Coronavirus stimulus checks issued to millions of TurboTax customers affected by the IRS error
Employment report could accelerate ‘epic’ stimulus package: Investment strategist
BMO Capital Markets chief investment strategist Brian Belski provides insight into the market’s reaction to the ADP employment report and how it may accelerate another stimulus deal.
TurboTax announced Monday that it has successfully issued economic relief payments to millions of customers who say their payments were sent to incorrect bank accounts.
Continue Reading Below
"We have successfully gotten stimulus payments to millions of TurboTax customers affected by the IRS error," TurboTax said on Twitter.
TurboTax confirmed to FOX Business that stimulus payments for millions of impacted customers began to be deposited on Jan 8.
"We share the frustration of millions of Americans that an IRS error delayed the delivery of stimulus payments, " a TurboTax spokesperson said. "We have been working tirelessly with the IRS and Treasury on a solution."
CLICK HERE TO READ MORE ON FOX BUSINESS
However, not all customers who were affected by the IRS' error have received payments, TurboTax told customers on Twitter.
"Without the IRS releasing these funds to us, we do not have a way to get your payment to you," TurboTax tweeted. "The IRS will need to re-issue your stimulus payment."
HAVEN'T RECEIVED YOUR STIMULUS CHECK YET? HOW TO MAKE SURE YOU GET YOUR MONEY
The government began issuing another round of payments to qualifying Americans at the end of December. The $600 checks hit many bank accounts within a week of Congress passing the $900 billion COVID relief deal, which the IRS said may have created a snafu for some filers.
Due to the fact that payments were processed so expeditiously, the IRS said some payments may have been sent to an account that is not active. If that occurs, the financial institution must return the payment to the government for it to be redistributed.
STIMULUS CHECK SNAFU KEEPS PAYMENTS OUT OF SOME H&R BLOCK, TURBOTAX CUSTOMER ACCOUNTS
Soon after the funds started rolling out, multiple reports began surfacing that customers who filed tax returns with TurboTax last year discovered an incorrect bank account listed when they tracked the money using the IRS’ Get My Payment tool. Customers who filed with H&R Block reported similar complaints.
However, both companies said the IRS is responsible for determining where the cash is directed.
"We are continuing to work with the IRS and will continue to deliver stimulus payments to our customers throughout the coming days," a spokesperson for TurboTax said. "We know how important these funds are for so many Americans and we regret that an IRS error caused a delay."
An H&R Block spokesperson told FOX Business Monday that the company processed all payments to millions of customers between Jan. 4 and Jan. 6 through direct deposit, check, or onto an Emerald Prepaid Mastercard.
Customers who have not received their stimulus money are encouraged to contact an H&R Block agent to "discuss their specific situation."
H&R Block previously said less than 1% of its customers had been affected.
Individuals earning up to $75,000, or $150,000 for married couples, are eligible for the second round of direct payments.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business' Brittany De Lea contributed to this report.
Source: Read Full Article