COVID Stimulus Payment:(Please allow people who used Turbocard to change our Payment method to avoid having our stimulus payments delayed by having to receive it by mailed check

[memacd62173]

I just spoke with Turbo tax, this woman at least understood what I was asking.  She said the information on the return you download is EXACTLY (and she typed in all caps) what the IRS received.

[Critter]

FACTS KNOWN TO DATE: 

FACT:  A prepaid debit card has an underlying bank account that acts  like a savings not checking in that you can only spend what is in the account, deducts user fees and can be reloaded.  Using the bank routing number and your "account" number at this sponsoring bank allows anyone like your employer/you/or the IRS to make deposits electronically.

FACT:  If the routing/account number listed on the form 1040 that you filed in 2019 (or 2018 if 2019 is not yet filed) has the debit card information on it then that is where the stimulus check is scheduled to go when they are released automatically.

FACT:  If your DD info is out of date for any reason the IRS will send a check instead automatically. 

FACT: IF the IRS gets the PORTAL working in some way, taxpayers whose DD or mailing address is out of date will be able to update the info ... date this will be operational is still TBD.  

FACT: TurboTax has partnered with the IRS to allow taxpayers who DO NOT NEED TO FILE a return to report the base minimum info to get a stimulus check.  This system must ONLY be used for those who do not need to file ... those who are required to file a return CAN NOT use this option.  Other tax programs are also working on this option to file a "simple" return that only has the taxpayer(s) name(s), address, dependents if any and the DD info if they have it. 

FACT:  For those who do not have a bank account they can buy a VISA debit card at the store for $5 to use for the DD ... you just just register the card with the same name/address as the primary taxpayer on the return.

FACT:  If you choose to not use a prepaid debit card and choose to have the check mailed then if you need to update your address do so by mailing in the IRS form 8822 ASAP.  https://www.irs.gov/pub/irs-pdf/f8822.pdf

FACT: If you are not required to file a return and you have SS benefits then you do NOT need to do anything to get the stimulus check now.  BUT if you have dependents (under the age of 17) to list on a return then you can use the "simple" return option mentioned in the last fact to get the extra $500 now  OR  file a 2020 return later to capture this extra amount.

[memacd62173]

Only one issue wrong with your “facts” the bank acct info attached to a prepaid card is not representative of a savings acct, but in fact checking.  If you look on your tax return next to dd info checking is marked, not savings.  In fact, with prepaid debit cards you can even order checks to use with them.  Please do not confuse a prepaid Visa, MC, etc...with a Visa gift card, for example, if you go to the store to buy one.  Although I’m really not sure why you would go to store and purchase a debit card when you can sign up online and get one for free ( such as Green Dot or Chime, etc...).

[kraal]

its filled in after the fact because TURBO TAX is letting you know the account number.

[memacd62173]

Where are you getting this info? It was on there when I filed. Turbo tax doesn’t need to provide me with the info, because if I set up an account for the card, online or in app, I can see the banking info for myself.  I just want to know where you are getting the info they fill this in after the fact, bc they told me that was NOT true.

[Critter]

@memacd62173

Ok ... you are being too literal ... I meant savings in the way you can use the account ... you cannot write checks against it so it cannot be overdrawn ... and to the IRS either box being checked on the 1040 form is exactly the same to them... those boxes are for the Taxpayer's information only.  

[Critter]

And back to my original comments weeks ago ... if you used the third party processing bank to receive the refund, pay the fees and put the rest to your checking/savings/debit card  or to the TT debit card then it is still unknown if the temporary account used for this ONE TIME USE situation can or will be reopened for the stimulus check deposit.   

ALL week folks have posted the DD info for the debit card was on the form 1040 ... no one until today said this info was back fed into the 1040 form AFTER filing so the IRS doesn't have the correct end user info.   So  unless someone can confirm this because they kept a PDF of the 1040 BEFORE they filed to compare with the one AFTER they filed then we do not know this for sure. 

As of now the third party bank has not released any definitive information: 

I paid for tax preparation using Santa Barbara TPG this tax season. How will I receive my Economic Impact Payment?

The current IRS plans are to issue direct deposits to taxpayers that received a direct deposit. An IRS-issued check may be mailed to taxpayers that received a check printed from their tax professional's office.

We are actively working with the IRS to determine how the Economic Impact Payments will be issued. We will update this page when more information is available. According to this message on the IRS website published March  30 the IRS will notify taxpayers when more details are available.

Keep checking here :   https://www.sbtpg.com/coronavirus-stimulus-payment-info/

[memacd62173]

I didn’t have a copy on hand for this year before I filed; however, I use the turbo tax prepaid card every year with funds taken out and I’m looking at a copy of return from two years ago, that I downloaded before I filed ( I was considering mailing it in that year).  The correct banking info for the card that year is printed on the return which had not been filed yet bc it has return not final, do not file all over it.  So, if I hadn’t filed yet, how was correct dd already on the form?

[kraal]

i am getting my info from someone who works for the state processing 

"intermediary banks work with paying fees for tax prep and the Turbo Tax advance. I worked for our state tax department and can confirm the IRS will only have SBTPG routing and account number. They will not have the customer actual bank or TurboCard routing account info."

[kraal]

the number is there BUT NOT the number sent to the IRS. The reason mainly is because they do not want you to have access to the routing and account number of an account that technically isn't yours

[memacd62173]

That’s interesting, because only my federal refund goes through SBTPG, not my state.  So, what really would someone involved with processing state refunds really know about this.  I’m sure they are just regurgitating info back to you they’ve been told or read somewhere.  Why would dd info be on my tax return before I filed, which I have proof of for 2 years ago.  Can they explain that?  I do it the same way every year, with turbo tax prepaid and fees taken out.

[Elimit21]

Does not matter about any of that. Lol. It will go on our cards. Watch and see. If it doesn't we still getting it regardless so it's a win win. 

[Elimit21]

Righttt! If you work for the state that doesnt even matter. This would be like a federal tax. So you can be quiet. You know nothing lol. 

[Critter]

They so open an individual account for you personally at the bank  which has an account number that is just for you  and that temp account is closed once the reason for it is done ... I think the account number posted on the 1040 is done for the taxpayer's convenience  ... if it is for a new debit card the processing bank must have a bunch of debit card account numbers they can assign when you file if you are not using your own bank account or debit card number ( this debit account number is not the same as the number on the debit card itself). 

SO ... if this is indeed the case we will have to see IF  the processing bank can or will reactivate the account or can provide the IRS with the required info   OR   if you will need to update your info on the IRS PORTAL that is supposedly coming in late April or Early May.  

[Critter]

Some states do allow a deposit to the debit card and if you are using the processing bank for the fed refund the state will piggyback to the card as well.