8/30/2023 0 Comments Turbotax stimulus check problemThe Associated Press contributed to this story. Most payments will be automatic and made via direct deposit to bank accounts, but some people may find that they get their payment in a different form this time than last. "People who need money now may have to wait months until they can file a tax return and get their refund, unless the tax prep companies are able to forward the funds." "It is disappointing that the IRS did not fix this problem, which it has known about for months," said Lauren Saunders, associate director of the National Consumer Law Center. Customers of many tax preparation companies, including TurboTax, H&R Block, Jackson Hewitt and others, noticed earlier this week that their stimulus checks had been deposited into bank accounts. That is because money may have been sent to a temporary bank account established by the tax preparer, which is no longer active.Īccording to the Associated Press, the National Consumer Law Center estimates up to 20 million Americans may be impacted by the latest administrative issue. In those cases, the IRS website may show that the money went to an account they do not recognize. It appears there was a major snafu this time for people who filed their taxes with an online tax preparation service such as TurboTax or H&R Block and paid for their tax preparation fees with their expected refund. President Donald Trump signed the COVID relief bill Sunday night, paving the way for the Treasury Department to issue stimulus checks. "For those taxpayers who checked Get My Payment and received a response indicating a direct deposit was to be sent to an account they do not recognize, the IRS advises them to continue to monitor their bank accounts for deposits," the IRS said in a statement released on Friday. In 2021, some individuals who used Turbotax for their tax filings were unable to access stimulus checks sent by the government because Turbotax diverted the. Treasury have distributed the major bulk of the anticipated $164 million in second-round of relief payments for Americans faster than the first time, millions are still awaiting payments or have found errors in the distribution. "We know how important these funds are for so many Americans and we regret that an IRS error caused a delay." Before 2021, the credit was worth up to 2,000 per eligible child, and 17 year-olds were not eligible for the credit. "Stimulus payments for millions of TurboTax customers affected by the IRS error will be deposited starting today, January 8th," a spokesperson with Intuit told FOX TV Stations. The American Rescue Plan raised the maximum Child Tax Credit in 2021 to 3,600 for qualifying children under the age of 6 and to 3,000 per child for qualifying children ages 6 through 17. "We will keep you updated on our efforts, and we will stay on this until you get your money," Intuit TurboTax wrote. The company said that they have re-confirmed with the IRS that they have all of the correct banking information for their customers. RELATED: Online glitches, new distribution methods could be why you haven't received your second stimulus check Our expectation now is that within days the error will be corrected and stimulus payments will begin being deposited into the correct bank accounts," the software tax company wrote. The company explained that they have been "working tirelessly" on a solution with both the Treasury and the IRS.
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