Tuesday Tip – Getting your Economic Stimulus check direct deposited

Jim — Tue, 04 Mar 2008 11:06:00 +0000

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

Tuesday Tip – Tax Time Medical Expenses

Jim — Tue, 12 Feb 2008 11:51:00 +0000

On Tuesday’s I will now be having Tuesday Tips. Tuesday Tips will provide short ideas on how to make you financial life easier. The topic could be very general about saving money or very specific, like Line 25 on the Federal tax form means…

Today’s Tuesday Tip is Tax Time Medical Expenses
Since my wife has been blessed with fibromyalgia, asthma and other “fun” money needing medical conditions, we get to itemize our medical expenses. When tax time comes we are going through our receipts and trying to figure out how much we spent last year.

I use to save every prescription receipt. Now I go to the pharmacy and ask them to print out a last years prescription purchases.

Things to remember: 1) Each person over 18 has to request their own print out and may have to sign for it because of medical privacy. 2) Don’t forget the other pharmacies. The one that is close to the hospital open 24 hours that you had to get a prescription at 3 am because the kid was sick. Or the one you use that is closer to work, home, etc when you are in a hurry and don’t want to run all the way to the regular pharmacy.

Side Note: When ever possible try to keep all prescriptions at one pharmacy or chain that has one database (record) of your prescriptions. That way they can tell if two medications do not work ell together. Doctor’s sometimes forget about interactions of medications. They are specializing in your health. The pharmacist specializes in knowing about medications. If there is a problem the pharmacist will (should) call you doctor and discuss other medications for you.

Just my 2 cents. Jim @ ChangeJarSavings.com

Change Jar Savings » PF – Taxes

Tuesday Tip – Getting your Economic Stimulus check direct deposited

Tuesday Tip – Tax Time Medical Expenses