The agency has yet to announce when taxpayers can begin filing their 2020 returns this year, but tax filing season for individuals typically begins in late January. “Taxpayers in this situation are urged to file electronically with direct deposit to ensure their tax refund – and their stimulus payment – reach them as soon as possible,” the IRS statement said. Some taxpayers might still have to file their 2020 returns to claim their payments, according to the IRS. TurboTax users whose bank details have changed since filing their latest tax return could face delays in receiving their third stimulus payment.

However, the latest fix to the problem isn’t universal. There was a similar glitch with a first round of payments in 2020. 29 indicating that the first payments were landing that night in taxpayers’ bank accounts.īut for some, the problem of temporary accounts used by tax preparers before they send customers their refunds re-emerged. The IRS and Treasury Department issued a statement Dec. 27, and the money is supposed to be sent by Jan. The money is technically a credit on their tax return.Ĭongress directed swift distribution of the stimulus payments through pandemic economic relief legislation enacted Dec. The misrouted payments affected millions of taxpayers and their dependent children, and the IRS had initially advised them that they’d have to file their 2020 tax returns to claim the payments. The IRS has sent more than 100 million payments through direct deposit.

Other tax prep companies were also involved. “We expect most of these payments to be available today, but banks could take a few business days to process.” You will be asked about the amounts of first round and second round stimulus. Monthly advance payments for this credit started sending in July 2021. The credit is now fully refundable that means that you are eligible for the credit even if you don’t owe taxes. On the screen 'Let's make sure you got the right stimulus amount' click 'Continue'. Child Tax Credit (CTC) The amount that families claiming the CTC receive increased from 2,000 to 3,600 for each child under 6 and 3,000 for each child age 6-17. Economic stimulus payments for COVID-19 relief are adding another layer to tax preparation this year. After entering all your information click 'Federal Review' at the top of your screen. Many TurboTax users wondering why the program asks customers about stimulus checks. “Stimulus payments will begin to be deposited today, 1/8/21, for millions of our customers affected by the IRS error,” Intuit’s tweet said. To report the stimulus payments received in TurboTax, please follow these steps: Log into TurboTax. It also blamed the IRS for the hitch, which has delayed delivery for more than a week in some cases.

Turbotax stimulus