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grmarosie
New Member

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

 
7 Replies
ErnieS0
Expert Alumni

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

Yes. You canand shouldupdate your bank account information in TurboTax if you are filing a 2020 income tax return to receive a Recovery Rebate Credit. The IRS updates your information when it gets a tax return.

 

You can no longer update your bank information on the IRS Get My Payment app.

 

The IRS says your payment information there cant be changed. If you are eligible and either didnt receive Economic Impact Payments or qualify for more than received you may claim the Recovery Rebate Credit and must file a 2020 tax return even if you are not normally required to file.

wdrake2
New Member

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

Where can I change it? Does it ask at the end?

JamesG1
Expert Alumni

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

The IRS wants you to disclose your bank account deposit information on your 2020 Federal tax return.

 

After you complete Review and move on to File (see the far left side of the screen) you will be asked to disclose your bank account deposit information if your tax return generates a refund.

 

If you have not received one or both of your stimulus checks, you will receive your payment in the form of a Recovery Rebate Credit on line 30 of your 2020 Federal tax return when you file.

 

TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax.  The computations within TurboTax are based upon the information that you have entered into the tax software.  If you are due an additional amount, it will be issued as a Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.

 

In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.

 

You can access your stimulus check choices by following these steps: 

  • Down the left side of the screen, click on Federal.
  • Across the top of the screen, click on Other Tax Situations.
  • At the screen Let’s keep going to wrap up.  Click on Let’s keep going.
  • At the screen Let’s make sure you got the right stimulus amount, click Continue.
  • At the screen Did you get a stimulus payment? you can update your stimulus check entries. 

See also this TurboTax Help.

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parom
Level 2

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

If my tax return does not generate refund, how can I enter my bank information for IRS? I think that was the original question but I do not see answer how to do it in this case.

ThomasM125
Expert Alumni

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

Even if  you entered your bank account information on your tax return, it may not be recorded by the IRS if you did not have a refund or owed money when you filed your tax return. 

 

I don't believe there is a way to enter it in the online version of TurboTax if you aren't due a refund or owe taxes. You could report it in line 35 of your tax return if you mailed it in or you can enter it in the desktop version of TurboTax in part V of your Federal Information Worksheet.

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parom
Level 2

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

Thank you for the answer. I do have desktop version of Turbo Tax. I am filing 1040-SR. I am able to enter my bank account information on Federal Information Worksheet but it is not transferred to 1040-SR. There are still XX's in 1040-SR. I found also FORM 1040 or FORM 1040-SR worksheet but on line 35 there are XX's there. I am unable to enter the numbers there. Is there any way how my bank account information will show on main 1040-SR when I perform electronic filing?

 
 
 
CatinaT1
Expert Alumni

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

The IRS does not allow direct deposit information on a return with no refund.

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