No, TurboTax does not provide your direct deposit information to the IRS. The IRS gets your direct deposit information from your tax return.
- If you had a balance due this year, the IRS will mail a paper stimulus check to the address on your 2019 return, unless you were sent a refund by direct deposit in 2018, in which case your stimulus payment will be sent to that account.
However, 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.
In the meantime, you can visit the following links for the most recent updates:
**Mark the post that answers your question by clicking on "Mark as Best Answer"
This is a complete total F@Y%Up on the new TurboTax 2019 not providing our new Bank Direct Deposit account information to the IRS this year! My situation is the old Bank Account we used for last year's 2018 E-Filing to the IRS was closed and we got a new Bank Account for 2019. TurboTax Deluxe 2019 asks for your Bank Direct Deposit information when you E-File this year and we entered our NEW Bank Account info (which is different from last year's 2018 Bank Account info!). Only to find out that IRS says that they do not have the new bank account info! They have our old closed bank account which is closed out and no longer exists. So not only did that cause them to attempt to send our Stimulus payment to the wrong bank account and delay our payment, but they don't allow us to tell them our new Bank Account info once they've initiated processing the stimulus payment. Since we have no way (I've searched and searched!) to update the IRS with our new bank direct deposit account, HOW ARE THEY GOING to deduct the Taxes we owe??? From the looks of it, the IRS will also try to deduct the taxes owed from the old closed bank account and it will FAIL! And so, they will then charge a late payment penalty fee!!!??? All because TurboTax 2019 software change screwed things up. TurboTax you will pay the extra penalty fees if this happens! Why the heck did you stop sending our Bank Direct Deposit account info to the IRS? You put all XXXXXXXX's on the 1040 form and the IRS monkey that looks it over thinks there is no bank account info!
the irs has my bank account from last year where my other stimulus checks were deposited will it go into the bank account from last where the other stimulus checks were deposited
Yes, TurboTax provides the IRS with your bank information via your tax return when it is transferred electronically through efile. The IRS will use the account of the last known bank account from the last tax return that was filed.
In January 2020, during the distribution of the second round of stimulus payments, an IRS error caused delays in the distribution of some stimulus payments. In an effort to do all that we could to help these customers get the funds they deserved as quickly as possible, we were able to create a secure portal used to update banking information.
Here is what you should expect if you provided information in the secure portal.
- If you filed your 2020 tax return and it has been processed by the IRS, your stimulus will be sent to the account you provided in that return.
- If you provided updated banking information via the TurboTax Stimulus Portal for the second stimulus, that information was given to the IRS so they could deposit a third stimulus payment in that account.
- If a bank account the IRS has on file is closed and your bank rejects the payment, the IRS will either:
- Deposit your stimulus check into the bank account you entered into the TurboTax portal, or
- Send your stimulus by check to the address they have on file for you within 14 days.
If this applies to you, you can get updated information on how you can expect to receive your stimulus payment. If the IRS reissues a payment, they will update the status no more than once a day at: IRS Get My Payment