Step-by-Step Guide: How Do I Change My Bank Information with the IRS?
As a taxpayer, updating your bank information with the IRS is important to ensure you receive your tax refunds and any other payments you may be owed. Fortunately, changing your bank information with the IRS is a straightforward process that can be done in several different ways. In this guide, we’ll walk you through the steps on how to change your bank information with the IRS.
Why Do I Need to Change My Bank Information with the IRS?
There are several reasons why you may need to update your bank information with the IRS. Perhaps you have switched banks and your old account is no longer active, or maybe you want to use a different bank account for your tax refunds and other payments. Whatever the reason, it’s essential to ensure the IRS has your current and accurate bank details to avoid any payment issues or delays.
Step-by-Step Guide on How to Change Your Bank Information with the IRS
Here’s how you can update your bank information with the IRS:
1. Use the IRS online tool: The IRS has an online tool called the Get My Payment tool, which you can use to update your bank information. This tool is primarily designed for individuals who want to check on their stimulus payments, but it can also be used to update your bank account details. When using this tool, ensure that you have all the necessary information, such as your social security number and current bank information.
2. Use Form 8822-B: Another way to update your bank information with the IRS is by using Form 8822-B. This form is used to notify the IRS of any change in address or responsible party for tax purposes, including bank accounts. You can download Form 8822-B from the IRS website, fill it out, and mail it to the address listed on the form.
3. Contact the IRS: If you prefer to speak with the IRS directly, you can call their toll-free number (1-800-829-1040) and speak to a representative who can help you update your bank information. Be sure to have all the necessary information ready when making the call to ensure a smooth and efficient process.
What Information Do I Need to Change My Bank Information with the IRS?
To update your bank information with the IRS, you’ll need to have the following information:
– Your social security number or individual taxpayer identification number (ITIN)
– Your current bank account number
– The bank’s routing number
– The type of account, such as checking or savings
Conclusion
Changing your bank information with the IRS is a simple process that can be done online, by mail, or over the phone. Keeping your bank details up to date with the IRS is crucial to ensure you receive any tax refunds or payments you may be owed. By following the step-by-step guide outlined in this article and providing accurate information, you can update your bank information with ease and avoid any delays or payment issues.
