The IRS has the information. They opted to use previously filed tax returns before using the information in the portal. They will be issuing and reissuing payments over the next several weeks. The following is a quote from the IRS, which explains where they are getting the information they are using to issue payments.
'''Your bank account information cannot be changed. The bank account information in 'Get My Payment' came from one of the following sources:
- Your 2020 tax return
- Your 2019 tax return if your 2020 return was not processed when the IRS started issuing payments
- Information you entered on your non-filer registration in 2020
- Information you entered on 'Get My Payment' in 2020 or
- A federal agency that provides you benefits: This may include the Social Security Administration, Veteran Affairs, or the Railroad Retirement Board.'''
They have also stated - ''If your bank information is invalid or the account has been closed, the bank will return your payment to the IRS and we will mail it to you by check at the address we have on file.''' They probably used information in that order.
We cannot tell them to use option 3 for some taxpayers and use option 1 for others - they don't take instruction from TurboTax or any other tax software provider. They are well-aware they have used old information and are re-issuing those payments.
The most recent stimulus payment information can be found here. That is a TurboTax document that is updated continuously. The most current IRS Q and A can be found here. They just started issuing the 3rd round last week and it will take several weeks to get all funds distributed. TurboTax does not have any insider information regarding stimulus payments. We have shared our portal information with them, but we can not dictate to the IRS where to send your payment. We have to follow their rules and guidance as they are the government agency implementing the policy changes. Every time we receive new information, it is updated in the TurboTax link above.
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