The IRS began issuing direct deposits of these payments on Dec. 29 and says up to $ 100 million has already been made.
But, according to Intuit TurboTax spokeswoman Ashley McMahon, “Millions of payments were sent to the wrong accounts, and some may not have received their stimulus payment.”
About 13 million people may have been affected, according to a banking industry source.
Those most likely to be affected are those who have used prepayment loans or similar products. In those cases, their stimulus payments may have been directed to the temporary bank account opened by the online tax preparation company they used when filing their 2019 tax return.
It may also have affected some people who have changed banks in the past year, and the IRS has yet to register their new checking account.
Earlier this week, the IRS attributed the error to the speed at which the new law required the agency to issue the second round of economic impact payments.
“Stimulus payments will begin to be filed Jan. 8 for millions of our clients affected by the IRS error,” the company wrote on its blog. “We expect most of these payments will be available on that day, but banks could take a few business days to process.”
TurboTax said it will email clients when their payments have been deposited.