Introduction:
Updating your banking information with the IRS can be a daunting task, but it is essential to ensure that you receive your tax refund or stimulus. The process may seem overwhelming, but with the right steps, it can be achieved in no time. In this article, we will provide you with a step-by-step guide to update your banking information with the IRS.
Why Is It Important to Update Your Banking Information?
The IRS relies on your banking information to process your tax returns and facilitate refunds. If you do not update your banking information, the IRS will send your refund by mail. This can result in a delay in receiving your refund, and it’s also a security risk as your check can get lost or stolen in the mail. Ensuring the IRS has your correct banking information ensures a secure and straightforward process.
Step-by-Step Guide to Updating Your Banking Information with the IRS
Here are the steps to follow to update your banking information with the IRS:
Step 1: Gather Your Information
Before we begin, ensure you have the necessary information to update your banking information. You will need your Social Security number, the amount of your refund from your most recent tax return, and your new banking information, which includes your routing number and account number.
Step 2: Choose Your Method of Update
The IRS offers two ways to update your banking information. You can use the ‘Get My Payment’ tool on the IRS website, or you can use Form 8822-B.
Step 3: Updating with Get My Payment
If you choose to use the Get My Payment tool, follow these steps:
1. Go to the IRS website and locate the ‘Get My Payment’ tool by clicking on the Economic Impact Payment button.
2. Enter your Social Security number, date of birth, and address. The tool will verify your identity before proceeding.
3. If you are eligible for a payment, you will be asked to enter your banking information. Input your new banking information and click submit.
Step 4: Updating with Form 8822-B
If you choose to use Form 8822-B, follow these steps:
1. Download Form 8822-B from the IRS website.
2. Fill out the form with your information and your updated banking information.
3. Sign and date the form and mail it to the IRS address provided on the form.
Conclusion:
Updating your banking information with the IRS is a crucial step to ensure you receive your tax refund or stimulus payment securely and timely. Follow our step-by-step guide, and you’ll be able to update your banking information quickly. Remember, providing the IRS with your updated banking information is an easy process that can save you time and effort.
