Stimulus Pmt Returned From Old Chkg Acct

Forum|Forum|5 years ago
January 9, 2021
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Even though I was told by credit union customer service reps twice that my second stimulus payment would be transferred from my old account to my new account like my first payment was, and that I didn’t have to do anything for this to happen again, the credit union returned my deposit from the old account yesterday instead. How will I be able to get my money now? Do I have to wait until I file my tax return?

Not A Product Question

Irene2805

According to the IRS:

If the second Economic Impact Payment was sent to an account that is closed or is no longer active the financial institution must , by law, return the payment to the IRS, they cannot hold and issue the payment to an individual when the account is no longer active. The IRS advises people that if they don’t receive the full Economic Impact Payment they should file their 2020 tax return electronically and claim the Recovery Rebate Credit on their tax return to get their payment and any refund as quickly as possible. [Questions and Answers about the Second Economic Impact Payment]

You can make an adjustment on your 2020 tax return for stimulus payments you qualify for, but have not received.

To do this in TurboTax, please follow these steps:

Enter the information in your return.
Click Federal Review at the top of your screen.
On the screen, Let's make sure you got the right stimulus amount, click Continue.
You will be asked about the amounts of first round and second round stimulus payments you received.
TurboTax will then calculate the amount of stimulus payment remaining that you are still entitled to. This will show as a credit on line 30 of the 1040.