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January 8, 2021
Question

The irs sent my stimulus money to turbo tax how and when will it be sent to me?

  • January 8, 2021
  • 1 reply
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1 reply

Critter-3
January 8, 2021

Best answer is eventually ... but if is not issued by 1/15 then when you file the 2020 return the missing money will be a credit on this return.

 

First TT is not in the banking business and never has access to any refunds or stimulus funds ever.    This issue is between the IRS and the third party processing bank where the original agreement was the IRS was NOT going to send the refunds to the processing bank and if they did the bank would refuse them so the money could be mailed to the taxpayers.  The first stimulus checks was such a mess that the processing bank did not want to play that game again and the IRS agreed so that the money could be distributed quicker but of course that is not what happened ... 

 

 

 

See this from the IRS

https://www.irs.gov/newsroom/irs-statement-about-second-economic-impact-payments

 

 

 

 

Breaking news alert as of 1/6/21  The  IRS backtracks on it's own rules yet again with regards to the issuance of the  second stimulus checks ... what a shocker !!!

 

Once again the IRS makes errors and the processing banks have to rescue them after both the IRS and processing banks originally posted  that  the checks would be mailed only  and skip the bank direct deposits completely … one day the confusion will be avoided all together so millions who pay the extra fee to use the refund processing service will not have to wait at the back of the line.  These are the folks who need the money the most   since  many  cannot afford to  pay the TT fees upfront, don't have a credit/debit card to make the payment  and/or  do not  have bank accounts of any kind.  

             

This was announced this afternoon.

The TurboTax Blog | It's all about the refund (intuit.com)

 

And the processing bank site also updated today.

 

https://turbotax.intuit.com/coronavirus/

 

Going forward I hope that  folks who qualify for one of the IRS FREE FILE options use the free file link  and  stop paying fees they don’t have to pay and be insulted with an extra processing fee on top of it.   If the taxpayer needs a debit card to receive the refund then they can get one for only $5 at almost any store instead of paying $45+ thru TT. 

 

 

If you qualify  AND   if you wait until mid January  THEN you can use one of  the 10 IRS FREE FILE options to file a fed & state return for free ... but you must be patient.    https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

 

IRS Free File: Closed until January 2021

 

IRS Free File is closed for the 2020 tax season. Check back in January for Filing Season 2021 opening details.