topic Banking and Address info update for 2nd Stimulus woes... in After you file

Banking and Address info update for 2nd Stimulus woes...

ChrisHockaday — Wed, 30 Dec 2020 11:33:24 GMT

Like everything the federal government does, there was no foresight involved with the passing of this latest stimulus bill. Like many, our family has been hit hard and every penny helps.

But...

We have moved AND changed banks. Fortunately, if you have a closed account with the last bank account on record with the IRS, the bank will return the check. Unfortunately, if it is returned they will send it by US mail (which is abysmally slow at the moment) to the last address you had on record with the IRS. I'm guessing that any payments that are actually issued to us will take many, many months of bureaucratic hurdle after bureaucratic hurdle to secure. It would be nice if the IRS had some sort of way of updating personal information, like every other entity with an online presence on planet Earth, at any time...not just during a pandemic. I digress. This is how the federal government operates, negligent and devoid of the slightest morsel of logistics.

If anyone has any advice, I would love to hear it. Sadly, I'm afraid it is too early in the game of this 2nd round for any steps to be taken.

Re: Banking and Address info update for 2nd Stimulus woes...

xmasbaby0 — Wed, 30 Dec 2020 16:10:38 GMT

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:

https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payments-to-millions-of-americans

To change your address with the IRS:

CHANGE OF ADDRESS

https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes

If this goes "sideways" on you, you can still get the stimulus money on your 2020 return. Under Other Tax Situations you will be asked about the stimulus money you received.

The stimulus check is an advance on a credit you can receive on your 2020 tax return. If something went wrong or you did not get the stimulus check this year, you can get it when you file your 2020 return in early 2021—if you are eligible.It will end up on line 30 of your 2020 Form 1040.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-2020-tax-return

https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-and-families

Re: Banking and Address info update for 2nd Stimulus woes...

NCperson — Wed, 30 Dec 2020 16:30:41 GMT

the IRS statement on this topic is that there risk of fraud is too high to permit changes to banking account numbers. Note that other entities that have an online presence do have requirements about userids and passwords, two way authentication, challenge questions, email confirmation emails, etc. and other verification techniques that mitigate these risks. (note: the IRS, by policy, will never e-mail you, again because of the fraud risks)

The IRS does accept whatever you used on your tax returns - because they have a high confidence it's you providing the account information on a legal document (the tax return) as well as online tax preparers such as Turbo tax do have username and password processes to ensure "you are you". The stimulus situation creates a unique circumstance where a lot of time transpires between the time the tax return is submitted and the stimulus checks are cut - things change.

here is the IRS FAQ on the topic:

My bank account information has changed or was incorrect. Can I update it using the tool? (updated June 8, 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.

Re: Banking and Address info update for 2nd Stimulus woes...

ChrisHockaday — Sat, 02 Jan 2021 07:21:35 GMT

I suppose you missed the part about having moved. That would include having a different mailing address than I did last January.

Re: Banking and Address info update for 2nd Stimulus woes...

NCperson — Sat, 02 Jan 2021 11:22:00 GMT

@ChrisHockaday - the fact that you moved was not missed. Please go back and read the thread and note this was already stated:

To change your address with the IRS:

CHANGE OF ADDRESS

https://www.irs.gov/faqs/irs-procedures/address-changes/address-changes