Any Turbo Tax Customers Receive Their Stimulus Refund?
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. Does that affect my stimulus payment? A. If you requested that your electronic filing or tax preparation fee be deducted from the amount of your refund, you have entered into a financial agreement with the tax preparation provider or e-file software company for a refund anticipated check (RAC). Both Refund Anticipation Checks (RACs) and Refund Anticipation Loans (RALs) are bank products. The money that is deposited into your bank account comes from the financial institution associated with your electronic filing software provider or tax preparation provider, not directly from the IRS. Taxpayers who use RALs, RACs or enter into similar loans or financial agreements with their tax professional or tax software companies will not receive their economic stimulus payments by direct deposit.
