Updating your banking information with the Internal Revenue Service (IRS) is important for various reasons, including receiving tax refunds, paying taxes electronically, and being aware of any tax-related issues or notices. It is a straightforward process that involves following a few simple steps.
Firstly, ensure that you have all the necessary information ready. This includes your bank routing number and account number. You can find these details on your checks or by contacting your bank directly. It’s also important to have your Social Security number or Taxpayer Identification number handy.
You can update your banking information with the IRS in one of two ways; electronically or by mail.
To update your banking information electronically, you can utilize the IRS’s online portal, Get My Payment. This portal was established to provide users with helpful information regarding their stimulus checks and payment status, but it’s also useful for updating your banking information. By clicking on the ‘Get My Payment’ tab and verifying your identity, you will be prompted to enter your updated banking information. Once submitted, be sure to keep a record of your changes for future reference.
Alternatively, you can update your banking information by completing and mailing a form to the IRS. To do this, submit Form 8822-B, ‘Change of Address or Responsible Party – Business,’ to the IRS address on the form. Be sure to clearly indicate that this form is for banking updates and to include all the required information.
It’s worth noting that any updates made to your banking information may take some time to process. The IRS recommends waiting at least five days (for electronic updates) or four weeks (for updates by mail) before making inquiries regarding the changes.
In conclusion, updating your banking information with the IRS is a crucial part of your financial responsibility. With either electronic or mail options available, this process is easily achievable. Remember to keep your updated information readily available, and you’ll be well on your way towards a hassle-free tax season.
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