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.
What if I need to change bank account info or mailing address? What if it went to the wrong account ...
We do not expect a way for you to update your bank account or mailing address with the IRS for this round of stimulus payments.
If your bank information is invalid or the bank account has been closed, the bank will reject the deposit and the IRS will mail your payment to the most recent address they have on file. Typically, once the payment is mailed, it will take up to 14 days to receive the payment, standard mailing time.
If you received your refund on a Turbo Card, this stimulus payment may also go to the same account.
You will be able to check the status of your stimulus check at the IRS Get My Payment tool.