How do I change the bank account linked to my TurboTax account for direct deposit?

[bluedeb · Accepted solution]

If your return has been accepted, you cannot change your bank information.  If you have not filed your return, you can go through the File section, continue to the screen that asks how you want your refund.

[19467]

I refer to stimulus registration.  My registration has been rejected.  I want to close the account.  It contains bank information and I do not want the information on the account.

[Tamara12]

how do I update my banking direct deposit info? 

[DoninGA]

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@Tamara12 wrote:

how do I update my banking direct deposit info? 

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Once a tax return has been filed the bank information cannot be changed.

When you file the 2020 federal tax return you can enter the bank routing and account number for a direct deposit of a federal tax refund in the File section of the TurboTax program.

Go to this IRS website for stimulus information - https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

Go to this IRS website for deposit information - https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#collapseCollapsible1609354...

Get My Payment will reflect the account information provided on your 2019 tax return, Non-Filer Registration, entered on Get My Payment before Dec. 22, 2020, or provided by a Federal Agency who issued benefits to you (Social Security Administration, Veteran Affairs, or Railroad Retirement Board).

Your payment information cannot be changed. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.

[shaniqwa96]

I need help to change my direct deposit please..

[xmasbaby0]

@shaniqwa96 If you already filed your tax return you cannot change your direct deposit information.

Did you already e-file?  If you did NOT e-file you can go to the FILE section and change how you want to receive your refund.  If you want direct deposit you need the routing number and your own account number.

You cannot  change banking information while your return is in pending, nor can you change it after the return is accepted.

If you e-filed:

Banking information for direct deposit is wrong

If you entered incorrect banking information for your refund, you can change it if your return is rejected.  If it is accepted, however, it is too late to change it.  The bank will reject the refund and send it back to the IRS.  Then the IRS will issue a paper check and mail it to the address you put on your tax return.  Expect a delay of at least a couple of weeks to receive your refund.

Here is what the IRS says about entering incorrect banking information

https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-an...

[Critter-3]

If this is for the advance CTC payments read the IRS information here : 

https://www.irs.gov/credits-deductions/2021-child-tax-credit-and-advance-child-tax-credit-payments-t...

[SChing]

Somehow I was hacked and the direct deposit was changed to another bank. I contacted the IRS and there is no way to get it back now. Now there is unemployment compensation coming and it is going to go the same bank account as the previous return. I have had you guys for 15 years and I am so upset that there is no way to change my bank information. A very stupid rule.

[VolvoGirl]

@SChing  Did you have the Turbo Tax fees deducted from your refund?  Then it goes though another bank to take the fees out.     When did the IRS send your refund?  You may still get it Direct Deposit to your bank account.

And a refund can not go to a bank if your name is not on the account.  The bank will reject it and send it back to the IRS.   If the bank rejects your deposit the IRS will mail a check to the address on your return. 

[SChing]

I have gone through every step with everybody except Turbo Tax as there is no way to contact these people. I don't know how they did it, but the money is gone. I received a letter from the IRS stating that there is nothing more they can do. It's gone forever. I am sure there all these great rules, but could a, would a and should a, nothing happened. 6 months after I file I should be able to amend and change the info or something. Live phone call. Shame

[VolvoGirl]

Contact Customer Service
5am-5pm Pacific Time
Monday-Friday
https://support.turbotax.intuit.com/contact/

What is the Turbo Tax phone number
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[VolvoGirl]

Do you have investments? 

6/6/2021 one user found.......

At this point we were scared our computer had been hacked and called a “geek” to check it out. He advised it had NOT been hacked. After learning about other TT users having similar problems and finally finding the refund in their brokerage account we checked ours and aha, there it was. Somehow the account numbers had been changed when TT accessed our brokerage account for the tax reporting info.

From...  https://ttlc.intuit.com/community/after-you-file/discussion/turbo-tax-put-the-wrong-routing-and-acco...

One poster found this.....

The refund was sent to a bank I didn't recognize because Schwab where I have an account uses an intermediary bank, JP Morgan. So the refund was in my Schwab account which has little activity and I had not checked. I had not had a refund in so long, I did not remember the default account I had set up years ago for refunds.

I found this from an old FAQ....

In some cases, tax refunds designated to be deposited into a Fidelity brokerage account will appear to have been "deposited" into UMB Bank.

Similarly, some tax refunds designated for a Charles Schwab account will seem to have been "deposited" to JPMorgan Chase or BNY Mellon.

In these 3 cases, the refund was merely routed through (not deposited into) these banks, who partner with the brokerage in routing the funds.

If your refund was routed through one of these banks, you'll see routing numbers 101205681, 071000013, or 031100157when you sign into your brokerage account. However, your refund will be deposited into your brokerage account, not the bank.