My bank has changed since last year. How do I update my bank info so turbo tax can put my stimulus money in the right account?

[xmasbaby0]

Your banking information cannot be changed after your tax return has been filed and accepted.

Banking information does not go from TT to the IRS until you file your 2020 tax return and it is accepted. The IRS will begin to accept  and process 2020 returns at the end of January 2021.

You enter/change banking information in the FILE section before you file your 2020 return. Changing it on the TurboTax site does not do any good until you file your return and the IRS processes your return.  

If your stimulus check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.

[bdaughtry]

My bank account was closed do to identity theft. I have a new account with the same bank. You said to claim my stimulus check in my 2020 tax return by changing my bank account in the file section. You also stated If your stimulus check goes to a wrong or closed account, it will be sent back to the IRS and then the IRS will mail a check to the address on your tax return.

So, if I file my 2020 taxes and claim the rebate will it initiate 2 checks if the IRS will be mailing out a paper check do to the bank account closed and also refund through my 2020 tax filing?

[DianeW777]

No, they will not send two different times.  It will only be part of your tax return and if you choose you can add direct deposit to your return with new bank information if applicable.

If your bank account was closed, and if the IRS sent the second stimulus payment to that account, the bank or financial institution will see that there is not an account to deposit to. This payment is automatically sent back to the IRS.

There were some IRS issues with the second stimulus deposits. For those who did not receive their second stimulus check there is a Recovery Rebate Credit that will part of your tax return which will include it with the rest of your refund.  Please use the links below for more information. 

1. When will I get my second stimulus check? (scroll to this question when you select the hyperlink)
2. Why haven't I received my second stimulus check?
3. IRS Recovery Rebate Credit

In TurboTax Online, to claim the Recovery Rebate credit please do the following:

1. Sign into your account and continue from where you left off
2. Click on Federal in the left-hand column, then on Federal Review on the top of the screen
3. On the next page titled Let's make sure you got the right stimulus amount, click on Continue
4. Follow the interview
5. TurboTax will determine whether you are entitled to any additional stimulus
6. Any stimulus amount remaining due to you will show as a credit on line 30 of your form 1040.