I'm wondering if the IRS has access to my bank routing number? I used Turbo Tax and it goes through Santa Barbra bank to pay you. With the stimulus package being approved, I wondered if IRS has that info. from you?
do you know?
When your return has been accepted, you cannot change or correct banking information in TurboTax. The IRS is trying to set up a web based portal for tax payers to enter their banking information.
Also, see the following from the IRS:
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
@Shottamike23 Don't know why Thursday was mentioned but the Internal Revenue Service (IRS) will start directly depositing the economic impact payment—otherwise known as the stimulus check—directly into Americans' accounts for mid-April, around April 15.
These first direct deposits will go to Americans who filed tax returns in the past two years and whose payment details are already on record.
For those who have not filed tax returns recently, the Treasury said it was developing "in the coming weeks" a web-based portal to allow these people to provide their bank details and receive immediately the economic impact payment rather than waiting for checks in the mail.
Anyone else will have to wait for a paper check. The Washington Post reported that checks for lower-income individuals will be prioritized and mailed first, citing an internal IRS plan circulating internally.
The IRS will reportedly start mailing checks out to those unable to receive the economic impact payment digitally from April 24, but some may not arrive until September.
The Treasury said social security recipients, who do not usually have to file a tax return to the IRS, will receive their economic impact payments directly and automatically into their accounts.
Treasury Secretary Steve Mnuchin said social security recipients will get their stimulus payments "very quickly" after the first IRS deposits are made in mid-April.
You will get a check if you:
The IRS bases the amount of your payment on the adjusted gross income (AGI) listed on your most recent tax return: 2018 or 2019.
The maximum payment is $1,200 for single filers with an AGI below $75,000 or single parents (heads of household) with an AGI below $112,500. Married couples who file jointly and have an AGI below $150,000 will get a total of $2,400.
From what I’ve heard so far, they use whatever routing number was on our tax return. Unfortunately, I gave the wrong routing number for my bank so I had to wait for my refund. I’m hoping there’s a way we can change, or confirm the routing number they will use when issuing the stimulus checks.
I read the other day that if your deposit info on your tax return was incorrect or has changed that you need to call the IRS and update your account information in order to have the stimulus direct deposited.
Unfortunately you can only receive it the way you received your tax return refund. If it was direct deposit then you have nothing to worry about. If you received a check then unfortunately you will have to wait for a check to be mailed to you. The only thing you can change is the address.