Monday, May 19, 2008

IRS Announcement 2008-44 – Relief for Recipients of Certain Direct Deposits of 2008 Economic Stimulus Payments

Part IV. – Items of General Interest

IRS Announcement 2008-44 – Relief for Recipients of Certain Direct Deposits of 2008 Economic Stimulus Payments

Economic stimulus payment; direct deposit; tax favored account. This announcement provides that individuals who have payments made by direct deposit under the Economic Stimulus Act of 2008 to their IRAs or certain other accounts afforded special tax benefits under the Code may remove the payments without incurring any adverse tax consequences.

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