Part 2: Everything you want to know about the tax rebate (almost)
Q. Will the IRS allow me to provide it with direct deposit information, if I didn’t include that information on my original tax return?
A. You cannot correct direct deposit information or request a direct deposit after a return has been filed.
Q. Is there something I can do to prevent my stimulus payment from being automatically deposited into the account that I identified for the direct deposit of my regular refund?
A. Generally, if you designated direct deposit on a tax return, the stimulus payment will go to the account number you designated. If the account number is no longer active, the IRS will send you a paper check. This process may take several weeks.
Q. I received my stimulus payment, but it was less than what my friends and neighbors received. Why?
A. Your economic stimulus payment is based on information provided on your 2007 income tax return.
Many but not all taxpayers qualify for the maximum basic payment of $600 for singles or $1,200 for married couples. Many parents are also receiving an additional $300 for each qualifying child, born after Dec. 31, 1990.
Your payment may be less than the maximum for one or more of the following reasons:
o You are single and your net income tax liability is less than $600. If you file Form 1040 net income tax liability is the amount shown on Line 57, plus the amount on Line 52.
o You are married and your net income tax liability is less than $1,200.
o You are single and your adjusted gross income (AGI) is more than $75,000. On Form 1040, AGI is the amount on Line 37.
o You are married filing a joint return and your AGI is more than $150,000.
o You owe back taxes that reduced your payment.
o You have non-tax federal debts such as unpaid student loans or child-support obligations that reduced your payment.
Around the time you receive your payment, you will also receive a notice from the IRS explaining how your payment was calculated. It is important to keep this notice as a record of your economic stimulus payment. In addition, you’ll get a separate notice if you owe back taxes or non-tax debts that were offset or deducted from your stimulus payment.
Q. The notice I received shows I should have gotten more than the government actually deposited into my bank account. What happened?
A. It could be that the amount deposited into your bank account was what remained of your stimulus payment after it was reduced, or offset to collect back taxes or other debts such as a student loan or child support. If this is the case, you will receive a separate notice about two weeks after you receive your stimulus payment and notice.
Q. I have moved since filing my 2007 tax return. How will my payment reach me?
A. You should file a Form 8822 with the IRS and a change of address notice with the U.S. Postal Service. This will ensure your check is sent to your new address. Without your current address, the check could be returned to the IRS as undeliverable.
Q. I chose direct deposit for my 2007 tax refund but also requested my electronic filing and/or tax preparation fees be deducted from my refund. Does that affect my stimulus payment?
A. If you requested that your electronic filing or tax preparation fee be deducted from the amount of your refund, you have entered into a financial agreement with the tax preparation provider or e-file software company for a refund anticipated check (RAC). Both Refund Anticipation Checks (RACs) and Refund Anticipation Loans (RALs) are bank products. The money that is deposited into your bank account comes from the financial institution associated with your electronic filing software provider or tax preparation provider, not directly from the IRS. Taxpayers who use RALs, RACs or enter into similar loans or financial agreements with their tax professional or tax software companies will not receive their economic stimulus payments by direct deposit. Instead they will get a paper check that will be issued according to the schedule that has been published for paper check distribution.
Q. I chose to have my tax refund deposited onto a "stored value card" or debit card through the professional tax preparer I used. Will my stimulus payment be directly deposited onto that same stored value card or debit card account?
A. Yes, unless you requested a refund anticipation loan (RAL) through your tax professional or the stored value card or debit card account has been closed, in which case you will receive your economic stimulus payment by paper check. Because the IRS must wait until the money is returned, this process may take several weeks.
Comments
when will i get my stimulous tax return
Posted by: yuri lopez | May 8, 2008 2:55 PM
I haven't recieved my stimulus check yet. I filed Feb. 1st and have gotten my tax refund, and my ssn, falls in the first week they were supposed to come out, i also filed with direct deposit. Why don't i have my check yet?
DD: Grace, did you try checking www.irs.gov and click on Where's My Refund, and look for the link of Where's My Economic Stimulus Payment?
Posted by: Grace Galarneau | May 8, 2008 4:12 PM
Hi Dan-I owe back taxes and am on a payment plan with the IRS,will i see any stimulus check at all?
