turbotax and stimulus payment?

Question

So just like everyone else I am eagerly awaiting my stimulus payment. I thought since I used turbo tax and it my refund was direct deposited I would be receiving my stimulus payment direct deposit. I was so conveinced that I even calculated it into my bills. Well I just now read this on the irs website

If filing or preparation fees were deducted from your 2007 Refund or you received a rapid refund, you will be receiving a check instead of a direct deposit. Please see the Paper Check section of the Payment Schedule.

And go figure... when I did my taxes they hadn't even announced for sure that they were giving it.. so I had no idea not to have my preparation fees taken out.

My question is.. Has anyone used turbotax with fees taken out of your refund.. but still had your stinulus payment direct deposited.. Or lol are my bills highly messed up this month

Answer 1

Yes, I'm in the same boat and totally screwed up my finances thanks again to George Bush and his evil minions. I am seriously considering taking up prostitution part time.

Answer 2

I suspect your bills are going to be highly messed up this month.



There's been a few people who seem to have slipped through the cracks and received direct deposit even if their fees were withheld, but the vast majority of people posting here seem to have not yet received it, and are waiting on paper.



And I'm in the same boat, if it makes you feel any better at all. Waiting til the end of June for a paper check, rather than a direct deposit today.

Answer 3

I was also screwed by Turbo Tax who pushed my direct deposit through Santa Barbra. Now I have to sit back for another Month to get my check. You would think that Turbo Tax would take responsibility for their screw up considering what I paid for their service. It wont happen next year.

They could have at least have notified us instead of leading us to believe we were going to receive a direct deposit.

This puts me in a real bind as I had spent the money I had knowing I would receive a stimulus payment.

Answer 4

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..........not sure if TT is a financial agreement...in accordance with the irs poop..if it is......... We all suck.

Answer 5

Guess what I just found out! LOL! It's amazing that you aren't informed BEFORE hand.



http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6255.html



This is ALL the information regarding TurboTax and Santa Barbara Bank & Trust.