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January 19, 2021
Question

My bank account has changed. Do notify you for my stimulus payment, or the IRS?

  • January 19, 2021
  • 1 reply
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My bank account number has changed. Will that affect how I get paid from the IRS?

    1 reply

    January 19, 2021

    Possibly.  First, I would check with your financial institution to see if your stimulus payment was sent back to the IRS from your closed account number.  The IRS was to finish up sending out stimulus payments by 1/15.  If the bank has sent it back, then you will receive a paper check in the mail.  If the bank did not receive your 2nd stimulus payment, then you will get a refundable tax credit on your 2020 tax return that will increase your refund by the amount of the stimulus payment.

     

    In TurboTax, after you finished up the Federal return and before you start your state return, you will be asked to enter the amounts received from the 1st and 2nd stimulus payments.  If you check with your bank and will be receiving a paper check for the stimulus payment sent back from your closed account, then you would enter the total amount received for both payments into TurboTax.  If you did not and will not receive your 2nd stimulus payment, then you would only enter the information from the 1st stimulus payment into TurboTax.  

     

    You can also check the status of your stimulus payment on the IRS.gov website by clicking HERE.  

     

    For TurboTax, when you complete your 2020 return and get to the File section you can update your deposit account numbers at that time.