topic Change banking accounts in Get your taxes done using TurboTax

Change banking accounts

bcarver98 — Sat, 09 Jan 2021 01:22:02 GMT

Re: Change banking accounts

xmasbaby0 — Sat, 09 Jan 2021 17:29:13 GMT

From the IRS:

How do I find out if the IRS is sending me a payment?

People can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.

How will the IRS know where to send my payment? What if I changed bank accounts?

The IRS will use the data already in our systems to send the new payments. Taxpayers with direct deposit information on file will receive the payment that way. For those without current direct deposit information on file, they will receive the payment as a check or debit card in the mail. For those eligible but who don’t receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021. Remember, the Economic Impact Payments are an advance payment of what will be called the Recovery Rebate Credit on the 2020 Form 1040 or Form 1040-SR.

Re: Change banking accounts

LinaJ2020 — Sun, 10 Jan 2021 17:20:20 GMT

Per IRS, your payment information including the bank account cannot be changed. If your bank information is invalid or the bank account has been closed, the bank will reject the deposit and the IRS will mail your payment to the most recent address they have on file. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.

@bcarver98