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January 5, 2021
Question

Please take my stimulus payment off of your fee hold and send to my account. It hasn’t been sent and the account is not closed. Please handle this in a timely manner. ??

  • January 5, 2021
  • 1 reply
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    1 reply

    SusanY1
    January 7, 2021

    TurboTax does not have any payments on hold, for any reason.  If your payment was sent and not received, you may have been one of the taxpayers affected by a processing error that occurred during the second round of payments.  

     

    If your personal account is represented by the last four digits showing at the Get My Payment lookup tool, then the payment was sent directly to that account.  If the numbers represent an account that is unfamiliar to you you may receive a payment in the next few days via direct deposit or check.  

     

    If you do not receive the payment or an indication in the lookup tool that a payment has been mailed, then you will claim the credit on your 2020 tax return.  TurboTax will ask you about your payment received and will calculate the amount still owed to you and apply it to your refund or balance due. 

     

    You can read the full text of the IRS statement regarding payments here: IRS Statement About Second Economic Impact Payment. Below is a pertinent excerpt:

     

     

     

     

    IRS updated Get My Payment (GMP) for individuals who are receiving the second Economic Impact Payment on January 5, 2021. If you checked GMP on or after January 5 then:

    • If GMP reflects a direct deposit date and partial account information, then your payment is deposited there.
    • If GMP reflects a date your payment was mailed, it may take up to 3 – 4 weeks for you to receive the payment. Watch your mail carefully for a check or debit card. (See the FAQ for EIP Card)
    • If GMP shows "Payment Status #2 – Not Available," then you will not receive a second Economic Impact Payment and instead, you need to claim the Recovery Rebate Credit on your 2020 Tax Return.

    Because of the speed at which the law required the IRS to issue the second round of Economic Impact Payments, some payments may have been sent to an account that may be closed or, is or no longer active, or unfamiliar. By law, the financial institution must return the payment to the IRS; they cannot hold and issue the payment to an individual when the account is no longer active. If Get My Payment shows "Payment Status #2 – Not Available" you will not receive a second EIP.

    The IRS advises people that if they don't receive their Economic Impact Payment, they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible.

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