With this next stimulus check being passed, will it be deposited into my account information on file for 2019 taxes or 2020 taxes? And if it will be deposited into the 2020 taxes account, will it stil

Forum|Forum|5 years ago
March 11, 2021
4 replies
11 views

Will it still be deposited into that account if my return has not been approved?

TurboTax Free Edition Online

JamesG1

Level 15

This TurboTax Help says the IRS will refer to the information on the 2019 and 2020 tax returns. Your 2020 tax return will have to be filed and accepted by the IRS.

This American Rescue Plan states:

Third Stimulus Payments for Individuals and Joint Taxpayers

Those eligible will get up to $1,400 in stimulus payments for each taxpayer in their family plus an additional $1,400 per dependent. This means a family with two children could receive $5,600.

Unlike previous stimulus payments, this round all dependents, including adult dependents and college students are eligible for stimulus checks.

Although you may want to file your 2020 return now in order to provide your most recent information to the IRS, including bank account information, you don’t need to do anything to get your stimulus check. The IRS will determine eligibility based on your last tax return, either 2019 or 2020, and will likely send your payment to the bank account where your tax refund was deposited.

We just do not know all the details at this time.

We do not have all the specific information from the IRS for the tax changes including a third stimulus payment because the measure has been passed by both houses of Congress but not yet signed into law by the President.

IRS information updates can be found here. TurboTax information updates can be found here.

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hunterm08Author

Level 2

Does my 2020 return have to be approved, or just accepted, for the third stimulus check to be deposited into the account information i put on that return? My return has been accepted but has not been approved; will this result in the third check being deposited into the 2019 tax direct deposit account?

LenaH

Alumni - Expert

Your 2020 return just has to be accepted for the IRS to have a record of your updated bank information. The bank information from your 2020 tax return will be used for the Economic Impact Payment (EIP3).

You can check the status of your third payment by using the Get My Payment tool, which is now live and reflective of the EIP3.

@hunterm08

[Edited 3/14/21 l 9:02AM PST]

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