It also blamed the IRS for the problem, which in some cases delayed delivery by more than a week.
“Stimulus payments will be on deposit today, 1/8/21, for millions of our customers affected by the IRS bug,” Intuits tweeted. “We expect most of these payments will be available today, but the banks could take a few business days to process.”
Other tax preparation firms were also involved.
The IRS has sent more than 100 million direct deposit payments.
The misdirected payments affected millions of taxpayers and their dependent children, and the IRS initially told them that they would need to file their 2020 tax returns in order to claim the payments. The money is technically a credit on your tax return.
Congress directed a speedy distribution of stimulus payments through pandemic economic relief laws passed on December 27, and money is slated to be dispatched by January 15. The IRS and Treasury Department issued a statement Dec. 29, stating that the first payments on it ended up in taxpayers’ bank accounts overnight.
Some have re-encountered the problem of the temporary accounts that tax accountants use before sending their refunds to clients. There was a similar error with a first payment round in 2020.
However, the latest solution to the problem is not universal. Some taxpayers may still need to file their 2020 tax returns in order to claim their payments, according to the IRS.
“Taxpayers in this situation are encouraged to make a direct deposit electronically to ensure their tax refund – and business stimulus payment – reaches them as soon as possible,” the IRS statement said.
The agency has not yet announced when taxpayers can start filing Your 2020 return this year, but the tax return season for individuals usually starts in late January.
In addition to direct deposit, the IRS sends payments by check and debit card.