01/22/2021
Second Stimulus Payment Update
We continue to have regular discussions with IRS leadership about the re-processing status of stimulus payments that were initially sent to the wrong/closed accounts earlier in January. Our communication with the IRS on January 21 confirms that they still intend to re-issue payments at the end of January. Here are some additional notes:
The IRS will re-issue payments to the millions of filers affected by this issue.
Deposits should hit around the end of next week (Jan 29) and middle of the following week (Feb 3).
If the IRS is able to determine that a taxpayer’s ultimate bank account (UBA) on file no longer exists (for example, the taxpayer closed their personal account), the IRS will send a check instead.
Checks will be prepared for distribution next week; the timeframe for printing and mailing checks was not provided.
Once the IRS has re-issued all payments, the Get My Payment (GMP) Tool will be updated with the last 4 digits of the correct account number. In addition, if the IRS intends to send a check, this will be reflected in the GMP Tool. We expect GMP to be updated around January 29.
Important: If a re-issued deposit fails for any reason, the stimulus money should be claimed through the Recovery Rebate Credit when filing the 2020 tax return.
If we receive any additional information about the timing of these re-issued payments, we will pass it along.
PATH Act Update (unrelated to stimulus payments): Refunds on filed tax returns that fall under the PATH Act will be released starting February 16, with anticipated refund deposit dates no earlier than February 27. 2021