The Ultimate Guide on How to Change Your Banking Information with the IRS – Step by Step Process

The Ultimate Guide on How to Change Your Banking Information with the IRS – Step by Step Process

When it comes to filing your taxes, having accurate banking information on file is crucial to avoiding any potential delays or issues with receiving refunds or making payments. If you need to update your banking information with the IRS, it’s important to understand the steps involved in the process to ensure that your updates are processed accurately and efficiently.

Step 1: Determine Your Reason for Changing Banking Information

Before you start updating your banking information with the IRS, you need to determine the reason for the change. Perhaps you recently changed banks, or you want to switch to a different account for depositing refunds or paying taxes. Once you have a clear reason for the change, it will be easier to complete the necessary steps.

Step 2: Gather Your Information

The next step is to gather all of the information you’ll need to update your IRS banking information. This includes your current banking information, as well as your new banking information. Make sure that you have your account and routing numbers handy, and that you’ve double-checked to ensure that they are accurate.

Step 3: Choose the Correct Form

There are two forms you can use to change your banking information with the IRS: Form 8822-B (Change of Address or Responsible Party – Business) and Form 8822 (Change of Address). The form you choose will depend on the type of taxpayer you are.

If you are an individual taxpayer, you’ll need to use Form 8822. If you are a business or an entity that is required to file tax returns (such as a partnership or corporation), you’ll need to use Form 8822-B.

Step 4: Fill Out the Form

Once you have the correct form, the next step is to fill it out completely. This includes providing your personal or business information, as well as your updated banking information. Be sure to double-check all of the information you’ve provided before submitting the form to ensure that everything is accurate.

Step 5: Submit the Form

After you’ve filled out the form, you can submit it to the IRS. You can do this either online or by mail. If you choose to submit the form online, you can go to the IRS website and follow the prompts to update your banking information. If you choose to submit the form by mail, you’ll need to send it to the appropriate IRS address listed on the form.

Step 6: Verify Your Banking Information

After you’ve submitted the form, it’s important to verify your banking information with the IRS. This can help to ensure that your updates have been processed accurately and that your refunds or payments will be deposited into the correct account.

To verify your banking information, you can check your account transcript. This will show your filings and payments, as well as any changes that have been made to your banking information. You can access your account transcript online through the IRS website.

Conclusion

Updating your banking information with the IRS can be a straightforward process as long as you follow the necessary steps. By determining your reason for the change, gathering your information, choosing the correct form, filling it out completely, submitting it to the IRS, and verifying your banking information, you can ensure that your updates are processed accurately and efficiently. By taking the time to update your banking information, you can avoid any potential delays or issues with receiving your refunds or paying your taxes.