Just got this about stimulus package

[LawrenceGR]

Follow this link: http://www.irs.gov/irs/article/0,,id=177937,00.html

[Zee]

If we e-file a return to qualify for the stimulus payment, how does the IRS expect us to write the words "Stimulus Payment" at the top? My SW doesn't do that.

[ChEAr$]

correct!

If we e-file a return to qualify for the stimulus payment, how does the IRS expect us to write the words "Stimulus Payment" at the top? My SW doesn't do that.

Since you can't efile a zero AGI return, paper file the stimulated return. (!)

Maybe they will change the layout.
maybe they won't.
I dunno.

[ecb34691]

Already e-filed and got acks on 2 returns, but mine both had some 1099R income & SSA, but not enough to have to normally file. Therefore mine weren't zero (0) AGI.

[Zee]

I also e-filed a no tax return, with $2125 AGI that was accepted. I'm sure it didn't say "stimulas return" on it. I hope it doesn't prevent the refund from being received on a timely basis.

[oceanlovin'ea]

TaxslayerPro

I talked to support at TaxslayerPro today and they said that they were waiting for guidelines from the IRS about the 1040A for stimulus returns. They said they should know something definite in a few days.

So I will just wait to do any of those returns for another week or so.

Linda F

[JohnH]

Special Pen

If we e-file a return to qualify for the stimulus payment, how does the IRS expect us to write the words "Stimulus Payment" at the top? My SW doesn't do that.

I have developed a special pen that can be used to write "Stimulus Payment" across the top of the form. I'm going to start selling them on ebay tomorrow - be sure to put in your bid. The only problem is you have to paper file after using the pen - I haven't worked that bug out of the system yet.

[David1980]

http://www.irs.gov/irs/article/0,,id=179182,00.html

For now, taxpayers in this group filing a tax return can only file a paper copy of the Form 1040 or Form 1040A. The IRS is working to update its systems to accept electronic versions of these limited-information returns for taxpayers who otherwise have no need to file a tax return. The IRS is also working with the software community to handle these returns electronically at a future date.

Looks like they may allow $0 AGI returns in the future. (For now you could cheat and put $1 of interest income. After all most people probably have some minimal amount from a bank account.)

[Zee]

I kinda like the idea of adding $1 interest income, rather than filing a paper return.

[Larmil]

I kinda like the idea of adding $1 interest income, rather than filing a paper return.

By adding $1 interest you make it a regular income tax return with all the preparer responsibilities rather than a stimulus return.

[Zee]

By adding $1 interest you make it a regular income tax return with all the preparer responsibilities rather than a stimulus return.

So, a zero AGI return marked "stimulus return" isn't subject to preparer penalties? I didn't know that. If so, good point. I must have missed that in my readings (it wouldn't be the first time). Do you have reference?

[Larmil]

So, a zero AGI return marked "stimulus return" isn't subject to preparer penalties? I didn't know that. If so, good point. I must have missed that in my readings (it wouldn't be the first time). Do you have reference?

The sample return on the IRS web site has the spaces for interest, dividends, pensions etc marked out.

[Zee]

The sample return on the IRS web site has the spaces for interest, dividends, pensions etc marked out.

OK, but how did you conclude a "stimulus return" isn't subject to preparer penalties (assuming a return with $1 interest is)? Am I missing something?

[Larmil]

OK, but how did you conclude a "stimulus return" isn't subject to preparer penalties (assuming a return with $1 interest is)? Am I missing something?

Because the only money entries required are line 7, line 14a and line 40b. You are not preparing a tax return, just reporting certain information. All you are responsible for is the correctness of that information.

[Zee]

Because the only money entries required are line 7, line 14a and line 40b. You are not preparing a tax return, just reporting certain information. All you are responsible for is the correctness of that information.

If the preparer is responsible for the correctness of those lines, I'd think preparer penalties still apply, especially since the IRS has indicated they'll accept estimates of some of them. I don't agree with your conclusion that stimulus returns aren't subject to preparer penalties. So, I guess we'll just have to agree to disagree.