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 🙂
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
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.
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:
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?
Yes. If your stimulus payment goes into an old bank account and gets rejected, it will be sent back to the IRS. At that point, you can set up direct deposit with Get My Payment and choose to deposit the stimulus payment into a new bank account.
This happened on the 2nd stimulus but Turbo tax messaged me a urgent messages telling me this had happened. and it had been rejected as the bank account was now closed.
Turbo tax gave me the option to update banking information.
so the reason im asking is because will tubo tax message me again to update or should the IRS
have this updated info already
The IRS should have your updated bank information. However, please enter your information into the Get My Payment tool. This website will give you the last digits of the bank account your stimulus payment will be sent to.
I tried to use the get my payment tool but its saying I have to re-verify my identity. and because I don't use a credit card it's can't verify me. so weird.
I am sure turbo tax will message me. hopfully