By
IRS/WKRG Staff
Published: Mon, May 05, 2008 - 3:46 pm
Last Updated: Mon, May 05, 2008 - 5:20 pm
Last Updated: Mon, May 05, 2008 - 5:20 pm
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. How does that affect my stimulus payment?
A. If you requested that your electronic filing and/or tax preparation fee be deducted from the amount of your refund, you have entered into a financial agreement with the electronic filing provider or tax preparation provider, which is essentially equivalent to a refund anticipation loan (RAL). The money that was deposited into your bank account came from the financial institution associated with your electronic filing provider or tax preparation provider, not from the IRS. 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.
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This is the first time I have seen this info. I was under the impression I would recieve a deposit this morning. There goes gas money for next week. I wish I had seen that info about the processing fee earlier. I gues it will be June when/if we receive anything. This really improves my trust in our government.