See: The Major Tax Changes for 2021 You Need to Know Aboutįind: Third Stimulus Check Likely Coming Under Biden - How Much Could You Get? TurboTax issued a statement noting it was “partnering with the IRS to help taxpayers receive their payments as quickly as possible.” H&R Block immediately tweeted to customers that it was depositing the funds into customers’ accounts. The money went into “pass-through” accounts designed for the tax preparers to funnel payments to customers - either after taking out tax prep fees or to deliver a faster refund to their customers. The snafu occurred when the IRS deposited the money into the wrong accounts of taxpayers who had used TurboTax or H&R Block tax prep services in the past. As a fully refundable tax credit, the $600-per-person Economic Impact Payment would either reduce their tax liability or increase the amount of their refund. Instead, they would have the option to claim the Recovery Rebate Credit on their 2020 tax returns. See: Didn’t Get Your Stimulus Check? Might Want to Blame TurboTax or H&R Blockįind: Get These 12 Tax Moves Done to Increase Your Tax RefundĮarlier this week, the IRS issued a statement that taxpayers who saw the message “Payment Status #2 – Not Available” through the IRS website’s Get My Payment tool may not, in fact, get their payments at all. Except it was the American taxpayers who were coming out on the losing side. It seemed to be a game of pass the buck between the IRS and two well-known tax preparation and tax software services, H&R Block and TurboTax.
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