DD: Don, Eileen responded to another commenter by saying that "If you mean that you owe taxes going back years and the IRS is garnishing your wages now, then, no, your rebate will go toward your oustanding tax debt." Hope that helps. If not, write back with some more details and when Eileen's free, I'll have her take a look.
Posted by: Don | May 8, 2008 6:50 PM
So how will my money get to me? I filed my 2007 taxes in February, owed the IRS a ton of money as I am a self employed individual. I paid them, so there was no direct deposit involved, although I did pay electronically through Turbo Tax. Will I get a paper check, or will the IRS direct deposit my money? No one seems to answer anything about those that owe money to the IRS! Thanks.
DD: Garrett, I spoke to Finance Whiz Eileen and she says that if you paid electronically and provided the IRS your account information then you'll get your refund deposited electronically, too. Hope that helps.
Posted by: Garrett | May 9, 2008 8:20 AM
I haven't gotten mine either.
DD: I just checked and I haven't gotten mine either. But looking at my Soc Number and the last two digits corresponding to when the IRS says I'll get my refund deposited, it looks like I might not see it until May 16.
Posted by: leeann | May 9, 2008 9:35 AM
I was to get mine in the first batch of direct deposits on 5-2. I don't have it yet and have no idea who to contact to find out where it is. Any ideas? I checked that irs.gov site and got nowhere. I'm really getting irritated!
EA: Did you check with the "Where's My Stimulus Payment?" feature on the IRS site? You can find it by going to "Where's My Refund?" features on the IRS home page at www.irs.gov. You can also call the Stimulus Payment Hotline at 1-866-234-2942, but be prepared to wait.
Posted by: Tammy | May 9, 2008 6:39 PM
I made a mistake on my form for my S.refund? I am senior and checked the wrong box.. I checked the box some one could claim me and no one does. tried to call and all automated answers. How can I change this? Is there a form online. or a number to call. thank you
This from IRS spokesman Jim Dupree: You can file an amended return using IRS Form 1040X. This form is available online at: www.irs.gov/pub/irs-pdf/f1040x.pdf. I would attach a brief note explaining the error to this return when resubmitting it.
Posted by: Helen Daniels | May 10, 2008 9:43 AM
I am an "injured spouse" due to school loans incurred by my wife. I file Form 8379 every year in order to receive my refund. She does not work. Will my refund still be automatically deposited in my account as my federal tax refund was? Or do I have to file another 8379 form? Thanks,
IThis from IRS spokesman Jim Dupree: If you already filed the Form 8379 with your 2007 tax return this year, there is nothing else you'll need to do. Your payment will be sent to you via Direct Deposit, and your wife's share will go towards her outstanding student loans.
Posted by: Joe | May 12, 2008 8:18 AM
I was very disapointed to find that the IRS did not give me any money for my son. I was able to claim the child tax credit for year ending 2007 but was not able to receive any money for him with the Stimulas Rebate. Please make sense for me. He did not turn 18 until January 2008. He still lives in my home, eats my food and is a full time student.
DD: Sandy, a dependent must be under the age of 17 as of last year to qualify.
Posted by: Sandy | May 12, 2008 2:55 PM
so who's social number do they go by if you filed married jointly. Husband or wife
They go with the first Social Security on the form.- Eileen Ambrose
Posted by: Lloyd | May 12, 2008 11:15 PM
I had the same question as Yuri and Garrett above, wondering where my check/$ was. Apparently if your filing fees were deducted from your refund you get a paper check, not direct deposit.
Posted by: Neighbor Kathleen | May 13, 2008 7:31 PM
Quick Question: My stimulous check was returned to the IRS... what or how do I get it back?
DD: Wow. That's a new one to me. How do you know the check was returned?
Posted by: Kelley | July 2, 2008 3:55 PM
Hello, me and my husband filed married jointly on our taxes which we have been doing for 7 years now and have received all of our tax refunds back with no problem, until now when we noticed we have not received our stimulis check so my husband called to check and spoke to someone who told him that we were not eligible for it because I still have my maiden name on my social security card, so he asked if there was anything we could do to fix this and the woman said no, is this so? And also why can't my husband and my two kids(ages 5 & 1) still be eligible?
Posted by: Kassandra | August 7, 2008 4:06 PM