Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Dec 30, 2020 7:33:39 PM

I no longer have the same bank account I had when I received the first stimulus payment. How will I receive this one?

0 1 183
1 Replies
Level 15
Dec 30, 2020 7:49:04 PM

BANKING INFORMATION

 

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.   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.

 

TurboTax has NO control over your stimulus check, nor can TT track it or tell you when you will receive it.  The IRS will use the same banking information for the 2nd stimulus that they used for the first one.

  If that account (or card) is closed then the stimulus will go back to the IRS and they will mail you a check.  See this information from the IRS:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans