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Subject Author Date
2008 Stimulus Payments: Direct Deposit nws_reader 04-30-2008
Posted by nws_reader on April 30, 2008, 8:47 pm
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 The IRS publicized a schedule for payments. People who filed for
refunds using direct deposit would get it first. Paper checks will be
mailed according to the SSN's last 2 digits (I fall in the last batch
around July).

I filed my 2007, but I owed money (no refund). I still entered my
direct deposit info on the 1040 form so that the IRS could use it for
sending the stimulus payment through direct deposit. Will this work
or will I just get my paper check in the mail?

========================================= MODERATOR'S COMMENT:
If the software and the efiling software allowed your direct
deposit information through, then you should receive the stimulus rebate
in the RTN and account# you specified.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Harlan Lunsford on May 1, 2008, 2:04 pm
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 nws_reader@yahoo.com wrote:
> The IRS publicized a schedule for payments. People who filed for
> refunds using direct deposit would get it first. Paper checks will be
> mailed according to the SSN's last 2 digits (I fall in the last batch
> around July).
>
> I filed my 2007, but I owed money (no refund). I still entered my
> direct deposit info on the 1040 form so that the IRS could use it for
> sending the stimulus payment through direct deposit. Will this work
> or will I just get my paper check in the mail?
>
> ========================================= MODERATOR'S COMMENT:
> If the software and the efiling software allowed your direct
> deposit information through, then you should receive the stimulus rebate
> in the RTN and account# you specified.
>
Not quite, Mr Moderator. His checks will be in the mail.

ChEAr$,
Harlan

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Paul Thomas, CPA on May 1, 2008, 2:13 pm
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> nws_reader@yahoo.com wrote:
>> The IRS publicized a schedule for payments. People who filed for
>> refunds using direct deposit would get it first. Paper checks will be
>> mailed according to the SSN's last 2 digits (I fall in the last batch
>> around July).
>>
>> I filed my 2007, but I owed money (no refund). I still entered my
>> direct deposit info on the 1040 form so that the IRS could use it for
>> sending the stimulus payment through direct deposit. Will this work
>> or will I just get my paper check in the mail?
>>
>> ========================================= MODERATOR'S COMMENT:
>> If the software and the efiling software allowed your direct
>> deposit information through, then you should receive the stimulus rebate
>> in the RTN and account# you specified.
>>
> Not quite, Mr Moderator. His checks will be in the mail.








The really neat thing is, all those who did RAL's, have to wait on a paper
check to be mailed.







--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Phil Marti on May 1, 2008, 3:40 pm
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"Harlan Lunsford" wrote:

>> I filed my 2007, but I owed money (no refund). I still entered my
>> direct deposit info on the 1040 form so that the IRS could use it for
>> sending the stimulus payment through direct deposit. Will this work
>> or will I just get my paper check in the mail?

> His checks will be in the mail.

Are you sure? IRS has said that if you authorized direct debit of your 2007
bal due you'd get direct deposit of the prebate, and they specifically said
that people filing the "stimulus only" returns would get direct deposit of
the prebate if they filled in the blanks.

OP didn't indicate how the 2007 balance was being paid, but even if he had,
I haven't been able to find anything from IRS saying how prebates will be
issued to people who filled in the bank account spaces on the 1040 but paid
by check or through EFTPS.

Meanwhile, on the "Let's all look forward to next filing season" front, in
addition to the blank stares when we ask people whether they got their
prebate, we'll also have the one-year-only special penalty and tax-free
"oops" withdrawals from IRAs where the prebate was inadvertently sent there.

I may take up drinking earlier next year.
--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Paul Thomas, CPA on May 1, 2008, 4:03 pm
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> I may take up drinking earlier next year.





Before lunch instead of after dinner?



None of my clients made a DD into a tax deferred account. They paid any
contributions to IRA's, etc by separate check.


But you're right, most won't know what they got. I suppose on those we'll
just trust the default amount and hopefully the IRS will add any extra on
their end.







--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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