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