Millions of stimulus payments to TurboTax customers and others have been sent to the wrong accounts

Millions of stimulus payments to TurboTax customers and others have been sent to the wrong accounts
The payments – up to $ 600 per taxpayer and $ 600 for each of their dependents – were part of the latest Covid Relief Package Signed into law at the end of December.

The IRS began issuing direct deposits for these payments on December 29 and says that as many as 100 million have already been completed.

But according to Intuit TurboTax State Department spokeswoman Ashley McMahon, “Millions of payments were sent to the wrong accounts, some of which may not have received the stimulus payments.”

Perhaps as many as 13 million people have been affected, according to a source in the banking industry.

The IRS on Friday He said It was taking immediate steps to redirect the stimulus payments to the correct account of those affected.
“For those taxpayers who checked Get my payment And they received a response indicating that a direct deposit was to be sent to an account that they do not recognize, and that the IRS advises them to continue monitoring their bank accounts for deposits. “

Those most likely to be affected are those who have used repossession loans or similar products. In these cases, the stimulus payments may have been directed to the temporary bank account created by the online tax preparation company that you used when filing your 2019 tax return.

It may also have affected some people who changed banks in the last year, and the IRS doesn’t have a new checking account registered yet.

Earlier this week, the IRS attributed the mistake to the speed with which the new law required the agency to issue a second round of economic impact payments.

For anyone who does not receive incentive payments before submitting their tax return for 2020, the IRS advises them to claim a refund. Redeem the discount balance. Credit will be awarded in the same amount of the stimulus payment for which you are eligible. The refund credits reduce your tax liability in dollars to dollars and if you exceed your tax liability, the rest will be sent to you as a refund.
Early Friday morning, TurboTax said Its customers will likely start seeing incentive payments deposited directly soon.

“Stimulus payments will begin to be deposited on January 8th for millions of our clients affected by the IRS error,” the company wrote on its blog. “We expect most of these payments will be available that day, but banks may take a few business days to process them.”

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TurboTax said it will send an email to customers when their payment has been deposited.

You can find more information from the IRS about the status and procedures for receiving the stimulus payment Here And the Here.
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