Stimulus Checks Tax Return Irs Turbotax

If you re overpaid you don t have to pay it back.

Stimulus checks tax return irs turbotax. The irs is the sole party with the ability to determine eligibility and distribute stimulus payments. Turbotax uses a temporary account for your tax refund deposit to withdraw their fees before sending it to your bank account. If you didn t get the first stimulus payment or if you received one but it wasn t the full amount you may be eligible for the recovery rebate credit when you file your taxes this year.

This wasn t an issue back in april of 2020 because the temporary accounts were active. We are partnering with the irs to help taxpayers receive their payments as quickly as possible if someone s turbo visa debit card account was closed or inactive the bank will return the. The irs determines eligibility for stimulus payments.

Only the irs controls when and if a stimulus payment is distributed. The stimulus payment will go to the account you entered for direct deposit on the 2019 tax return. The stimulus check will be paid this year based on information from your most recent tax return and will be reconciled in tax year 2020 to ensure you received the correct rebate amount.

If the account is closed the irs will send the payment by mail or on a debit card. Some of the new stimulus payments were sent by the irs to an. If you re underpaid based on your 2020 income you may receive more tax credit when you file your 2020 taxes.

As part of the income tax filing the irs receives accurate banking information for all turbotax filers who receive a tax refund which the irs is able to use to deposit stimulus payments. But they were closed after people received their tax refunds. Turbotax does not send out stimulus checks.

Apparently the irs sent the stimulus checks to the account on file. Turbotax will guide you through this so you get every dollar you deserve.