Stimulus Payments For Millions Of TurboTax Customers Beginning To Be Deposited, Company Says
DALLAS (CBSDFW.COM) - For millions of TurboTax customers who had yet to receive their second stimulus payment, relief is on the way the company said Friday, Jan. 8.
These bank accounts were set up by tax companies, like Jackson Hewitt, H&R Block, and TurboTax, as temporary accounts used to deposit tax refunds for their customers who opt to have tax preparation fees taken out of their refund.
The accounts are usually closed after the remaining refund money to pass along to the client.
The problem is, the IRS still has these accounts in its records, so that's where the federal government sent millions of stimulus payments.
A TurboTax spokesperson told the CBS 11 I-Team on Friday, "Stimulus payments for millions of TurboTax customers affected by the IRS error will be deposited starting today, January 8th. We have been working tirelessly with the Treasury and IRS to get stimulus payments to our customers. We know how important these funds are for so many Americans and we regret that an IRS error caused a delay."
Haven't Received 2nd Stimulus Check? Here Are 4 Reasons Why
On Thursday, H&R Block said it "processed all stimulus payments to millions of our customers, whether via direct deposit to a bank account, check, or onto our Emerald Prepaid Mastercard."
However, for many Americans who used online tax services, it may be too late to receive an advance $600 stimulus payment.
On the Jackson Hewitt website, the company said, "Impacted banks are required to send the affected payments back to the U.S. Treasury… Jackson Hewitt and its tax preparers have not and will not receive funds from the IRS to distribute to taxpayers."
People who do not receive their stimulus payment by the January 15 deadline will have to wait to claim their stimulus check as a tax credit when they file their 2020 taxes.
To find out if you've been impacted by this IRS error, click on the IRS' Get My Payment tool to view the status of your stimulus check.
The status will show the last four digits of the bank account number the payment was sent to.
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