#TURBOTAX STIMULUS UPDATE FULL#
Users who do not receive their full second stimulus payment or only receive a partial payment can claim a Recovery Rebate Credit on their 2020 tax returns. The IRS is working to address this," the government body added. "If you do not recognize the account number, it may be an issue related to how information is displayed in the tool tied to temporary accounts used for refund loans/banking products. If you are a TurboTax customer in this group, we have sent you an email directly letting you know.- Intuit TurboTax January 11, 2021 (3) According to the IRS, stimulus payments are expected to be deposited into bank accounts by the end of January. "The IRS reassures taxpayers who do not recognize the bank account number displayed in the Get My Payment tool that deposits were not made to the wrong account this is not an indicator of fraud.
#TURBOTAX STIMULUS UPDATE UPDATE#
The IRS also warned that the taxpayer information accessed via the Get My Payment tool, including account details and potential deposit dates, "may continue to display unfamiliar account numbers as the IRS continues to work through and update this issue. IRS tax industry partners are taking steps to redirect stimulus payments to the correct taxpayer account for as many people as possible," the IRS said Friday. "For those who have not yet received direct deposits, they should continue to watch their bank accounts for a deposit in coming days. By law, the financial institution must return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active." What to do if you're affectedĬustomers are advised to check the Get My Payment tool on the IRS website to verify where their stimulus check was deposited or mailed.įor those receiving their second stimulus payment by mail (either as a check or in the form of a debit card), "the IRS urges people to carefully watch their mail for either of these during January." The IRS noted at the time: "Because of the speed at which IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active. Last week, several TurboTax users were reported to be having issues receiving their second stimulus checks.
The IRS will need to re-issue your stimulus payment.- Intuit TurboTax January 11, 2021 Without the IRS releasing these funds to us, we do not have a way to get your payment to you. (2) Unfortunately, for some tax filers affected by the IRS error, stimulus payments are still at the IRS. The IRS anticipates many additional taxpayers will receive payments following this effort," the statement added. "The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected.
Some recipients may have had their payment directed to the temporary bank account established when their 2019 tax return was filed.
"At this point, over 100 million EIPs have been direct deposited into eligible recipients' accounts. In a statement on Friday, the IRS SAID: "IRS and Treasury continue to work closely with our partners in the tax and financial industry to do everything possible to get the second round of Economic Impact Payments to the American people as quickly as possible.
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