Yes. You can—and should—update your bank account information in TurboTax if you are filing a 2020 income tax return to receive a Recovery Rebate Credit. The IRS updates your information when it gets a tax return.
You can no longer update your bank information on the IRS’ Get My Payment app.
The IRS says your payment information there can’t be changed. If you are eligible – and either didn’t receive Economic Impact Payments or qualify for more than received – you may claim the Recovery Rebate Credit and must file a 2020 tax return even if you are not normally required to file.
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