Question

I spoke with Turbotax and the IRS did send it to Turbotax

Forum|Forum|5 years ago
January 5, 2021
2 replies
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Turbo tax stated the funds would be put in the account they have on file. How long does this process take?

TurboTax Online

Employee

TurboTax does not receive any type of tax refund, federal or state. TurboTax does not receive any type of Economic Impact Payment.

The stimulus payment will go to the account you entered for direct deposit on the 2019 tax return. The direct deposit information cannot be changed. If the account is closed the IRS will send the payment by mail or on a debit card.

Go to this IRS website for stimulus information - https://www.irs.gov/newsroom/treasury-and-irs-begin-delivering-second-round-of-economic-impact-payme...

Go to this IRS website to check the status of your payment - https://www.irs.gov/coronavirus/get-my-payment

If you do not receive the second stimulus payment on or before January 15, 2021 and/or you did not receive the first stimulus payment in 2020 and you are eligible it will be entered on your federal tax return, Form 1040 on Line 30.

The Form 1040 has not been finalized and needs to updated to include the 2nd Economic Impact Payment.

O

Opus 17

Employee

If you paid your turbotax fees from your refund, then the IRS has the account number of a third party bank that opened a temporary account in your name to receive the refund, deduct the fees, and send the rest of the refund to your regular account. This is necessary because the IRS won't split your refund with Turbotax.

Since the IRS only knows the account number of the temporary account, they are supposed to send a check or debit card instead. If they send your payment to the temporary account, that bank may be able to deposit the refund onto your debit card or transfer it to your regular bank account, or they may have to send it back to the IRS.

You had the chance to update the IRS with your regular bank account info on the IRS web site, did you not do that?

The IRS should use the same method to pay the second payment as the first. Did you get the first payment? If the IRS changes payment methods, that's on them.

If you don't receive the payment by January 15, you can claim it on your 2020 tax return instead.