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 but they did not allow it for the first stimulus check … see FAQ below from 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.
From the IRS:
Bank Account Information
No. To help protect against potential fraud, the tool does not allow people to change direct deposit information already on file with the IRS.
If we issue a direct deposit and the bank information is invalid or the bank account has been closed, the bank will reject the deposit. We will then mail your Payment as soon as possible to the address we have on file for you, and we will update Get My Payment to reflect the date your payment will be mailed. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time.
This was published in the Wall Street Journal and begins to explain the timing and how these 2nd payments are going to occur:
"To avoid sending money during tax-filing season, Congress established a Jan. 15 deadline for making the stimulus payments. Eligible individuals who don’t receive a check or direct deposit by that date will have to request a $600 refund when filing 2020 tax returns. "
That means the IRS is going to have to change how the EIP form that ties to Line 30 works prior to opening up the submission window in late January..... and it's how they are going to ensure that there isn't any unintentional 'double dipping' (I get a stimulus payment and I fail to state that on my 2020 tax return)
The IRS has no Congressional authority to send out payments after January 15, 2021. The law further states this 2nd stimulus (like the 1st one) is an advance of the 2020 tax return - not the 2021 tax return!
Once we get past January 15, 2021, the only way the IRS has to get the 2nd stimulus to taxpayers is through the 2020 tax return, which I suspect means re-tooling the EIP form that ties to Line 30.
and sure enough this is what the tax bill states (page 1969 if anyone really cares)
23 ‘‘(I) IN GENERAL.—Except as
24 provided in subclause (II), no refund
25 or credit shall be made or allowed
under this subsection after January
Hot off the press ... straight from the horse's mouth ...
I am at the same bank and was told to contact you as I pay my taxes through you every year and I have not received my second stimulus. The article stated that my stimulus may have gone to your bank. Please check for me. My e-mail is [email address removed]. I really appreciate if you would check and if sent to your bank please send to me.
Lisa Lucille Spearman
If you provided your bank account information on your tax return, the IRS has that information. However, a processing error in the second round caused some to be undeliverable.
If your account was one that was affected by the recent IRS processing error, TurboTax has been working with the IRS to ensure that they have the proper information for a second attempt to deposit funds directly into customer bank accounts in the next day or two. If a second attempt is unsuccessful, then the IRS will mail a check. Processing will continue until January 15, 2021.
If you have not received your payment by January 15, 2021, AND your status remains "unavailable" at Get My Payment, then you will claim your credit when you file your tax return.
Please allow a few days after the 15th for the mailing of any check or debit card issued by the IRS.
You will find the most current updates posted here: IRS Updates on the Second Stimulus and here: TurboTax updates on the second stimulus. Both of these sites will continue to be updated as more information becomes available.
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