Changing your banking information with the IRS can be a daunting task, but with the right approach, it can be done relatively smoothly. Whether you’ve recently closed or transferred your bank account or are simply switching from one institution to another, updating your banking information with the IRS is critical for ensuring that your tax refunds and payments are processed accurately and on time. Here are some steps you can follow to make the process as smooth as possible.
Step 1: Gather the necessary information
Before you change your banking information with the IRS, you’ll need to collect some key information. This includes your Social Security number, the routing number and account number for your new bank account, and your old bank account information if it’s still active. You may also need to provide proof of your identity, such as a driver’s license or passport.
Step 2: Determine the right form to use
To change your banking information with the IRS, you’ll need to fill out Form 8822-B, which is titled “Change of Address or Responsible Party – Business.” This form is used to update your banking information, as well as your mailing address and contact information. Be sure to fill out the form completely and double-check your information for accuracy before submitting it.
Step 3: Submit the form online or by mail
You can submit Form 8822-B online through the IRS website using their e-Services portal. Alternatively, you can print out the form and mail it to the appropriate IRS office. Make sure to include any necessary documentation, such as a voided check or letter from your bank confirming your new account information.
Step 4: Keep track of your submission
After you’ve submitted your Form 8822-B, it’s important to keep track of your submission and any responses you receive from the IRS. You should receive confirmation of your submission within a few weeks, and you may need to follow up with the IRS if you don’t receive a response or if there are any questions about your submission.
In conclusion, changing your banking information with the IRS may seem like a daunting task, but it’s an important step to ensure that your tax refunds and payments are processed accurately and on time. By following these steps and staying organized throughout the process, you can make the transition as smooth as possible. If you have any questions or concerns, don’t hesitate to reach out to the IRS or consult with a tax professional.
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