You'll need to sign in or create an account to connect with an expert.
BANKING INFORMATION
Your banking information cannot be changed after your tax return has been filed and accepted.
Banking information does not go from TT to the IRS until you file your 2020 tax return and it is accepted. The IRS will begin to accept and process 2020 returns at the end of January 2021.
You enter/change banking information in the FILE section before you file your 2020 return. Changing it on the TurboTax site does not do any good until you file your return and the IRS processes your return. If they manage to start sending out stimulus checks before you can change your information, we hope the IRS provides a way for you to change it with the IRS. If your check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.
TurboTax has NO control over your stimulus check, nor can TT track it or tell you when you will receive it. The IRS will use the same banking information for the 2nd stimulus that they used for the first one. If that account (or card) is closed then the stimulus will go back to the IRS and they will mail you a check.
See this information from the IRS:
When you prepare your 2020 tax return you can change your address in My Info--but that will not go to the IRS until you file your tax return. The IRS will not be accepting 2020 returns until the end of January.
To change your address now with the IRS --- but this takes weeks --
CHANGE OF ADDRESS
https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes
Make sure the post office is forwarding your mail.
Your banking information cannot be changed after your tax return has been filed and accepted.
Banking information does not go from TT to the IRS until you file your 2020 tax return and it is accepted. The IRS will begin to accept and process 2020 returns at the end of January 2021.
You enter/change banking information in the FILE section before you file your 2020 return. Changing it on the TurboTax site does not do any good until you file your return and the IRS processes your return. If they manage to start sending out stimulus checks before you can change your information, we hope the IRS provides a way for you to change it with the IRS but they did not allow it for the first stimulus check … see FAQ below from the IRS.
If your check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.
The address you used on your 2019 return is what the IRS has at this time. If you need to change it with the IRS:
CHANGE OF ADDRESS
https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes
AND put in a forwarding address with the post office.
From the IRS:
Bank Account Information
Where did the IRS get my bank information, and what if I need to change it? (updated May 15, 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.
The IRS will stop mailing payments on 1/15 so if you do not get a check in the mail by 1/27 you can get the money on the 2020 return you will file. The IRS will not start processing returns until 1/27 at the earliest so you have time to wait and see.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
maria-angelica-e
New Member
Artgirl483
Returning Member
mesquitebean
Level 15