Turbo Card and Stimulus Deposits - What you need to know
In order to deliver money as quickly as possible to those who need it, the IRS is sending stimulus payments to eligible taxpayers who filed a tax return in either 2019 or 2018 and chose to receive their refund via direct deposit into their checking account. These taxpayers will automatically have their stimulus payment deposited into the account they received their refund.
We have not yet received confirmation from the IRS on whether they will be putting stimulus payments on prepaid debit cards. However, we have noticed that the IRS has started depositing stimulus payments on some prepaid debit cards for taxpayers that chose to receive their refund through that method in tax year 2019 or 2018. If you received your refund on a prepaid debit card in tax year 2019 or 2018, here is what you need to know:
- I have access to my debit card: If you have access to your debit card (most people), there is nothing more you need to do. If the IRS deposits a stimulus payment onto your prepaid debit card, you will be able to immediately use the stimulus funds upon deposit.
- I don’t have access to my debit card: If you received a notification that you will be receiving your stimulus payment from the IRS on your prepaid debit card and no longer have access to it, we will have information coming shortly. We encourage you to visit this site, where we are continually updating with the latest information and guidance. We know everyone is anxious to get their stimulus money and we are committed to helping our customers get access to their stimulus payment as fast as possible.
My question is when we got a Advance from Turbo Tax, we signed a agreement where our Tax Refund money would be deposited directly into the Turbo Tax account and then you would subtract the advance and deposit the difference or load the difference onto the turbo tax card. There was a banking and routing number on that paperwork, which belonged to Turbo Tax. So to me, that qualifies as direct deposit, whether it was going directly into my personal bank account or the Turbo Tax account. So it was my assumption that it would be deposited to Turbo tax and then Turbo tax would carry the responsibility of loading the money onto our cards. In addition, which year are they using because 2019 is the first year we ever used the Turbo Card all previous years were direct deposited to our checking account. All the information I have read says they will use 2019 or 2018 for the direct deposit information, how and when will that be clarified??
Unfortunately some of this is a wait and see. I would think it would be deposited on your card.
The IRS is sending stimulus payments to eligible taxpayers who filed a tax return in either 2019 or 2018 and chose direct deposit, and is depositing some stimulus payments onto prepaid debit cards for filers that chose to receive their refund through that method.
For the majority of prepaid debit card holders there is nothing more to do as the stimulus payment will be deposited to their account. If your customer no longer has access to their debit card, we encourage them to visit https://turbodebitcard.intuit.com for assistance by logging in to their account, or using the Self Help available.
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