TurboTax stimulus check: Company says IRS has accurate bank account information for customers

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(NEXSTAR/AP) – TurboTax and H&R Block have confirmed the Internal Revenue Service has correct bank account information for all of its customers and no issues are expected to impact the stimulus check direct deposits.

Earlier this year, a glitch impacted TurboTax customers that delayed stimulus check direct deposits. In a statement, the company said the IRS has accurate bank account information for all its customers.

“We are working closely with the IRS, and we’ve confirmed that the IRS has accurate bank account information for all TurboTax customers,” the company said in a statement.

H&R Block was also impacted by the glitch earlier this year. In a statement, they indicated they do not anticipate any issues that would impact their customers.

Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments has already begun. The first payments were expected to show up in bank accounts over the weekend.

President Joe Biden signed the new $1.9 trillion rescue package on Thursday, the day after it won final passage in the House. The measure provides for payments to qualifying individuals of up to $1,400, with payments to a qualifying family of four of $5,600.

“The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds,” IRS Commissioner Chuck Rettig said in a statement.

It is estimated that 85% of Americans will be eligible for the payments and the goal is to have millions of the payments disbursed in the next few weeks.

Taxpayers who have provided bank information with the IRS will receive the direct-deposit payments, while others will get paper checks or debit cards mailed to them.

Officials said in the interest of speeding up the relief payments, the IRS will use the latest tax return available, either the 2019 return filed last year or the 2020 return that is due by April 15 to determine the amount someone might receive.

This same tool was previously used during the other stimulus check rollouts, and did reportedly encounter some problems, including being overwhelmed by the amount of users.

The Associated Press contributed to this story.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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