We cannot give a specific timeframe this year. We do know that the IRS will do the reconciliation for the unemployment if you originally claimed the full amount. They will review the returns, make the adjustment and correct the return. They specifically stated NOT to amend the return for this purpose,
As far as your bank account, the IRS will use your account listed on your 2020 tax return. If that is incorrect, or a wrong bank account is used in error, it will automatically be returned to the IRS and they will either use the 2020 return for updated bank information or they will change it to a paper check and mail it to the address on the tax return. The 2020 return was always the destination to reconcile the first and second stimulus payments. It will also be used to determine the third stimulus payment.
This year has brought challenges. The IRS is required to reconcile the tax returns and stimulus payments as well as working on the third stimulus payments due to the American Rescue Plan. With the tax season and the changes taking place all at once, a delay should be expected for full payments. They want to be diligent and are required to follow any protocols they have been issued.
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