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Home / US / Millions of stimulus payments for TurboTax customers and others sent to the wrong account

Millions of stimulus payments for TurboTax customers and others sent to the wrong account



This sum-worth $600 per taxpayer and $600 per dependent-is part of the latest Covid relief plan signed into law at the end of December.

The Internal Revenue Service began to deposit these funds directly on December 29, and said it has completed deposits of up to $100 million.

However, according to Intuit TurboTax Spokesperson Ashley McMahon (Ashley McMahon) said: “Millions of payments have been sent to the wrong account, and some may not have received their stimulating payment.”

A banker said that about 13 million people were affected.

The Internal Revenue Service (IRS) said on Friday that it is taking immediate steps to redirect stimulus payments to the correct accounts of affected people.
The agency recommends: “For taxpayers who have checked “Get My Payment”
; and received a response that direct deposit will be sent to an account they don’t recognize, the IRS recommends that they continue to monitor the deposit in their bank account.”

The people most likely to be affected are those who use refund anticipation loans or similar products. In these cases, their stimulus payments may have been directed to a temporary bank account established by the online tax preparation company they used to file their 2019 tax returns.

In the past year, this may have also affected some people who changed banks, and the IRS has not yet recorded their new checking accounts.

Earlier this week, the IRS attributed this error to the new law requiring the agency to publish a second round of economic impact payments.

For anyone who has not received the stimulus payment before submitting their 2020 tax return, the IRS recommends that they claim a refundable recovery credit. The credit will be the same as the stimulus payment amount you are eligible for. The refundable credit will reduce your tax payable (per USD), if it exceeds your tax payable, the rest will be sent to you as a refund.
From rent to canned food, CNN readers intend to use their relief funds
Early Friday morning, TurboTax said its customers may soon start to see stimulus payments they deposit directly.

The company wrote in a blog: “Incentive payments will be deposited for millions of customers affected by the IRS error from January 8.” He said: “We hope that most of these payments will be available on the same day. But the bank may take a few working days to process it.”

TurboTax stated that it will be emailed to customers after payment.

You can find more information on the status and procedures for accepting stimulus payments from the Internal Revenue Service (IRS) and here.

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