BANKING INFORMATION

Your banking information cannot be changed after your tax return has been filed and accepted.

Banking information does not go from TT to the IRS until you file your 2020 tax return and it is accepted. The IRS will begin to accept  and process 2020 returns at the end of January 2021.

You enter/change banking information in the FILE section before you file your 2020 return. Changing it on the TurboTax site does not do any good until you file your return and the IRS processes your return.   If they manage to start sending  out stimulus checks before you can change your information, we hope the IRS provides a way for you to change it with the IRS.   If your check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.

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:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

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:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

Which means 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 but you can put in a forwarding address with the IRS instead so the check can find you.

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.  

If you did not use the processing service and  entered the debit card direct deposit info directly into the FILE tab then this doesn't apply to you.