Question

CAN I ADD BANK ACCOUNT INFO ON FEDERAL EVEN THO I HAVE NO REFUND? ITS ONLY FOR ANY STIMULUS TO BE DIRECT DEPOSITED?

Forum|Forum|5 years ago
February 11, 2021
1 reply
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TurboTax Free Edition Online

Yes. You can—and should—update your bank account information in TurboTax if you are filing a 2020 income tax return to receive a Recovery Rebate Credit. The IRS updates your information when it gets a tax return.

You can no longer update your bank information on the IRS’ Get My Payment app.

The IRS says your payment information there can’t be changed. If you are eligible – and either didn’t receive Economic Impact Payments or qualify for more than received – you may claim the Recovery Rebate Credit and must file a 2020 tax return even if you are not normally required to file.

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W

wdrake2

Where can I change it? Does it ask at the end?

J

JamesG1

The IRS wants you to disclose your bank account deposit information on your 2020 Federal tax return.

After you complete Review and move on to File (see the far left side of the screen) you will be asked to disclose your bank account deposit information if your tax return generates a refund.

If you have not received one or both of your stimulus checks, you will receive your payment in the form of a Recovery Rebate 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 Recovery Rebate Credit (RRC) on line 30 of the 2020 1040 tax return.

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.