How do I update bank information?

Forum|Forum|5 years ago
December 22, 2020
3 replies
0 views

How do I update bank information before second stimulus check get sent out?

TurboTax Free Edition Online

Best answer by bluedeb

Your bank information for 2019 cannot be changed once your return has been accepted & processed. When you file your 2020 tax return, you can change your banking information when you go through the steps to file your return. The IRS will most likely use information from your 2019 return. If your banking information is incorrect, you will automatically be switched to receiving a check.

You cannot change a direct deposit for your 2019 return. The IRS may or may not have a portal for tax payers to enter their direct deposit information if they are not going to file a 2020 return. So far no news on how the IRS is going to handle the stimulus checks.

NCperson

Level 15

here is the current FAQ from the IRS

https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#bank

My bank account information has changed or was incorrect. Can I update it using the tool? (updated June 8, 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

bluedeb

Answer

Alumni - Champ

Grannycamp10

Level 2

Can my new bank account be updated ?

HelenC12

Level 15

TurboTax sent an email to some of our customers to update their stimulus payment direct deposit information. If you received this email, once your updated information is submitted you should receive your stimulus payment within 5 business days.

Note: You have to update your information by 1/15/2021.

Please follow these steps to update your information in the portal:

Go here and sign in with the username and password you used to file your 2019 tax return
Validate your identity
Enter your updated bank account information

If you were entitled to a stimulus payment but did not receive one, and you didn’t pay for TurboTax with your refund last year, you may need to claim the Recovery Rebate Credit on your 2020 taxes to get your money.

For the latest information, see Where's My Second Stimulus Check?

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

170972

Level 2

how do I update my bank account

Cass0317

Level 10

@170972 This information is shown on the IRS website regarding updating account information for the stimulus payments:

My bank account information has changed or was incorrect. Can I update it using the Get My Payment tool? (updated January 15, 2021)

"Your payment information can’t be changed. If you don’t get a payment and you’re eligible to receive one, you can claim the Recovery Rebate Credit on your 2020 tax return.

Some recipients may have had their payment directed to the temporary bank account established when their 2019 tax return was filed. The IRS and tax industry partners are taking steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort."

For additional information, please visit the IRS Get My Payment Frequently Asked Questions