I know one can easily get direct deposit for stimulus if you have filed your taxes and they have your bank information. However, even though I do this every year, for some reason I don't get the stimulus directly deposited. Is this because I chose to have the payment for turbo tax deducted from my federal income? I noticed my state tax refund showed a deposit from IRS but the federal tax return showed up as a deposit from an LLC as they were channeled though turbotax.
You are correct, when you have your TurboTax fees taken from your refund, your refund goes to a bank that processes the payment from the IRS and then sends you a payment after your fees have been deducted. That can result in the IRS sending your stimulus payment directly to you, since the bank doesn't want to get involved as they don't have legal authority to handle your stimulus check that you didn't sign off on.
You are correct, when you have your TurboTax fees taken from your refund, your refund goes to a bank that processes the payment from the IRS and then sends you a payment after your fees have been deducted. That can result in the IRS sending your stimulus payment directly to you, since the bank doesn't want to get involved as they don't have legal authority to handle your stimulus check that you didn't sign off on.
This is so incredibly misleading and dishonest of TurboTax. First, I never knew they charge you $40 to withdraw fees from your return. It doesn't tell you that anywhere and it took me a lot of digging to find my bill.
Second people
NEED TO KNOW
that doing this will throw their stimulus payments off. This is a major problem for me.