Updating your banking information with the Internal Revenue Service (IRS) can be a daunting task, especially if you haven’t done it before. However, it’s essential to keep your banking information updated if you want to avoid problems with your tax refunds or payments. In this guide, we’ll outline the step-by-step process of updating your banking information with the IRS.
Step 1: Gather Your Information
Before you start the process of updating your banking information, it’s important to have all the necessary information at your fingertips. You’ll need your Social Security number or Individual Taxpayer Identification Number (ITIN), your current bank account and routing numbers, and the name and address of your bank.
Step 2: Choose Your Method of Updating
The IRS offers two methods for updating your banking information – online or by mail. The online method is faster and more convenient, but it requires that you have an account with the IRS. If you don’t have an account, you can create one by visiting the IRS website and following the prompts. If you choose to update your information by mail, you’ll need to complete Form 8822-B, Change of Address or Responsible Party – Business.
Step 3: Update Your Information Online
To update your banking information online, log in to your IRS account and follow these steps:
1. Click on “View Your Account” on the dashboard.
2. Click on “More” under the “Payment Plan” tab.
3. Click on “Modify” next to your current payment plan.
4. Click on “Change Payment Method” and select “Direct Debit.”
5. Enter your new banking information and submit the form.
Step 4: Update Your Information by Mail
To update your banking information by mail, complete Form 8822-B and mail it to the appropriate address, as outlined in the instructions. Make sure to include all relevant information, such as your new bank account and routing numbers, as well as your old account information.
Step 5: Confirm Your Update
Once you’ve updated your banking information, it’s important to confirm that the change has been made. You can do this by logging in to your IRS account and checking the “Payment Plan” tab. If you updated your information by mail, the IRS will send you a confirmation letter.
In conclusion, updating your banking information with the IRS is an important step in ensuring that your tax refunds and payments are processed correctly. By following these simple steps, you can update your information quickly and easily, whether online or by mail. Remember to keep all relevant information handy and confirm your update to avoid any issues in the future.
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