2nd Stimulus

[chas2jones]

Companies like TurboTax, H&R Block and Jackson Hewitt sometimes set up temporary accounts for clients when they prepare returns. For example, clients who opts to have preparation fees deducted from their refund may be issued one of these accounts, allowing the tax firm to take its share and then pass on the rest. After that, the accounts are generally inactive — but may still be linked to the taxpayers in I.R.S. records. Payments that are sent to inactive accounts must be returned to the Treasury.

[Schaeffnastie]

So I got a paper check from the IRS in the mail my second stimulus check. But I've efiled it through turbotax. Do I just wait for my e-file or do I cash the check.

[VolvoGirl]

NEW - YOU CAN GET YOUR RETURN BACK!

If you filed and claimed the Recovery rebate credit and then received the full Stimulus payments you can call it back and update your return so it isn't delayed

https://ttlc.intuit.com/community/tax-topics/help/i-ve-already-claimed-the-recovery-rebate-credit-ho...

[PMorrison1968]

I received my first stimulus check and it was deposited into my bank account which is now closed.  I am not being allowed to add my new bank information.

Please tell me how I can get the second one and the one coming up.  I've already filed my taxes for 2020.

Thanks in advance.

Pamela 

[Critter-3]

When you filed the 2020 return you should have indicated that you only got the first payment so the second one would be included in the total refund amount ... look at the form 1040 line 30 to see if you already have the amount included.   Then in the FILE tab you should have been able to put the current correct banking information before you filed so there is nothing to be changed now.  

[PMorrison1968]

I just filed yesterday via turbo tax.  I didn't include.  How can I fix this now?

[Poolie0405]

We received both checks but Turbo gave me A credit for the second check.  So we will receive a $1200 tax refund in addition to the two checks.  How can I correct this before I send off our return??!!!

[Poolie0405]

Well we received both payments and filing  out our 2020 tax return Turbo Tax gave us a credit for a third payment.  Instructions say the IRS will correct so no worries. Good Grief. 

[vanessagastoncates]

I never said I was mad. You need to learn the difference between anger and frustration!

[flamingo1953]

Turbo tax isn't the blame. If that is the case all those places like H&R block and others that does taxes is the blame. It's IRS fault that our second check got sent to accounts like turbo, H&R block and these other places. If you paid a fee to have taxes done, IRS sent checks to the accounts that such places had set up for fees of such places. So chill it's has been deault with.

[Critter-3]

Reconciliation for the first and second stimulus payments was done on the 2020 return  so if  you have not yet filed you can correct any wrong entries and file the return.   

If you have filed then the IRS will automatically correct the "math error" when they process your return.  There is nothing you can or should do at this time. 

[TheGr8Pretendr]

The IRS sent payments to the bank account they had on file for you. If you filed your last tax return with the Assisted Refund (AR) option (meaning you paid the filing fee with your tax refund instead of out of pocket) then your tax preparer had to intercept your refund to subtract the tax prep fees. To do this, an account has to be created so that the refund has a place to go. Most tax preparers offer prepaid cards- which have a bank account and routing number attached to them in case you choose to use them for other things, like direct deposit of your employment paycheck, etc. If you opt in for a prepaid card, read the terms and conditions. The majority of them- if not all- do not charge a monthly fee is the card is not in use and will keep the card active. 

If you did not opt in for the prepaid card and used direct deposit to your actual bank, that information is provided to the IRS. 

When the EIP (Stimulus payment) is sent to a closed account, the law states the bank receiving it has to reject the payment and return it back to the IRS. 

Due to the quick deadline and millions of people affected, it will take time to get all of those payments received back, printed, and mailed back out to their intended recipients.  I understand your frustration, as my second stimulus was sent to a closed account, too. However, my closed account was a personal one. 

My best advice, if you have not received your stimulus payment yet due to a closed account, log into the Get My Payment Tool once daily to see if there is an update. The IRS only updates it once per day, usually overnight. Also, if you don't have an account with USPS, sign up for one. It's free. You'll be able to utilize the "Informed Delivery" feature which tells you what mail and packages arriving to your address. It will show you a photo of letter size mail pieces. For anything larger it will just tell you a number for pieces arriving that they "do not have a photo for" in addition to the ones that did have a photo. Keep in mind, they do not only show you mail with your name on it. If there are other members in your household, it will show theirs too. Informed Delivery also has an app for both Android and iPhone. It's called "Informed Delivery." If your check is coming that day, you will be able to see the actual photo of it. Helps ease a tiny bit of the stress. 

I hope this helps! 

[TheGr8Pretendr]

This is quoted directly from the IRS website. "If you receive this message, you were either not eligible, or eligible but we were unable to issue you a second payment. You'll need to claim any additional amount you may be entitled to on your 2020 tax return as the Recovery Rebate Credit."

Here is the link:

https://www.irs.gov/coronavirus/get-my-payment-freque[product key removed]ions#:~:text=Payment%20Sta....

You can create an account on irs.gov to view if you received or should have received an EIP and the exact amount of said payment. To create an account, you will need to verify your identity. If you are unable to provide the information asked, it takes a little longer to get the account open. Even if it takes the longer route, it's well worth it and a good idea to do it as you are able to view prior years tax and wage information.

[Anonymous]

Till this day I still haven't gotten my 2nd Stimulus, Turbo Tax has had the right account for me for the past 7 years. 

[xmasbaby0]

@Anonymous

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)  If you are eligible it will end up on line 30 of your 2020 Form 1040.

Make sure that you enter ALL of the stimulus money received for the 1st ad 2nd stimulus for yourself, your spouse and your children.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-2020-tax-return

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.