RAL....New Stimulus Rebates???

[taxguy057]

Got a good one for everybody....According to the plans for the IRS to send these rebates to taxpayers this upcoming summer, if the taxpayer had their regular refund sent by mail, then the rebate check will come to that same address. Now if the taxpayer had the refund deposited into their checking/savings account, then it will be sent to the respective account...... Here's the kicker! What if a taxpayer received a RAL check? Being that the federal refund went to the respective bank that processed the RAL loan. Where will the rebate deposit be sent or will it convert to mailing address by the bank or will we be processing a check for the clients like we do the RALs.... :dunno:

[JohnH]

The client will get a check.

Scroll down to your answer near the bottom of the following page:

http://www.irs.ustreas.gov/newsroom/articl...=179181,00.html

Q. I chose direct deposit for my 2007 tax refund but also requested a Refund Anticipation Loan (RAL) from my preparer. How does that affect my stimulus payment?

A. Taxpayers who use RALs or enter into any other loan or financial agreement with their tax professional cannot receive their stimulus payments by direct deposit and instead will get a paper check.

[Lion EA]

And, if they split their refund into two or three different direct deposits (IRA, checking account, etc.) they will NOT receive their rebate via direct deposit also using the deposit schedule but will receive a paper check in the mail on the much later mailing schedule.