Millions of Americans, including some TurboTax customers, were affected by an IRS processing error that delayed payments.
We are happy to share that TurboTax customers who were affected by this error should begin seeing deposits into their accounts as soon as January 8, 2021.
This update may not be reflected in the Get My Payment tool at the IRS due to the focus on efforts to distribute the payments.
These payments will be distributed to the account listed for your federal refund on your 2019 tax return. If you did not have a refund in 2019, did not receive your 2019 refund via direct deposit, or did not file a return, the IRS may not have your direct deposit information and you should expect to either receive a check or to claim the payment on your 2020 tax return.
If you do not see a payment either in your bank account or your mailbox by January 15, 2021 you should claim your payment via the Recovery Rebate Credit on your 2020 tax return. Please hold off filing returns until after this date to ensure that you are preparing the most accurate return possible.
For TurboTax customers who need to claim the credit on their tax return, you are encouraged to file early (but after January 15) to receive these funds as quickly as possible.
n TurboTax, you will enter information about the credit when prompted near the end of the interview in the Final Review section of the program.
More information about the payments and any additional updates can be found at the following links:
IRS Updates on the Second Stimulus
IRS Statement about Second Economic Impact Payments
Why Haven't I Received My Second Stimulus Check?
TurboTax updates on the second stimulus
The public announcement from TurboTax said in part that deposits did begin on January 8 (a Friday). However, due to bank processing, it may take a few business days (perhaps by Monday or Tuesday), before a direct deposit is reflected in someone's bank account. The same is also true of the IRS website, which is updated daily, but probably not on the weekend. We are understanding that our customers need these funds quickly and we are working hard to send these out as quickly as possible.