Introduction
Updating your bank information with the IRS is imperative when you want to receive any tax refunds, stimulus payments, or other funds from the IRS. However, the process may seem daunting at first, and it can often be confusing to figure out where to start. In this article, we’ll provide you with a step-by-step guide on how to update your bank information with the IRS.
Background
Before diving into the steps, it’s essential to understand why updating your bank information with the IRS may be necessary. For instance, if you’ve recently changed your bank, you’ll want to update your account information with the IRS to ensure that any payments reach you. Additionally, the IRS may need to contact you regarding your tax returns, and having accurate bank information on file guarantees that they can reach you when needed.
Step-by-Step Guide
Step 1: Gather Your Information
The first step is to gather all the necessary information that you’ll need when updating your bank information. This includes your Social Security number or taxpayer ID, routing number, and account number.
Step 2: Choose Your Payment Method
The IRS offers two methods for updating your bank information: online or by mail. If you’re comfortable with using the internet and have access to a computer, we recommend using the online method, as it is faster and more convenient. However, if you prefer to send your information by mail, there is also a paper form available.
Step 3: Online Method
To update your bank information online, visit the IRS website and log in to your account. From there, navigate to the “Get My Payment” section and select the option to update your bank information. You’ll be prompted to enter your bank’s routing number and account number.
Step 4: Mailing Method
To update your bank information by mail, download and complete Form 8822, Change of Address. Provide your updated bank information, sign the form, and mail it to the IRS at the address provided on the form.
Conclusion
Updating your bank information with the IRS can seem intimidating, but it’s a necessary step to ensure that you receive any payment owed to you. By following these simple steps, you can update your bank information with ease, whether you choose to do it online or by mail. Remember to gather all the necessary information beforehand, choose your preferred payment method, and follow the instructions carefully. With these steps, you’ll be on your way to successfully updating your bank information with the IRS.
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