I wonder if this is true on turbo tax? anyone know?
i was looking around on turbo tax and i found this, and now i'm a little bit nervous. Under certain circumstances, however, the IRS has decided that taxpayers can only get their rebates by mail, even if they get their refunds by direct deposit. At TurboTax, this will happen if you use a "refund transfer" when filing your 2007 return. This service lets you pay for your tax preparation and/or e-filing from your refund proceeds, for an additional fee, under an agreement with Santa Barbara Bank & Trust . The IRS also says that taxpayers who use "refund anticipation loans" or RALs (loans made to tax filers against their expected refunds) will also be unable to receive their rebates by direct deposit. TurboTax does not offer RALs. yeah that was my question lol, i did use the service to get the fees taken out when my husband and I filed.
Public Comments
- What is your question? Did you pay for your filing fees out of your refund? If so, you will receive a paper check because when you did so TT set up a temporary bank account to receive your refund before taking out their fee and sending the rest to you. That account is now closed, so the rebate deposit will bounce causing a check to be issued.
- If you used TT and your fees for the service were taken out of your refund.. You will be getting a check even if you used direct deposit.
- That is what turbo tax is saying but I have spoken with the irs and was told that it should still be direct dep. I did explain that i elected to have their fees taken out and that the refund went through SBB before going to my account. I think That since turbo tax sent the info to the irs including your banking info that it should be direct dep. regardless.
- looks like your getting a paper check.
- Yes, it is true. Read at bottom of page: http://turbotax.intuit.com/support/kb/e-file/ef-status/1883.html This is not just a turbo tax deal. IRS says: "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." And you paid an additional $20 or so for the privilege of having your fees deducted from your refund. An all around bum deal if you ask me.
- I called the IRS this morning and asked them about that. I was told that all my DD information is on my 1040 and that it would be DD! You might want to call and verify.
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