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 they manage to start sending out stimulus checks before you can change your information, we hope the IRS provides a way for you to change it with the IRS. Right now there are no new guidelines. If your 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.
There is no way to change your bank information for the second stimulus payment. For security reasons, the IRS is not expected to provide a way to change it. If the account has been closed, the bank will reject the deposit. The IRS will then mail a check for your payment to the most recent address they have on file, which is usually the address on the last tax return that you filed. It will take about two weeks for you to get the check after the bank rejects the deposit.
@rjs - for your records, here is the FAQ supporting your comments:
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 recei
A4. If the account is closed or no longer active, the bank will return the deposit and you will be issued a check that will be mailed to the address we have on file for you. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS).
As required by law and for security reasons, a letter about the Payment will be mailed to each recipient’s last known address within 15 days after the Payment is made. The letter will provide information about the Payment.
ve the payment, standard mailing time.