayers can only get their rebates by mail, even if they get their refunds by direct deposit. At TurboTax, this will happen if you use a "refund transfer" when filing your 2007 return. This service lets you pay for your tax preparation and/or e-filing from your refund proceeds, for an additional fee, under an agreement with Santa Barbara Bank & Trust .

The IRS also says that taxpayers who use "refund anticipation loans" or RALs (loans made to tax filers against their expected refunds) will also be unable to receive their rebates by direct deposit. TurboTax does not offer RALs. "

If you have the fees deducted by a third party bank then the refund itself will be routed through that bank. In that case, as far as the IRS is concerned, this was not a direct deposit.

At least that's how I read it.

This post has been edited by melikey: Apr 28 2008, 07:42 PM

[spikedup]

I think they are talking about a third party Rapid Refund. For a fee a financial institution advances your refund then they basically intercept it from the IRS. I think that is what this is referring to???

I remember seeing this option through TurboTax before, that was years ago though, I didn't think they still offered this.

Correct. Here's more from turbotax. It refers only to third party transactions:

How will I receive it?
Most people will receive their rebates the same way they choose to receive refunds on their tax returns -- by direct deposit into their bank or other accounts, or by check in the mail.

If you haven't filed a return yet and you qualify for a rebate, you can select either method when you file.

Under certain circumstances, however, the IRS has decided that taxpayers can only get their rebates by mail, even if they get their refunds by direct deposit. At TurboTax, this will happen if you use a "refund transfer" when filing your 2007 return. This service lets you pay for your tax preparation and/or e-filing from your refund proceeds, for an additional fee, under an agreement with Santa Barbara Bank & Trust .

[melikey]

Wow. There's a lot of misinformation in this thread. Half the people are confused, and half the other are confusing the rest.

Is that supposed to be something new?

[spikedup]

Wow. There's a lot of misinformation in this thread. Half the people are confused, and half the other are confusing the rest.

Is that supposed to be something new?

Guess not.

[hurricanesfans27]

You guys aren't very patient. If you NEED that money right now, you have some other credit issues.

i smell a troll.....

i personally dont think he was trying to troll. i know people are anxious for the money but patience is a virtue .

[spikedup]

It is NOT an advance. The only reason you have to keep your paper saying how much you rec'd, according to the IRS website is in case you were not properly credited the right amount. If you were overpaid, you will NOT have to give it back.

It is an advance, in that it's a tax rebate based on a 2008 tax change, but the amount depends on 2007 tax returns(in order to get out the stimulus early) for now, but eventually will be based on 2008 returns.

Confusing? Yes.

[Curious]

My rebate just showed up in my bank acct. It was not there 2 hours ago but is there now. My SS# ends in 04.

[clambert1273]

I won't get mine now until the end of june.... SUCKS lol Oh well.... I will NOT be using H&R block ever again to do my taxes... I can easily do it myself and mail it in...

[Xecuter2]

I won't get mine now until the end of june.... SUCKS lol Oh well.... I will NOT be using H&R block ever again to do my taxes... I can easily do it myself and mail it in...

TurboTax makes doing taxes mere child's play.

[melikey]

I won't get mine now until the end of june.... SUCKS lol Oh well.... I will NOT be using H&R block ever again to do my taxes... I can easily do it myself and mail it in...

TurboTax makes doing taxes mere child's play.

+1

8 years and counting for me!!!

I used to do my own until I found TurboTax. Doing them myself is easy but having TurboTax do them is even easier. Well worth the couple bucks!!

[hurricanesfans27]

I won't get mine now until the end of june.... SUCKS lol Oh well.... I will NOT be using H&R block ever again to do my taxes... I can easily do it myself and mail it in...

TurboTax makes doing taxes mere child's play.

+1

8 years and counting for me!!!

I used to do my own until I found TurboTax. Doing them myself is easy but having TurboTax do them is even easier. Well worth the couple bucks!!

+2

[Curious]

I won't get mine now until the end of june.... SUCKS lol Oh well.... I will NOT be using H&R block ever again to do my taxes... I can easily do it myself and mail it in...

I did mine via H&R Block, online.

[ClarkeCO]

I have done mine myself, and via turbotax. I ended up with a $108 return vs a -$500 return via turbotax.

YMMV

And btw, H&R block is the worest, try having them redone via at least turbotax, you will see H&R are a bunch of morons.