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$8,000 Tax Credit - Direct Deposit?? in: Subjects › Tax

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Hey Guys,

I am closing escrow on a home in November. I am a first time home buyer and was planning on amending my 2008 taxes to receive the credit quicker. Can I get the tax credit in the form of direct deposit to expediate the process?


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No it's sent by check only


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and it seems to be taking longer and longer


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michal1980 said:and it seems to be taking longer and longeryes, my cousin bought a house back in May and just got his check this week.


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Check only, but you're still better off amending 2008 rather than claiming it in 2009 because the IRS will pay you ~ $120 more dollars. (Accrued interest)


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I just amended mine mailed it in about 3 weeks ago, they said could take 16-28 weeks. I dont know about DD, the form wanted my bank info so i dont know how they pay you


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rmhop said:michal1980 said:and it seems to be taking longer and longeryes, my cousin bought a house back in May and just got his check this week.

It doesn't matter when the house was purchased, what matters is when the paperwork was sent in... I sent mine in 8/15, and so far I've gotten nothing.


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I have a friend who closed and amended her return in early may and received her check last week, to give you an idea of timeframes.


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EggplantWizard said:I have a friend who closed and amended her return in early may and received her check last week, to give you an idea of timeframes.

Great so about 4 months?? Doesnt matter though just going into a money market..


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lgyeresi said:rmhop said:michal1980 said:and it seems to be taking longer and longeryes, my cousin bought a house back in May and just got his check this week.

It doesn't matter when the house was purchased, what matters is when the paperwork was sent in... I sent mine in 8/15, and so far I've gotten nothing.
he sent the papers in immediately


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I closed on July 1 and filed my amended return July 2; received my check August 11.


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michal1980 said:and it seems to be taking longer and longer
Sent in my paperwork by certified mail, return receipt requested on 7/20. Got my check 8/31. 5 weeks isn't bad.

No, you can't get it direct deposit.

No, you don't have to pay an accountant to do it. Turbo Tax made it easy for me to amend my return.

EDIT:
Speeling.

Message edited by: RedCelicaGT on 2009-09-03 22:53:46 CDT
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I sent mine in the first week of August and still waiting.... Stupid government and how slow they work..
I called to check on the status and the rep told me its been assigned and sitting on the guys desk. So hopefully couple more weeks and I will have my check


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polo2883 said:I sent mine in the first week of August and still waiting.... Stupid government and how slow they work..
I called to check on the status and the rep told me its been assigned and sitting on the guys desk. So hopefully couple more weeks and I will have my check

Yeah cause there are lots of private companies that handle complex documents for 300 million people and are not only willing to accept late paperwork but will mail you a check for $8,000 within one week!


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I received mine by direct deposit (never heard of anyone else getting it like that though). I filed it on an amended return back in May and got it about 8 weeks later.


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I finally got around to filing my 2008 taxes on October the 12th and I received my $8k credit yesterday via direct deposit. So... took about 8-10 business days. I was expecting more like 8-10 business weeks!


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Is the only way to get it ASAP to amend the 2008 return right after closing on the purchase?

I heard there was a way to actually use it as the downpayment to close escrow.


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89transam said:polo2883 said:I sent mine in the first week of August and still waiting.... Stupid government and how slow they work..
I called to check on the status and the rep told me its been assigned and sitting on the guys desk. So hopefully couple more weeks and I will have my check
Yeah cause there are lots of private companies that handle complex documents for 300 million people and are not only willing to accept late paperwork but will mail you a check for $8,000 within one week!
No private company could stay in business doing what the government does.


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SUCKISSTAPLES said:Is the only way to get it ASAP to amend the 2008 return right after closing on the purchase?

I heard there was a way to actually use it as the downpayment to close escrow.

some states have bridge loan programs that lend the 8 grand for the downpayment (over the 3.5% required)

also it sounds like lenders can give you a bridge loan as well.

http://blogs.wsj.com/developments/2009/05/29/how-to-get-the-8000...

http://www.marketwatch.com/story/advance-on-home-buyer-credit-ca...

Message edited by: michal1980 on 2009-10-24 11:40:05 CDT
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