I got the following email from KC early yesterday evening.
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“I'm not sure if you are answering any questions regarding the stimulus rebate, but I have one. I did my taxes online with H&R block and had my refund direct deposited. Do I qualify for direct deposit for the rebate or will I get a paper check? I am getting conflicting answers. Thank you”
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Well, KC, as I am stuck for a Friday post here is your answer:
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The answer to your question depends on where you had the refund directly deposited. If you indicated on your 2007 Form 1040 that you wanted your refund directly deposited to your personal checking or savings account and provided a Routing and Account number, and your refund was successfully directly deposited, then your “stimulus” rebate should also be directly deposited to the same account.
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What if you filed a Form 8888 to have the refund directly deposited to more than one account? According to the IRS Stimulus FAQ Page on Direct Deposit - “If you elected to split your refund between several accounts, you will not receive your stimulus payment by direct deposit. Instead, you will receive a paper check.”
If you were tricked into an expensive Refund Anticipation Loan (RAL) or had your refund directly deposited to an H+R debit card with high hidden fees here is what the IRS has to say:
If you were tricked into an expensive Refund Anticipation Loan (RAL) or had your refund directly deposited to an H+R debit card with high hidden fees here is what the IRS has to say:
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“Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?
“Q. I chose direct deposit for my 2007 tax refund but also requested a refund anticipation loan (RAL) from my preparer. How does that affect my stimulus payment?
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A. Taxpayers who use RALs or enter into any other loan or financial agreement with their tax professional cannot receive their stimulus payments by direct deposit and instead will get a paper check.
A. Taxpayers who use RALs or enter into any other loan or financial agreement with their tax professional cannot receive their stimulus payments by direct deposit and instead will get a paper check.
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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?
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?
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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.”
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.”
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I hope I have been of help.
I hope I have been of help.
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While we are on the subject of the “stimulus” rebate – please check out Kelly Phillips Erb's posting “Scam Alert: Monthly Stimulus Payments” at TAX GIRL.
While we are on the subject of the “stimulus” rebate – please check out Kelly Phillips Erb's posting “Scam Alert: Monthly Stimulus Payments” at TAX GIRL.
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TTFN
TTFN
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