![]() The credit will be awarded in the same amount as the stimulus payment for which you are eligible. It may also have affected some people who changed banks in the past year, and the IRS does not yet have their new checking account on record.Įarlier this week, the IRS attributed the error to the speed at which the new law required the agency to issue the second round of Economic Impact Payments.įor anyone who doesn’t receive their stimulus payment before they file their 2020 tax return, the IRS advises them to claim the refundable Recovery Rebate Credit. In those instances, their stimulus payments may have been directed to the temporary bank account established by the online tax preparation firm they used when their 2019 tax return was filed. The people most likely to be impacted are those who used refund anticipation loans or similar products. “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 agency advised. The IRS on Friday said it was taking immediate steps to redirect stimulus payments to the correct account for those affected. Roughly 13 million people may have been affected, according to one banking industry source. When will you get your stimulus payment, and how? President Donald Trump's name appears on a stimulus check on May 3, 2020.
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