Step-by-Step Guide: How to Change Your Banking Information with the IRS

Step-by-Step Guide: How to Change Your Banking Information with the IRS

As a taxpayer, updating your banking information with the Internal Revenue Service (IRS) is crucial to ensure that you receive your tax refunds and other government payments without any delay. With technological advancements, you can change your banking information with the IRS with just a few clicks on your computer or smartphone. In this article, we will guide you through the step-by-step process of updating your banking information with the IRS.

Step 1: Gather All the Required Information

Before you start the process of updating your banking information with the IRS, it is important to gather all the necessary information. You will need your Social Security Number (SSN), your current bank account number and routing number, and your new bank account number and routing number. Make sure that you have all the correct information before moving on to the next step.

Step 2: Choose Your Preferred Method

There are two ways to update your banking information with the IRS: online or via mail. The online method is faster and more convenient, but you must have an IRS online account to use it. If you don’t have an online account, you can create one at the IRS website. Alternatively, you can update your information via mail by filling out Form 8822-B, Change of Address or Responsible Party – Business, and mailing it to the IRS.

Step 3: Use the IRS Online Tool

If you have an IRS online account, updating your banking information is easy. Log in to your account and navigate to the “Bank Account” tab. From there, you can update your banking information by providing your new bank account number and routing number. Make sure to double-check all the information before submitting it.

Step 4: Fill out Form 8822-B

If you prefer to update your banking information via mail, you will need to fill out Form 8822-B. The form asks for your SSN, current address, new address, and new bank account information. Make sure to fill out the form accurately and legibly, and double-check all the information before mailing it to the IRS.

Step 5: Wait for Confirmation

After you update your banking information with the IRS, you will receive a confirmation via mail. The confirmation will be sent to your old address, so make sure to update your address with the IRS if you have moved to a new location. If you have any questions or concerns, you can contact the IRS directly for assistance.

Conclusion

Updating your banking information with the IRS is a simple process that can be done online or via mail. By following these easy steps, you can ensure that you receive your tax refunds and other government payments without any delay. Remember to double-check all the information before submitting it, and update your address with the IRS if you have moved to a new location. If you have any questions or concerns, don’t hesitate to contact the IRS for assistance.