topic Re: 5 days in Get your taxes done using TurboTax

5 days

DConway40 — Wed, 13 Jan 2021 16:59:45 GMT

I'm just wondering what happens if it doesn't show up 5 days after info for direct deposit changed?

Re: 5 days

Mike9241 — Wed, 13 Jan 2021 17:57:58 GMT

I'm assuming you e-filed your 2020 return recently with TT. TT is holding your return until the IRS opens e-filing -probably late January. then it will submit your return to the IRS. the IRS will do a check of some items on the return and if ok will be accepted for processing, certain credits like the Earned Income or Child Care Credit will delay processing until Mid February. anyway once processed and the IRS finds no issues you should get your refund within 21 days. this could take longer depending on how the pandemic plays out.

Re: 5 days

DConway40 — Wed, 13 Jan 2021 18:01:49 GMT

I'm referring to the critical update some people including myself got to update info for the second stimulus payment. TT let us update DD info and said to give it 5 days to get the payment. I'm wondering what happens if it goes past that 5 days. Sorry for the confusion.

Re: 5 days

DawnC — Wed, 13 Jan 2021 18:10:41 GMT

If for any reason you do not get your stimulus payment, you will have the option of adding it to your 2020 tax return. If you used the tool in the email to update your information, you should see the deposit in the next 5 business days. Claiming the credit on your tax return is a last resort. Most people will get their deposit before filing 2020 but for the exceptions that don't, the Recovery Rebate option will ensure you get the full amount of stimulus that you are entitled to.