If you have already filed your tax return and it has been accepted by the IRS, you are not able to update your direct deposit information in TurboTax. If your financial institution rejects the deposit, the IRS will mail you a paper refund check. Please see the TurboTax FAQ What if I entered the wrong bank account for direct deposit? for additional information.
If you have yet to file your taxes, you can still change your direct deposit information by following the steps in this FAQ: How do I change my transferred direct deposit information?
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