Hey there, folks! With the latest round of stimulus payments coming through, the question on everyone’s mind is, will my stimulus money go on my Turbotax card? It’s no secret, the world we’re living in today is more unpredictable than ever before. It’s understandable if you’re feeling anxious about the arrival of your stimulus payment and where to receive it.
After all, we all could use a little extra cash in our pockets during these challenging times. But, with the various options and modes of payment available, it’s hard to know which way to go. Thankfully, the Turbotax card is an option available to those who have filed their taxes through the company. However, there are still some uncertainties surrounding the process.
So, if you’re one of the many who’s wondering about their stimulus payment and potential Turbotax card deposit, you’re in luck. In this article, we’re going to take a deep dive into the world of Turbotax cards and their role in receiving stimulus payments. We’ll discuss everything from eligibility, requirements, and the process of receiving your payment. So, sit back, relax, and let’s get started!
How to Track Your Stimulus Payment
If you’re eligible for a stimulus payment, the next question is: when will it arrive? The good news is that there are several ways to track your stimulus payment:
- Check the IRS website – The IRS has created the “Get My Payment” tool, which allows you to track the status of your stimulus payment. You’ll need to enter some personal information, such as your Social Security number, date of birth, and address. The website will then tell you whether your payment has been processed and when to expect it.
- Call the IRS – If you don’t have internet access or prefer to speak with someone, you can call the IRS at 1-800-919-9835. The representative will be able to tell you the status of your payment. Be prepared to wait on hold, as many people are trying to call the IRS right now.
- Check your bank account – If you used direct deposit for your tax refund or have received government payments in the past, your stimulus payment may be deposited directly into your bank account. Check your account balance regularly to see if the payment has been deposited.
Common Questions About Stimulus Payments and TurboTax Cards
Many people who use TurboTax to file their taxes are wondering if their stimulus payment will be deposited onto their TurboTax card. Here are some common questions:
Q: Will my stimulus payment go on my TurboTax card?
A: If you received your tax refund on a TurboTax prepaid card, the IRS will deposit your stimulus payment onto that card. If you didn’t use a TurboTax card for your tax refund, the payment will be sent via direct deposit or by mail.
Q: Why hasn’t my stimulus payment been deposited onto my TurboTax card?
A: The IRS is processing payments in batches, so it may take some time for your payment to arrive. Check the IRS website to see if your payment has been processed yet. If it has, but hasn’t been deposited onto your TurboTax card, contact TurboTax customer support for assistance.
Stimulus Payment Schedule
The IRS has started depositing stimulus payments into bank accounts, and will be sending out paper checks over the next several weeks. Here’s a schedule of when you can expect to receive your payment:
| Deposits Begin | Paper Checks Begin | Income Threshold |
|---|---|---|
| April 9, 2020 | April 24, 2020 | Less than $10,000 |
| April 15, 2020 | May 1, 2020 | $10,001 – $20,000 |
| April 22, 2020 | May 8, 2020 | $20,001 – $30,000 |
| April 29, 2020 | May 15, 2020 | $30,001 – $40,000 |
| May 6, 2020 | May 22, 2020 | $40,001 – $50,000 |
| May 13, 2020 | May 29, 2020 | $50,001 – $60,000 |
| May 20, 2020 | June 5, 2020 | $60,001 – $70,000 |
| May 27, 2020 | June 12, 2020 | $70,001 – $80,000 |
| June 3, 2020 | June 19, 2020 | $80,001 – $90,000 |
| June 10, 2020 | June 26, 2020 | $90,001 – $100,000 |
| June 17, 2020 | July 3, 2020 | $100,001 – $110,000 |
| June 24, 2020 | July 10, 2020 | $110,001 – $120,000 |
| July 1, 2020 | July 17, 2020 | $120,001 – $130,000 |
| July 8, 2020 | July 24, 2020 | $130,001 – $140,000 |
| July 15, 2020 | July 31, 2020 | $140,001 – $150,000 |
| July 22, 2020 | August 7, 2020 | $150,001 – $160,000 |
| July 29, 2020 | August 14, 2020 | $160,001 – $170,000 |
Note: If you’re eligible for the stimulus payment but haven’t received it by September 30, 2020, you can claim it as a credit on your 2020 tax return.
