Step-by-Step: How Do I Change My Bank Information with the IRS?

Step-by-Step: How Do I Change My Bank Information with the IRS?

Are you planning to change the bank account that you use for receiving your tax refunds from the IRS? Maybe you have opened a new account, or you simply want to switch to a more secure or convenient option. Whatever the reasons, changing your bank information with the IRS is a straightforward process that can be completed online or by mail. In this article, we will guide you through the steps you need to follow for updating your bank account details with the IRS.

Step 1: Gather the Required Information and Documents

Before you start the process of changing your bank information with the IRS, it’s essential to make sure that you have all the necessary information and documents at hand. This will help you avoid delays and errors that can complicate the process. The information you need for updating your bank account details includes:

– Your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
– Your previous banking information, including the bank name, routing number, and account number.
– Your new banking information, including the bank name, routing number, and account number.
– Your filing status and the amount of your last tax refund.

You may also need to provide additional documents or paperwork, such as a voided check or an official letter from your bank confirming your new account details. Take note that the IRS may take up to three weeks to verify your new bank information before sending your refund.

Step 2: Update Your Bank Information Online

The easiest and fastest way to change your bank information with the IRS is by using the “Get My Payment” tool on the IRS website. This tool allows you to check the status of your Economic Impact Payment (stimulus check) and update your banking information for future payments. Here’s how to do it:

– Go to the IRS “Get My Payment” page and click on the “Get My Payment” button.
– Enter your SSN or ITIN, your date of birth, your street address, and your ZIP code, then click “Continue.”
– On the next page, you will see the status of your Economic Impact Payment, if you are eligible for one. Click on the “Get My Payment” button.
– Follow the instructions to verify your identity and access the tool.
– On the “Bank Account Information” page, enter your new bank account details, then click “Next.”
– Review the information you provided, agree to the terms and conditions, then click “Submit.” You will receive a confirmation message if your update is successful.

Step 3: Update Your Bank Information by Mail

If you are unable to use the online tool or prefer to update your bank information by mail, you can do so by completing and mailing the Form 8822, Change of Address. This form can also be used for updating your mailing address, phone number, or email address with the IRS. Here’s how to fill out the form:

– Download and print Form 8822 from the IRS website.
– Fill out Part I, “Identifying Information,” with your name, SSN or ITIN, old address, and new address (if applicable).
– Fill out Part II, “Mailing Address,” with your new mailing address (if different from Part I).
– Fill out Part III, “Other Changes,” with your new phone number, email address, or banking information.
– If you are updating your banking information, fill out lines 15a (“Type of Account”), 15b (“Routing Number”) and 15c (“Account Number”) with your new details.
– Sign and date the form, then mail it to the appropriate address listed in the instructions.

Note that it may take up to four to six weeks for the IRS to process your request if you update your bank information by mail.

Conclusion

Changing your bank information with the IRS doesn’t have to be a confusing or stressful process. By following the simple steps outlined in this article, you can update your bank account details in a timely and accurate manner, ensuring that your tax refunds and other payments are deposited into your preferred account. Remember to double-check your information before submitting it online or by mail, and keep a record of your updates for future reference.

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