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When sending out stimulus payments via direct deposit the irs will use the bank details given on your most recent tax return for the tax year 2019.
Stimulus check sent to a closed account. When your stimulus lands in a closed account the fact that americans are receiving stimulus cash via direct deposit is a good thing it means they get their money sooner. However in a post covid post stimulus check world i could see banks changing their policies on how they handle situations like this to try and avoid having to return the. The irs says stimulus checks sent to accounts that were closed or are no longer active must by law be returned to the tax agency.
If you haven t filed this year s tax return. 4 which is the. The latest round of 600 stimulus checks is on the way but for people who either changed their bank account information or moved recently the next payment may be delayed.
Turbotax said that the irs is the sole party with the ability to determine eligibility and distribute stimulus payments and that by law the financial institution must return the payment to the. According to the irs the scheduled payment date is jan. The irs has sent payments to more than 13 million bank accounts that were closed or no longer valid tax preparation.
Most people will see this latest round of stimulus money via direct deposit into their bank accounts. People across the united states who used online tax services are among the. Those bank account numbers are what the irs has on file for many taxpayers.
I know that at our bank before stimulus checks any funds that the bank received via ach that tried to be applied to a closed block account would either be returned back to the sender when account was closed or would end up in a sub ledger under the branch where the account was located when account was blocked. The irs has not confirmed how many stimulus payments went to closed or invalid accounts but the agency has admitted that some checks went to the wrong destinations because of the speed at which.
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