Question

Has Turbo Tax Issues A Statement About Why Were Not Getting Our Stimulus. How Did They Use Different Account Numbers When Some Have Direct Deposit?

Forum|Forum|5 years ago
January 8, 2021
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TurboTax Deluxe Online

If you had your TurboTax fees deducted from your refund when you filed your tax return, then the IRS may have sent your stimulus check to the bank that processed your refund, which is different from your bank. If this happened, then TurboTax will have notified the IRS of your correct account information.

Stimulus payments began to be deposited yesterday (January 8th) for millions of our customers affected by the IRS error. We expect most of these payments to be available today, but banks could take a few business days to process your payment.

You can use the following link to learn more:

https://blog.turbotax.intuit.com/tax-news/why-havent-i-received-my-second-stimulus-check-48743/?cid=soc_fb_o_news_20210106_1

If you do not receive it by the time you prepare your tax return this year, you can apply for the payment on your tax return and it will be included with your refund.

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Critter-3

Let me explain the nuts and bolts of using the Refund Processing service ... when you choose that option a TEMPORARY account is opened at the processing bank to receiver your refund, withhold their fee and pay TT their fee and then distribute the balance to you either to your own bank account or to a TT debit card. Once the temp account has done it's job the account is CLOSED. The IRS never gets your bank account number just the temp account so that is what it means "sent to wrong bank account" ... it was not sent to someone else's account just to one that was closed.

What the IRS did by mistake was to send payments to these CLOSED accounts even when they said they were not going to do so again with this second stimulus payment and the processing banks were happy with that decision.

The first stimulus checks has this issue and the processing bank had to reopen millions of closed accounts to receive the first stimulus check and then process them and try to deliver the money to the bank or debit accounts like they did with the refund. This is where it gets messy ... if the taxpayer's accounts have been closed then this processing bank either needed to mail out a check to the address on the return if they can OR return it to the IRS so that they can mail a check or hold it if they don't have a valid address.

So due to the IRS error ... once again the processing bank needed to absorb the cost of opening closed accounts, processing the payment and sending it out in some fashion at a moment's notice. Since they were NOT supposed to be handling these payments at all I am amazed they were able to switch streams as fast as they did especially since they made no money from the effort. I hope everyone can cut them a break as they are trying to make it work as fast as they can. The fact that millions were calling in to see what was happening with their money all at the same time when the banks were not expecting any calls means they were woefully understaffed and most calls went unanswered. As soon as they knew what was happening and had a plan of action they posted it on they website and we also passed the info along.

Check out this link: Second Stimulus, Turbo Card, GreenDot Resources.

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