Please help ! 3rd stimulus

Forum|Forum|5 years ago
March 13, 2021
2 replies
9 views

Hello , hopefully someone can help with this.

when the 2nd stimulus package was released , my bank account that I used for the 1st stimulus was already closed so the irs attempted a deposit into a closed account but sent the funds back . Turbo tax sent me a secure email and gave me about 24 hours to update to new banking , I did and the next morning I received the 3rd stimulus.

Did turbo tax keep my bank info from the 2nd stimulus on file or will I have to wait until funds are rejected and etc ?

i have filed my 2020 tax return but it is still processing with no date , so I’m not sure if it will go to an old 2019 account or the new 2020 account

I tried to ask this as simple as a could . Let me know if you have any info on this ! Thank you in advance 🙂

JotikaT2

Employee Tax Expert

It depends.

The IRS will utilize the most recent information on file to issue any stimulus payments you are entitled to. If they process your 2020 income tax return before issuing the payment, the IRS will use that information.

Please see the link below for more guidance as it relates the third stimulus payment.

IRS information on third stimulus payment

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chadus83

Level 5

I am concerned about the same thing I got an email from turbo tax saying it got rejected so I updated my banking information. I have a feeling it will happen again and you just gotta update it through turbo tax. as I think the IRS just use your previous tax records.

One would think that it would just divert to the updated information but who knows.

LenaH

Employee Tax Expert

Yes. The third round of Economic Impact Payments (EIP3) will be based on the taxpayer's latest processed tax return from either 2020 or 2019. If the IRS has received and processed a taxpayer's 2020 return, the agency will use the bank information from that tax return.

Per the IRS, if your payment can’t be delivered to you for any reason, it will be returned to the IRS. To get your payment reissued:

Set up direct deposit with Get My Payment. After your payment is returned to the IRS, your payment status will update to “Need More Information.” You can then choose direct deposit to a:
- Bank account
- Prepaid debit card (must be reloadable; contact the card issuer for information)
- Alternative financial products that have a routing and account number associated with them
Update your address with the IRS. The easiest way is to file your 2020 tax return with your current address, if you haven’t already done so. Once we receive your current address, we will reissue your payment.

@chadus83

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chadus83

Level 5

But I am saying I have updated it in the second stimulus already because turbo tax sent me an email saying it had gotten rejected please update banking information. so I am wondering will they use the new updated banking information I provided.

When I checked the IRS website it still shows my old banking information. and that it will be sent on the 17th.

my guess is if it gets rejected surley it will use the alternative account I already provided?