Garamendi backs $2K stimulus checks: ‘People are in desperate need of money’
Rep. John Garamendi, D-Calif., discusses the override of the defense veto bill and the House approving $2K stimulus checks in the coronavirus relief package.
Customers who use popular tax preparation services like H&R Block and TurboTax are running into challenges with their second economic relief payments – which in some cases have been sent to incorrect bank accounts.
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Throughout recent days multiple reports have surfaced with similar complaints –customers who filed tax returns with the companies last year were waiting for their $600 payments to be deposited, only to discover an incorrect bank account listed when they tracked the money using the IRS’ Get My Payment tool, which went live on Monday.
H&R Block said in a Twitter post some of the problems could be caused by people who took a refund transfer in 2019, indicating the payments were sent to that account.
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The IRS said on Monday that because the payments were processed so expeditiously, some may have been sent to an account that is no longer active.
In that case, the financial institution must return the payment to the government for it to be redistributed.
H&R Block said that scenario affected less than 1% of its customers.
In a statement, a spokesperson for the company acknowledged that the payments are “vitally” important for American households – and that in some cases the cash was sent to different accounts than the ones used in the spring. The company noted that the IRS is responsible for determining where the cash is directed.
“If the IRS Get My Payment website displays an account number a customer doesn’t recognize, H&R Block customer service agents are ready to help with additional information at 800-HRBLOCK and @HRBlockAnswers on Twitter,” the statement said.
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A spokesperson for TurboTax did not return FOX Business’ request for comment, but also noted it did not have anything to do with where payments were sent in a Twitter post.
The same post also detailed how individuals could see the situation remedied.
For all other recipients, direct deposits may take several days before showing up in back accounts, the IRS said on Monday. The process of mailing paper checks began last week and the government will also mail prepaid debit cards in January. Mailed payments will take longer to arrive.
Individuals earning up to $75,000, or $150,000 for married couples, are eligible for the second round of direct payments. Households are eligible for an additional $600 per qualifying child.
Beyond those income thresholds, the payments would begin to phase out at a rate of $5 per $100 of additional income.
Individuals earning more than $87,000 and married couples earning more than $174,000 are ineligible for payments.
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