Rebate --Direct Deposit

[Bonnie]

I just read the information on the IRS web site about the rebate. It says if the taxpayer does direct depoist on the 2007 tax return, then the rebate will also be direct deposited to that account also. I just made a phone call to the IRS concerning the people who have done bank products and had their refund sent to a bank. I was told the rebate will also go to that account. Not sure how the banks plan to handle this--send check to the taxpayer or have the tax office print and issue the check?? I see this as possibly causing some issues. Especially those who have moved on etc. I will be telling my customers from this point on to expect the rebate as at direct deposit and informing those who have already filed. Wouldn't want someone closing out their account and not getting the rebate. I don't do many RAL's, only 3 so far, but probably won't do any more to eliminate problems.

Bonnie

[fliszt]

Thanks Bonnie

for this info. It helps to have this info.

[Gretel]

I just read the information on the IRS web site about the rebate. It says if the taxpayer does direct depoist on the 2007 tax return, then the rebate will also be direct deposited to that account also. I just made a phone call to the IRS concerning the people who have done bank products and had their refund sent to a bank. I was told the rebate will also go to that account. Not sure how the banks plan to handle this--send check to the taxpayer or have the tax office print and issue the check?? I see this as possibly causing some issues. Especially those who have moved on etc. I will be telling my customers from this point on to expect the rebate as at direct deposit and informing those who have already filed. Wouldn't want someone closing out their account and not getting the rebate. I don't do many RAL's, only 3 so far, but probably won't do any more to eliminate problems.

Bonnie

Thanks, Bonnie. I don't believe the IRS just yet that they will use the banks, which were used for bank products. Like you, I only have a handful. The banks would want to be paid by this extra work as well as I would like to see this happen for myself. And moving is a big concern too. I am almost certain that 2 of my bank product people won't be around in May any longer.

[DaveO]

Any clue if a deceased taxpayer will qualify?

I know trusts and estates won't but what about a final return filed in 2007? You would think the IRS would pick up on the final return marker.

[BP.]

I just made a phone call to the IRS concerning the people who have done bank products and had their refund sent to a bank. I was told the rebate will also go to that account.

From latest info on IRS website:

"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?

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."

[Bonnie]

"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?

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

That does make more sense. I had not seen this posted at the IRS site and had called about another issue with the rebates so decided to ask. The information I posted was what I was told by the lady I spoke with at the IRS. She had to go ask someone else and then came back and answered my question. It's hard to know what to belief from the IRS so that's why I try not to call too often. Call 10 times, get 10 different answers to the same question.
Thanks for posting this.

Bonnie

[taxea]

Rebate --Direct Deposit

Yet another reason not to gough clients with RAL's. taxea

[veritas]

How about if your client owes?

Do you think if I have the balance due paid electronically they would deposit the rebate to the same account?

[taxea]

Rebate-Direct Deposit

Think about it! taxea