![]() ![]() Income levels in the latest round of stimulus payments have changed. On Friday, President Joe Biden tweeted: "85 percent of American households will get direct checks from the American Rescue Plan." "No action is needed by most taxpayers the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020," the IRS said Friday. ![]() Those without current direct deposit information on file will receive the payment as a check or debit card in the mail," according to the IRS website. Taxpayers with direct deposit information on file will receive the payment that way. "The IRS will use data already in its systems to send the third stimulus payments. Newsweek has contacted TurboTax for comment.Įligibility for third stimulus payments is determined using residents' latest tax return from either 2020 or 2019. ![]() TurboTax replied: "We know stimulus checks are important and we confirmed with the IRS that they have accurate final bank account information for all TurboTax customers." Is TurboTax better prepared for the third round or should we anticipate a delay again?" Twitter user asked TurboTax on Monday: "With the second stimulus, TurboTax customers dealt with a delay due to an error. ![]() Users were warned at the time that some payments may have been sent to bank accounts that are no longer valid. Residents whose third stimulus funds are sent to either a closed or the wrong bank account are expected to face delays as the IRS will be required to reissue the payment as a check to be mailed to your home.īack in January, some TurboTax users experienced delays receiving their second stimulus payments due to an error. While the Get My Payment tool on the IRS website allows people to check the status of their third payment, it doesn't allow them to update their bank information. $1,400 Stimulus Checks Are Being Spent.Is Your Bank Holding Up Your Stimulus Payment?.What to Do If Your Stimulus Check Was Deposited Into the Wrong Bank Account.In addition to direct deposit, the IRS is sending out payments via paper checks and debit cards. The agency has yet to announce when taxpayers can begin filing their 2020 returns this year, but tax filing season for individuals typically begins in late January. “Taxpayers in this situation are urged to file electronically with direct deposit to ensure their tax refund – and their stimulus payment – reach them as soon as possible,” the IRS statement said. Some taxpayers might still have to file their 2020 returns to claim their payments, according to the IRS. However, the latest fix to the problem isn’t universal. There was a similar glitch with a first round of payments in 2020. 29 indicating that the first payments were landing that night in taxpayers’ bank accounts.īut for some, the problem of temporary accounts used by tax preparers before they send customers their refunds re-emerged. The IRS and Treasury Department issued a statement Dec. 27, and the money is supposed to be sent by Jan. The money is technically a credit on their tax return.Ĭongress directed swift distribution of the stimulus payments through pandemic economic relief legislation enacted Dec. The misrouted payments affected millions of taxpayers and their dependent children, and the IRS had initially advised them that they’d have to file their 2020 tax returns to claim the payments. The IRS has sent more than 100 million payments through direct deposit. Other tax prep companies were also involved. “We expect most of these payments to be available today, but banks could take a few business days to process.” “Stimulus payments will begin to be deposited today, 1/8/21, for millions of our customers affected by the IRS error,” Intuit’s tweet said. It also blamed the IRS for the hitch, which has delayed delivery for more than a week in some cases. ![]()
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