Submitted By: someone
Answered: April 29, 2020 11:01 pm

My Economic Impact Payment was sent to the wrong account. What can I do?

The IRS has not yet provided guidance on what to do if checks are mailed to the wrong address or deposited into the wrong accounts. Eventually everything will be straightened out. This problem illustrates the need to inform the IRS of any change of address since the last return was filed by submitting Form 8822. Correcting bank account information is another matter that’s yet to be clarified.

Tax Glossary

Capital loss carryover

A capital loss that is not deductible because it exceeds the annual $3,000 capital loss ceiling. A carryover loss may be deducted from capital gains of later years plus up to $3,000 of ordinary income.

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