How can I change my banking account

Forum|Forum|5 years ago
December 30, 2020
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TurboTax Online

xmasbaby0

Level 15

BANKING INFORMATION

Your banking information cannot be changed after your tax return has been filed and accepted.

Banking information does not go from TT to the IRS until you file your 2020 tax return and it is accepted. The IRS will begin to accept and process 2020 returns at the end of January 2021.

You enter/change banking information in the FILE section before you file your 2020 return. Changing it on the TurboTax site does not do any good until you file your return and the IRS processes your return. If they manage to start sending out stimulus checks before you can change your information, we hope the IRS provides a way for you to change it with the IRS. If your check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.

TurboTax has NO control over your stimulus check, nor can TT track it or tell you when you will receive it. The IRS will use the same banking information for the 2nd stimulus that they used for the first one. If that account (or card) is closed then the stimulus will go back to the IRS and they will mail you a check. See this information from the IRS:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

NCperson

Level 15

this posted today on the IRS website:

Where did the IRS get my bank information, and what if I need to change it? (updated December 30, 2020)

Get My Payment will reflect the account information provided on your 2019 tax return, Non-Filer Registration, entered on Get My Payment before Dec. 22, 2020, or provided by a Federal Agency who issued benefits to you (Social Security Administration, Veteran Affairs, or Railroad Retirement Board).

Your payment information cannot be changed. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.