Even If You Owe Taxes, Get Your Economic Stimulus Check Faster
The schedule for when people will receive their economic stimulus check has been out for a little while, and has been publicized by several blogs and media outlets. There is a distinct disparity between when you will receive your check by direct deposit versus paper check, as seen in this table from the Internal Revenue Service website:
Stimulus Payment Schedule - Tax Returns Processed by April 15 |
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So if you use direct deposit to receive your tax refund, the IRS will use that information to also direct deposit your stimulus check, much earlier in many cases than you would receive your check by mail. For example, I am the main filer on our tax return, and using my social security number, we will receive our payment via direct deposit around May 9th. If I had to wait for the paper check, we would not receive it until mid-June. My dad has an irrational fear of direct deposit, so instead of getting his stimulus check around May 16th via direct deposit, he’ll be getting his in July.
But! What if you owed taxes this year, and therefore aren’t getting a refund? Are you doomed to receive your paper check much later? Not if you haven’t filed yet! (Which I would guess is a large percentage of people who owe money - when i owe, I wait until April to send the IRS the money). If you haven’t filed your return yet, and would like to receive your stimulus check by direct deposit, take a moment to fill out the direct deposit portion of your tax return. Again, from the IRS website:
Q. If I’m not expecting a refund, should I still fill out the direct deposit line on my return so I can get my stimulus payment direct deposited?
A. Yes. Even if you aren’t due a refund on your tax return, filling out the bank routing information will allow for your stimulus payment to be direct deposited.
So fill out the direct deposit information and get your economic stimulus check sooner! What you do with that check once you get it is another discussion entirely…
And as a note, from the same IRS website page, if you choose to get a Refund Anticipation Loan from your tax preparer, even if you select direct deposit as your method of receiving your refund, you’ll get a paper check for the stimulus check. Another reason why Refund Anticipation Loans are bad! Don’t do it!
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March 27th, 2008 at 6:53 am
I e-filed and had my payment taken out via *direct deposit.* Is that the same as filling out the direct deposit information on your tax return?
March 27th, 2008 at 8:51 am
@ ANdrea - no, sadly, it isn’t the same thing according to the IRS (this is from the same IRS page I linked) :
Q. I chose direct debit to pay my tax bill. Will my stimulus payment be direct deposited to the same account?
A. No, the account information used for an incoming Direct Debit payment to the IRS cannot be used as the account information for the Direct Deposit of the stimulus payment. People who choose Direct Debit to pay a balance due will receive their stimulus payments by paper check through the mail.
March 27th, 2008 at 9:14 am
Thanks so much for posting this. I owe this year, and I was ticked when I saw how long I’d have to wait for a paper check. This is good to know.
March 27th, 2008 at 10:02 am
So… if I filed my taxes through Turbo Tax and my refund was direct deposited, does that still count as if I filed a paper tax form?
March 27th, 2008 at 10:05 am
@ This Mom - yes, it does. I did the same thing
March 27th, 2008 at 12:55 pm
Nuts. I just filed my taxes (I owe, but I just feel better getting that payment in the mail before the deadline crush). I didn’t include direct deposit info, AND my SS # is in the very last group. Which means no check for me until July!
March 27th, 2008 at 1:33 pm
great post.
I asked my readers today what they plan to do with thier check.
Thanks for the heads up on pear budget, started using it today.
March 30th, 2008 at 4:19 pm
Woo hoo! I think we’ll complete the chain link fence around our yard.
May 3rd, 2008 at 8:57 am
i have my taxes done every tear by the same people and my refund is direct deposited into their account and when it comes in they write me a check minus my tax fees . i am wondering if my rebate check is deposied in their account or if it will be mailed out ? please explain …
May 7th, 2008 at 9:44 pm
I found out today that turbo tax caused me not to get direct deposit. Because they took my filing fees out before deposit i will have to wait for a paper check. Instead of it going in the bank today. I will have to wait till sometime in June.
May 10th, 2008 at 1:51 pm
i did not receive my stimulus rebate yesterday as i should. i called up and was told that because i owe $900 from 2004 ( wich i am paying through a payment plan) my stimulus check goes towards the balance??
May 12th, 2008 at 12:08 pm
What a load of crap! I had to pay a few bucks on my taxes via Direct Withdraw and now I have to wait on my check until the end of June.
You would think the people who PAID would be at the top of the list.