Monday, May 12, 2008

Turbo Tax Users Beware!

Apparently, the Stimulus Rebate you are expecting, will NOT be direct deposited.
Because Turbo Tax sets up a temporary account in which you can recieve your taxes by direct deposit, you will receive a paper check in the mail. All this is according to the Turbo Tax site.
I'm not pleased...and even though it was easy to use Turbo Tax and I did it myself, I think in the future I will pay for someone to do them directly through the IRS.

That means...Tommy and Erik won't be here for another month at least. I haven't told the girls yet...Natalea will be so disappointed that they will miss her birthday. And I'll have to devise a plan for them to get here, so that we can CASH that dang check together as both our names will be on it. Anyone want to loan me $1000?

Happy Monday!


Anonymous said...


I just talked with three people in my office who used Turbo Tax and their checks were automatically deposited into their checking accounts. You may want to check into this further!

Love ya!

Bob said...

Tonja... This only affects taxpayers that paid their tax filing fees from their refund or obtained a Refund Anticipation Loan (RAL, which TurboTax does NOT offer). Virtually all of our customers pay their filing fee using a credit or debit card. These customers will receive their rebate check by direct deposit (unless they requested check).

This decision to process rebate checks by mail for those affected was made by the IRS. This was not a TurboTax decision.

A little background... It wasn't until tax season was almost over before the IRS decided how and when to issue the rebate checks. The decision to issue rebate checks by mail to those who used any bank product (i.e., used a bank to process their refund, pay the tax filing fees and then deposit the balance in your account OR obtained a Refund Anticipation Loan, which TurboTax does not offer) was made by the IRS and for valid reasons. This was not a TurboTax decision. This situation affects ALL filers regardless of whether you used TurboTax, another tax software product, an online tax service, a tax professional or a tax franchise.

Had we known back in tax season that rebates would become a reality (they weren't even around when the tax season started) and how they would be processed by the IRS, we could have done a better job of providing appropriate guidance.

I hope this information helps.

Bob Meighan
VP, TurboTax