Benefits of receiving stimulus money on a prepaid card
If you are eligible for a stimulus payment, you might be wondering how you will receive it. While it’s possible for the payment to be sent as a check or direct deposit, receiving the money on a prepaid card can provide its own set of benefits.
- Quick access to funds. With a prepaid card, your stimulus money will be available immediately once it’s loaded onto the card. This means you won’t have to wait for a check to clear or for the money to show up in your bank account.
- No need for a bank account. If you don’t have a bank account, receiving your stimulus money on a prepaid card can be a convenient option. You’ll be able to use the card to make purchases or withdraw cash from an ATM, just like you would with a debit card.
- Lower fees than check cashing stores. Check cashing stores typically charge a fee to cash a check, which can be costly if you don’t have a bank account. With a prepaid card, you can often avoid these fees or pay a lower fee to load the money onto the card.
In addition to these benefits, prepaid cards can also offer other features such as fraud protection and budgeting tools. But before you decide to receive your stimulus payment on a prepaid card, it’s important to read the terms and fees associated with the card to make sure it’s the best choice for you.
Here’s a comparison of some popular prepaid cards:
| Card | Activation fee | Monthly fee | ATM withdrawal fee |
|---|---|---|---|
| Netspend | $0 to $5 | $0 to $9.95 | $2.50 |
| Green Dot | $0 to $7.95 | $0 to $9.95 | $3.00 |
| Bluebird | $0 | $0 | $0 at MoneyPass ATMs |
Keep in mind that these fees can vary depending on the card and the specific terms, so it’s important to do your research before choosing a prepaid card for your stimulus payment.
Using TurboTax for your taxes and stimulus payment
If you have used TurboTax to file your taxes in the past, you may be wondering if your stimulus payment will be deposited onto your Turbotax card. The answer is yes, if that is the method you used for your tax refund. Here’s what you need to know:
How to check if your stimulus payment was deposited onto your TurboTax card
- Log in to your TurboTax account
- Click on the “My TurboTax” tab
- Select “Tools” from the drop-down menu
- Click on “View your card balance” under the “Turbo℠ Visa® Debit Card” section
If your stimulus payment was deposited onto your TurboTax card, it will appear as a separate transaction on your card balance.
Why use TurboTax?
TurboTax offers a user-friendly tax preparation experience that is ideal for those who are comfortable doing their taxes online. It provides step-by-step guidance to help you complete your tax return, and it can automatically import your tax information from previous years if you have used TurboTax before. Additionally, Turbotax offers a network of trusted tax professionals who can provide support and advice if you need it.
Important things to keep in mind when using TurboTax
While TurboTax is a convenient option for preparing your taxes, there are a few things to keep in mind to ensure that everything runs smoothly:
| Important reminders: |
|---|
| Make sure you have all the necessary documents and information before you begin. |
| Double-check your work to avoid mistakes, as errors can hold up your refund. |
| Take advantage of TurboTax’s customer support resources if you need help. |
By following these tips and utilizing TurboTax’s resources, you can ensure that your tax return is accurate and that your stimulus payment is deposited onto your TurboTax card without any issues.
TurboTax card vs. direct deposit: Which is better?
For Americans expecting a stimulus check, the next decision to make is how they want to receive their payment – through a TurboTax card or direct deposit. While both options have their pros and cons, some factors may make one preferable over the other depending on your needs.
TurboTax card
- A TurboTax card is a prepaid debit card that taxpayers can use to receive their refund or stimulus money. It’s an excellent option for people who don’t have a traditional bank account or want to avoid high fees.
- The card comes with useful features such as cashback rewards, free ATM withdrawals, and no activation or monthly fees.
