May 22, 2008

Q & A: More Stimulus Rebate Chatter

QUESTION: Have 2 questions:
1) I used Turbo Tax and they took their fees from my refund via their bank. Then my refund was direct deposited to my bank. My Social Security Number ends in 44. So do I have to wait for a check in June or will I get a direct deposit on 5/9?
2) For the first time in my life I could not pay my state income tax due of $163. I had thought I'd get my tax rebate direct deposit on 5/9 and then pay the state tax. If the IRS is going to send me a check, will they take the $163 from my rebate? I'm afraid to pay my state taxes now because the Federal would deduct this from my rebate and I'll end up paying twice. Any ideas?

ANSWER: 1) If you chose to have your federal tax refund direct deposited to your bank account, your stimulus rebate will also be sent via direct deposit. Based on your SSN, the IRS will transfer the rebate to your bank on May 9. Taxpayers who received their tax return refunds by check will also receive their rebate by check.
2) Any offset programs the IRS has with state governments generally relate to past due taxes or other court ordered obligations. Since your state tax balance of $163 is for your current year tax return, the IRS will not deduct this amount from your stimulus rebate.

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