- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
First Turbotax never gets your refunds ... they are not part of the process. So if you used the third party bank to receive your refund, pay the TT fees and send the rest to your bank account or to a prepaid debit card then according to the IRS this time they will not send the stimulus to the third party banks and if they do the banks will not accept them if they are sent :
If you used the refund processing service to pay the TT fees from the federal refund and the balance put on the TT card then the processing bank will NOT be accepting those deposits. They will be rejected and the IRS will issue a check mailed to the address they currently have on file. Putting in a change of address with the IRS before filing your return will be a waste of time since it will not be processed fast enough but you can put in a forwarding address with the post office if allowed.
The IRS will stop mailing payments on 1/15 so if you do not get a check in the mail by 1/27 you can get the money on the 2020 return you will file. The IRS will not start processing returns until 1/27 at the earliest so you have time to wait and see.
https://www.sbtpg.com/coronavirus-stimulus-payment-info/Economic Impact Payment Information
Last updated: Dec. 30 2020 8:12 am
12/30/2020 Update
The IRS has announced that the second round Economic Impact Payments(EIP) are being delivered directly to qualified taxpayers, and the IRS has indicated payments will NOT be delivered to Refund Transfer banks including Santa Barbara TPG. TPG will not play a role in facilitating these payments. The eligibility amount and status of your stimulus payment can be found at IRS.gov/coronavirus.
If the IRS indicates funds were sent to TPG those funds will be rejected back to the IRS. The IRS may indicate funds were deposited to an account ending in the last four digits of your Social Security number. For your protection any account that was established at TPG to facilitate processing of your tax refund was closed when you received your original tax refund, and that account no longer exists.
Unfortunately, TPG does not have any visibility into this information, therefore our agents cannot answer any questions regarding these payments.
TurboTax has NO control over your stimulus check, nor can TT track it or tell you when you will receive it. The IRS will use the same banking information for the 2nd stimulus that they used for the first one. If that account (or card) is closed then the stimulus will go back to the IRS and they will mail you a check.
See this information from the IRS:
From the IRS:
Bank Account Information
Where did the IRS get my bank information, and what if I need to change it? (updated May 15, 2020)
No. To help protect against potential fraud, the tool does not allow people to change direct deposit information already on file with the IRS.
If we issue a direct deposit and the bank information is invalid or the bank account has been closed, the bank will reject the deposit. We will then mail your Payment as soon as possible to the address we have on file for you, and we will update Get My Payment to reflect the date your payment will be mailed. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time.
This was published in the Wall Street Journal and begins to explain the timing and how these 2nd payments are going to occur:
"To avoid sending money during tax-filing season, Congress established a Jan. 15 deadline for making the stimulus payments. Eligible individuals who don’t receive a check or direct deposit by that date will have to request a $600 refund when filing 2020 tax returns. "
That means the IRS is going to have to change how the EIP form that ties to Line 30 works prior to opening up the submission window in late January..... and it's how they are going to ensure that there isn't any unintentional 'double dipping' (I get a stimulus payment and I fail to state that on my 2020 tax return)
The IRS has no Congressional authority to send out payments after January 15, 2021. The law further states this 2nd stimulus (like the 1st one) is an advance of the 2020 tax return - not the 2021 tax return!
Once we get past January 15, 2021, the only way the IRS has to get the 2nd stimulus to taxpayers is through the 2020 tax return, which I suspect means re-tooling the EIP form that ties to Line 30.
and sure enough this is what the tax bill states (page 1969 if anyone really cares)
‘‘(ii) DEADLINE.—
23 ‘‘(I) IN GENERAL.—Except as
24 provided in subclause (II), no refund
25 or credit shall be made or allowed
under this subsection after January
15, 2021.
Hot off the press ... straight from the horse's mouth ...
