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Direct IRA deposit: Make a quick withdrawal

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in Small Business Tax

Was your economic stimulus rebate check deposited directly into your IRA? If you directed the IRS to deposit your 2007 personal income tax refund into an IRA, that’s where your rebate check went. Many taxpayers weren’t aware that choosing this option would affect economic stimulus rebate deposits. The IRS now says that the rebate amount may be withdrawn from the IRA without paying any tax or penalties. However, the withdrawal must be made by the due date for filing your 2008 income tax return, plus any extensions. (IRS News Release IR-2008-68, Announcement 2008-44) Note: The IRS expects that direct deposits of economic stimulus rebates will be completed by July 11.

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