For those wondering about how TurboTax fee withholding will affect their stimulus payment, SBTPG has just released (mostly) good news from https://www.sbtpg.com/coronavirus-stimulus-payment-info/ (bold added by me):
I paid for tax preparation using Santa Barbara TPG this tax season. How will I receive my Economic Impact Payment?
The IRS will issue direct deposits to taxpayers that received a direct deposit.
An IRS-issued check will be mailed to taxpayers that received a check printed from their tax professional's office or a debit card issued through Santa Barbara TPG.
The IRS and Treasury Department are developing a website for taxpayers who are expecting a check, where they can provide their bank account information in order to receive their Economic Impact Payment by direct deposit. According to this message on the IRS website the IRS will notify taxpayers when more details are available. We will update this page when more information is available.
What does this mean?
- If you simply had fees withheld by SBTPG and sent the rest of your refund by direct deposit to your bank account or a third-party prepaid card, your stimulus check will be direct deposited to that account or card. No delays.
- There may be some uncertainty as to those using the Turbo Card who also had fees withheld, because the Turbo Card is issued by Green Dot Bank (same parent company as SBTPG). However, cards "issued through" SBTPG (per their website) are Walmart MoneyCards, not Turbo Cards which are a separate relationship between Intuit & Green Dot. Thus, there is a solid chance Turbo Card customers will also get their stimulus check on their Turbo Card. (If you did not have TurboTax fees withheld from your refund, the stimulus check will almost certainly go to your Turbo Card.)
- If all else fails and you end up with a paper check, you can still submit your direct deposit info thru the upcoming IRS portal (NOT TurboTax's Stimulus Registration page) to speed up your stimulus payment. This includes the Turbo Card if you wanna use it for your stimulus payment.
