Turbo Tax and econ. stim. check

[DandeCobb]

if you did your tax returns thru turbo tax and received your tax return from Turbo Tax NOT the IRS as we did, I understand that the stimulus check will also come from Turbo Tax and not the IRS, but when does it come in relation to when you are supposed to get your stim. check? does that make sense? We are scheduled to get our check today but its not there yet and i was wondering if they are taking a day or 2 to get thru turbo tax and to you?

thanks!

[mightymoo]

I did my taxes with turbotax, but I don't undersatnd what you mean about getting hte money through turbotax, we got our refund direct deposited and it came from the US Treasury. The memo line on the deposit says "US TREASURY 220- TAX REFUND"

ETA - this was for my tax refund, not the stimulus check we haven't received that yet.

[dillonandmarasmom]

Turbo Tax does not issue you the refund. It simply submits the forms to the IRS for you. So, you are still waiting on the IRS to issue the refund, not Turbo Tax. Once your papers are submitted, Turbo Tax really isn't involved any longer, unless you need to print copies or something.

We used the Turbo Tax downloads and received our direct deposit on Friday (the stimulus refund).

[savithny]

Originally Posted by DandeCobb

if you did your tax returns thru turbo tax and received your tax return from Turbo Tax NOT the IRS as we did, I understand that the stimulus check will also come from Turbo Tax and not the IRS, but when does it come in relation to when you are supposed to get your stim. check? does that make sense? We are scheduled to get our check today but its not there yet and i was wondering if they are taking a day or 2 to get thru turbo tax and to you?

thanks!

To the best of my understanding, if you did your taxes with Turbotax, and you used your return to pay for the cost of the service, you will get a paper check -- on the schedule that was published for paper checks.

That is because the preparation fee that was deducted from your refund makes your actual refund an "anticipation loan." You signed your refund over to Turbotax, they cut you a check out of their funds (electroncially speaking) and then the actual payment from the government was issued to turbotax, not to you.

If you just did the taxes with TT but paid for the service up front, then you should get an electronic payment of your stimulus check.

[zersha]

I think I understand what problem you are talking about.

If you filed your taxes with TT and had the fee withheld from your refund instead of paying it seperately with a bank account or credit card, then the IRS deposited your refund into a Turbo Tax bank account. Then Turbo Tax deducted the fee and forwarded it to your bank account.

So the IRS doesn't actually have your bank account info and cannot direct deposit the stimulus payment. It will NOT go to Turbo Tax. A paper check will be issued for all people who filed this way (refund initially went to a 3rd party).

This only applies to people who used Turbo Tax and had the fee withheld from their refund. It does NOT apply to people who used the totally free Turbo Tax version from the IRS website, or people who paid any fees seperately.

I do not believe Turbo Tax or any other 3rd party tax preparers will be involved in the stimulus rebate at all. Unless there is some new news out there. But I got scared when I first heard this because we used the totally free version of TT from the IRS site, and I researched it alot, so I am 99% sure I am right.

[liberal_chick]

That makes me want to cuss. I've been watching and watching for our rebate to be direct deposited, but according to what the last two PPs have said we'll be getting a paper check. Crap, crap, crap. There goes part of our closing costs. Crap.

[mum4boys]

Yep it is a paper check. We filed in January. If we had known we would have done the direct deposit.

[Mavournin]

We used Turbo Tax, I filed electronically and requested direct deposit. My refund came in about two weeks and I got my stimulus check deposited on Saturday.

[liam's mom]

if you paid for the cost of turbo tax w/a credit card (and requested direct deposit), your stimulus check will be deposited into your bank account.

if you had the fees deducted from your refund amount, it's a paper check.