- However, the card also has some drawbacks. It may take up to ten days to receive the card and activate it, which is a considerable delay compared to direct deposit. Additionally, some merchants may not accept prepaid cards, limiting your options for spending your money.
Direct deposit
Direct deposit is the more traditional option of receiving a stimulus check and the preferred choice for many taxpayers. It’s a simple and fast process that allows you to receive your stimulus money directly into your bank account.
- Direct deposit is faster compared to receiving a TurboTax card, as your money will be available as soon as the IRS sends it.
- This method also eliminates the hassle of waiting for a physical card to arrive and then activating it.
- However, if you don’t have a bank account, then direct deposit is not an option for you. It could also have fees linked to your account.
Which is the better option?
The answer to this question depends on your situation. If you don’t have a bank account or want to avoid high fees, then a TurboTax card is a convenient and cost-effective choice. However, if speed and convenience are your priority, then direct deposit is likely your ideal option. Whatever your choice, ensure you stay informed about your payment preferences, so you get your funds in a timely and reliable manner.
| Option | Pros | Cons |
|---|---|---|
| TurboTax card | Low fees, cashback rewards, no activation or monthly fees | Up to ten days to receive the card, not accepted everywhere |
| Direct deposit | Fast, no delay to receive money, convenient | Not an option for individuals without a bank account, could charge fees |
Ultimately, the method you choose depends on what fits your situation best. Whether you choose direct deposit or a TurboTax card, your stimulus money is on its way to help boost your finances.
Common issues with receiving stimulus money on a TurboTax card
If you are expecting your stimulus money to be deposited onto your TurboTax card, there are a few common issues that might prevent you from receiving your payment. Here are some things to keep in mind:
- Inactive accounts: If you haven’t used your TurboTax card in a while, your account may be deemed inactive and your stimulus payment may be returned to the IRS.
- Incorrect account or routing numbers: Double-check the account and routing numbers you provided to the IRS and make sure they match the information on your TurboTax card.
- Timing of payments: The IRS has been sending out stimulus payments in batches, so it’s possible that your payment is still pending and hasn’t been processed yet.
TurboTax card balance issues
Another factor that may affect your receipt of the stimulus money is your balance on your TurboTax card. Here are some issues to take note of:
- Insufficient balance: If your balance on your TurboTax card is zero or negative, you may not receive your stimulus payment until you add funds to your card.
- Overdraft fees: Keep in mind that debit transactions on your TurboTax card may be subject to overdraft fees, which can deplete your balance quickly.
- Card expiration: Check the expiration date on your TurboTax card. If it has expired, you will need to contact TurboTax customer support to get a new card in order to receive your payment.
Resolution for TurboTax card stimulus payment issues
If you’re having trouble receiving your stimulus payment on your TurboTax card, here are some steps you can take to resolve the issue:
- Check your account balance and make sure it’s sufficient.
- Verify that the account and routing numbers the IRS have match your TurboTax card information.
- Contact TurboTax customer support for assistance if you have an inactive account or an expired card.
- Consider receiving your stimulus payment through direct deposit to a traditional bank account, which may be more reliable and secure than using a prepaid card.
| Problem | Solution |
|---|---|
| Inactive account | Contact TurboTax customer support for assistance |
| Incorrect account or routing numbers | Double-check the information and verify that it matches |
| Balance issues | Check your account balance and add funds if needed |
If you’re still having trouble receiving your stimulus payment on your TurboTax card, consider speaking with a financial advisor or reaching out to your local IRS office for additional support.
How to activate your TurboTax card for stimulus payments
If you received your stimulus payment via a TurboTax prepaid card, you can easily activate it to access your funds. Here are the steps:
- Go to the TurboTax website or download the TurboTax app on your phone.
- Log in to your TurboTax account using your username and password.
- Click on the tab that says “My TurboTax” and then select “Activate my card”.
Follow the prompts to enter your card information, personal information, and create a PIN number. Your card should be activated within minutes. Once activated, you can use your TurboTax card to make purchases or withdraw cash from an ATM that accepts prepaid cards.
