The IRS began issuing direct deposits of those payments on December 29 and says up to 100 million have already been completed.
But, according to Intuit TurboTax spokesperson Ashley McMahon, “millions of payments were sent to the wrong accounts, and some may not have received their stimulus payment.”
Roughly 13 million people may have been affected, according to one banking industry source.
The people most likely to be impacted are those who used refund anticipation loans or similar products. In those instances, their stimulus payments may have been directed to the temporary bank account established by the online tax preparation firm they used when their 2019 tax return was filed.
It may also have affected some people who changed banks in the past year, and the IRS does not yet have their new checking account on record.
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 deposited on January 8th for millions of our customers affected by the IRS error,” the company wrote on its blog. “We expect most of these payments to be available that day, but banks could take a few business days to process.”
TurboTax said it will email customers when their payments have been deposited.