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constance_5990
New Member

I need to change my direct deposit information for the second stimulus how do I do that?

 
5 Replies
rjs
Level 15
Level 15

I need to change my direct deposit information for the second stimulus how do I do that?

No information is available yet on how the second stimulus will be paid. President Trump just signed the bill for the second stimulus tonight (Sunday, Dec. 27), a few hours ago. The IRS now has to start working out the details of how it will be paid. It will take them some time to provide the instructions. Hopefully they will publish some details in the next couple of weeks.

 

constance_5990
New Member

I need to change my direct deposit information for the second stimulus how do I do that?

I’ve already looked all this up on the IRS website and have been monitoring the proceedings. It says it will be paid the same way as the first. I just need help changing my direct deposit information so I don’t have to wait weeks for a paper check. 

DoninGA
Level 15

I need to change my direct deposit information for the second stimulus how do I do that?


@constance_5990 wrote:

I’ve already looked all this up on the IRS website and have been monitoring the proceedings. It says it will be paid the same way as the first. I just need help changing my direct deposit information so I don’t have to wait weeks for a paper check. 


Once a tax return has been filed the bank information cannot be changed.

 

When you file the 2020 federal tax return you can enter the bank routing and account number for a direct deposit of a federal tax refund in the File section of the TurboTax program.

NCperson
Level 15

I need to change my direct deposit information for the second stimulus how do I do that?

yes but that same website says that they will not be accepting changes due to the risk of fraud. 

 

 

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.

Critter-3
Level 15

I need to change my direct deposit information for the second stimulus how do I do that?

This was published in the Wall Street Journal today 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)

 

 

‘‘(ii) DEADLINE.—
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
15, 2021.

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