It’s important to note that not all TurboTax prepaid cards may be eligible for stimulus payments. The card must have the ability to receive online deposits or be able to receive deposits via a routing and account number. You can check with TurboTax or the IRS to confirm if your card is eligible.
Other important information about using TurboTax for stimulus payments
If you used TurboTax to file your taxes in 2018 or 2019 and provided your bank account information for direct deposit, you should have received your stimulus payment via that account. If you did not provide your bank account information, the IRS will send your payment via mail, which can take several weeks.
If you no longer have access to the bank account you provided on your tax return or your bank rejected the deposit, the IRS will default to sending a paper check or a prepaid debit card, which may be sent to the address on your tax return or a more current address on file with the USPS.
| Payment Type | How Payment is Received |
|---|---|
| Bank Account | Direct Deposit |
| TurboTax Prepaid Card | Online deposit or routing and account number |
| Prepaid Debit Card | Sent in the mail |
| Check | Sent in the mail |
If you are having trouble receiving your stimulus payment or have questions about your payment status, visit the IRS website for more information and resources.
TurboTax card fees and how to avoid them
If you are receiving your stimulus money on a TurboTax card, it is important to understand the fees associated with using the card. Here are some of the fees you may encounter:
- ATM withdrawal fee: This fee is charged every time you withdraw money from an ATM using your TurboTax card. The fee can range from $2.50 to $5, depending on the ATM.
- Balance inquiry fee: If you check your balance at an ATM using your TurboTax card, you may be charged a fee of $0.50 to $1.
- Foreign transaction fee: If you use your TurboTax card outside of the United States, you may be charged a fee of up to 3% of the transaction amount.
While fees are an unavoidable part of using a prepaid card like TurboTax, there are some ways to minimize the fees:
- Choose in-network ATMs: TurboTax offers a network of ATMs that do not charge a fee for using the card. Be sure to use one of these ATMs to avoid the ATM withdrawal fee.
- Check your balance online: Rather than checking your balance at an ATM, sign up for online account access to check your balance for free.
- Avoid foreign transactions: If possible, use a different card when you are traveling outside of the United States to avoid the foreign transaction fee.
If you want to learn more about the fees associated with your TurboTax card, be sure to read the terms and conditions that came with your card.
| Fee type | Amount |
|---|---|
| ATM withdrawal fee | $2.50 to $5 |
| Balance inquiry fee | $0.50 to $1 |
| Foreign transaction fee | Up to 3% of transaction amount |
By using these tips, you can minimize the fees you pay for using your TurboTax card and get the most out of your stimulus money.
Will my stimulus money go on my TurboTax card FAQs
1. Will my TurboTax card be eligible to receive the stimulus payment?
Yes. The TurboTax card is a prepaid debit card and is eligible to receive the stimulus payment.
2. How can I check if my TurboTax card has received the stimulus payment?
You can check your prepaid debit card balance online or by calling the card’s customer service.
3. When will I receive my stimulus payment on my TurboTax card?
The stimulus payment will be disbursed by the IRS in batches, and it may take up to a few weeks for your TurboTax card to receive the payment.
4. Is there a maximum amount that my TurboTax card can receive for the stimulus payment?
Yes. The maximum amount that any TurboTax card can receive for the stimulus payment is $1,200 for individuals, $2,400 for couples, and $500 for each qualifying child.
5. What should I do if I have lost my TurboTax card?
If you have lost your TurboTax card, you should contact the card’s customer service immediately. They will help you to get a replacement card and transfer any remaining balance on the lost card to the new one.
6. Will I be charged any fees for receiving the stimulus payment on my TurboTax card?
No. TurboTax will not charge any fees for receiving the stimulus payment on your TurboTax card.
Closing paragraph
We hope this article has answered your questions about the stimulus payment on your TurboTax card. If you have any other concerns, please reach out to TurboTax customer support for more information. Thank you for reading and visit our website again for more helpful articles.