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New Member

Why cant we change our bank accounts for stimulus payments?

I changed banks and the irs stated the only way to change my bank info is file my taxes did that and i owe or gain nothing so can i still change my information?
6 Replies
Level 15

Why cant we change our bank accounts for stimulus payments?

If you filed the 2020 tax return to include stimulus payments that you did not receive as a tax credit on the 2020 federal tax return, you were given the opportunity to select how to receive the federal tax refund in the File section of the program on Step 2.  If you chose direct deposit, you could have entered your current bank routing and account number for the direct deposit.

 

New Member

Why cant we change our bank accounts for stimulus payments?

With my refund being zero i dont think i got to get to that part.

 

Hudson 

Employee Tax Expert

Why cant we change our bank accounts for stimulus payments?

The IRS does not have a procedure to notify them of your bank account number so that the IRS can issue you a stimulus payment.

 

If you have not received your second stimulus check, you will receive your payment in the form of a Rebate Recovery Credit on line 30 of your 2020 Federal tax return when you file.

 

TurboTax will compare your one or two stimulus payment amounts to the computations within TurboTax.  The computations within TurboTax are based upon the information that you have entered into the tax software.  If you are due an additional amount, it will be issued as a Rebate Recovery Credit (RRC) on line 30 of the 2020 1040 tax return.

 

If you have e-filed your 2020 Federal tax return and the tax return is accepted by the IRS, you will have to amend your 2020 Federal tax return and correct the entries and calculations to receive the Rebate Recovery Credit.

 

If you have e-filed your 2020 Federal tax return and the tax return is rejected by the IRS, you will have to amend your 2020 Federal tax return and correct the entries and calculations to receive the Rebate Recovery Credit as well as correct the entries that generated the rejection.

 

In TurboTax Online, you are prompted to input stimulus check 1 and stimulus check 2 information under Review down the left hand side of the screen.

 

You can access your stimulus check choices by following these steps: 

  •  Down the left side of the screen, click on Federal.
  • Across the top of the screen, click on Other Tax Situations.
  • At the screen Let’s keep going to wrap up.  Click on Let’s keep going.
  • At the screen Let’s make sure you got the right stimulus amount, click Continue.
  • At the screen Did you get a stimulus payment? you can update your stimulus check entries.

TurboTax will compare your two payment amounts to the computation within TurboTax.  The computations within TurboTax are based upon the information that has been entered into the tax software.  If you are due an additional amount, it will be issued as a Rebate Recovery Credit (RRC) on line 30 of the 2020 1040 tax return.

 

See also this TurboTax Help.

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New Member

Why cant we change our bank accounts for stimulus payments?

Actually after downloading the pdf i see what you are referring to but it looks like i cant go in and correct my own mistake which seems like it would be rather simple especially with them still in a pending status.....

Employee Tax Expert

Why cant we change our bank accounts for stimulus payments?

The delayed IRS opening date of February 12 allowed TurboTax a very short timeframe to permit customers to re-open their tax returns and make their changes.  This is why the window was so short.

 

 

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New Member

Why cant we change our bank accounts for stimulus payments?

Got it so I will just wait until Feb 12th .....i mean i know there is a lot of fraud but if you put verification tools into place we shouldnt need these permissions..

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