Potential new stimulus credit of $8000

[Anonymous]

can i ammend my return more than once? if so should i just ammend it now for the 7,500 and then again to get the diffrence for the 8 grand? i could REALLY use the money, and it says that i have to wait 8-12 wks before i even see a check, and knowing turbo tax i will have to wait that long for them to update the software lol

[Lehrer29]

I am not a tax expert. However, I think you can file an amended return in this case more than once. Speaking of Turbotax. I use the program as well. If they aren't able to update their system to accommodate the new 8,000 credit then I won't use them. I will just take it to a tax preparation professional. It would be worth it to me. I have narrowed my house hunt down to two houses. I will be making an offer in the next few days. Therefore, I've been following this bill very closely. 

PS: You may want to call the 1-800 number for Turbo tax and simply ask them questions about it.  

[Anonymous]

well i called them and they couldn't tell me if i could ammend it more than once, but they did say once it was signed by the prez and enacted into law they will immediatly update the software to reflect this.

i asked how long that takes, and she said they are in constant talks with the irs, so when they say go turbo tax will update however it MUST be put into law for them to do this.

she guessed since it was a stimulus deal it wouldnt take more than a couple of weeks, so we will wait. if it threatens not to be put through before turbo tax tanks their free website ill just ammend it by hand through the irs myself....

[Lehrer29]

Thanks for the information! Good luck! It would be worth it to get your money!

[Anonymous]

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@Anonymous wrote:

...i asked how long that takes, and she said they are in constant talks with the irs, so when they say go turbo tax will update however it MUST be put into law for them to do this.

...she guessed since it was a stimulus deal it wouldnt take more than a couple of weeks...

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So much for saying 'go'! I suspect it'll be signed Monday. So, why would it take even a couple of weeks to update online returns? Or, are you suggesting the refund might only take a couple of weeks?

Message Edited by oldhack62 on 02-14-2009 07:56 PM

[Anonymous]

the refund not the update to the software. i have always had mine electronically put into my bank account. they said at turbo tax that if the irs had my info on file, they will send it EFT, if not i get a hard check. so on monday it will get signed, and should update in the system at turbo tax i would guess NLT fri. so i'll ammend it next monday and it should take about 4 weeks. however long it's worth it, WE NEED THE MONEY...

well not really...but i COULD use a new living room set. i got all the other rooms done but ran outta cash for the living room lol

[Lehrer29]

The President is signing the bill on Tuesday. I am assuming everything will go in effect Wednesday. I wouldn't do it Monday. I would wait until after that.