Change Jar Savings - Tuesday Tip – Getting your Economic Stimulus check direct deposited

Since you found out about Economic Stimulus Act of 2008, you know how much you are getting ($600 per person). You know it is coming in May. You even have decided how you will use ten different ways.

Did you know it may be direct deposited in you checking or savings account? Caution: Wait on switching banks until after this check arrives.

If you filed your taxes and selected direct deposit, the IRS will use this to direct deposit your Economic Stimulus check. If you have switched banks, expect your check later.

More frequently asked questions can be found at the IRS’ Answers to Frequently Asked Questions about Stimulus Payments web page.

“Q. Can I have my stimulus payment direct deposited?
A. Stimulus payments will be direct deposited for taxpayers who select that option when filing their 2007 tax returns. Taxpayers who already filed and requested direct deposit won’t need to do anything else to receive the stimulus payment. Taxpayers who did not request direct deposit for their 2007 refund will receive a paper check by mail. The IRS reminds taxpayers who haven’t filed their 2007 returns yet that direct deposit is the fastest way to get both regular refunds and stimulus payments.”

If you have to pay in, you should put the direct deposit information on your return and the Economic Stimulus check will be direct deposited.

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.

Q. If I use direct deposit for my tax return refund and my bank account information
later changes, what will happen when my stimulus payment goes out?
A. Typically, the direct deposit will be rejected. After the IRS receives a rejection notice, the payment will be converted to a paper check and mailed to you.

Just my 2 cents. Jim @ ChangeJarSavings.com