Introduction: Understanding the Importance of Changing Your Bank Information with the IRS
As taxpayers, it’s essential to keep our bank account information up-to-date with the Internal Revenue Service (IRS). Ensuring that the IRS has accurate bank information ensures that taxpayers receive refunds, payments, or any other correspondence regarding their accounts. It’s a crucial step to take for anyone who wants to maintain the integrity of their tax-related transactions. In this blog, we will outline the steps involved in changing your bank information with the IRS and provide you with a step-by-step guide.
Understanding Why and When You Should Change Your Bank Information
If you’ve changed your bank account or routing number, you need to update that information with the IRS. This change is critical to ensure that any refunds or other payments you receive from the IRS are delivered to your correct and up-to-date bank account. Likewise, if you are getting a refund, you will only want it to go to an account that belongs to you. Not updating your bank information with the IRS may cause delays in receiving your money or even result in the IRS depositing money to an incorrect account. To avoid these issues, take caution and update your bank information regularly.
Preparing to Change Your Bank Information with the IRS
To ensure that the process is as smooth as possible, you need to have some vital information ready before making the update. Specifically, you need your social security number, your tax return for the most recent year that you filed, your old bank account information, and new banking information. Ensure that you have this information accessible for the changeover.
Steps to Change Your Bank Information with the IRS
Changing your bank account information with the IRS is a simple process. Follow the instructions below to modify this information.
1. Log into your account on the IRS website.
2. Select the “Get My Payment” option.
3. On the following page, select the “Bank Account Information” option.
4. Input your updated Bank Routing Number and Account Number.
5. To confirm your choice, hit “Submit” and wait for the IRS’s status update.
It’s important to note that once you change your bank account information with the IRS, your payment status for any previous transactions will change to reflect the current bank account information.
Conclusion: Ensure the Integrity of Your Tax Transactions with Updated Bank Information
Updating bank information with the IRS is a straightforward process. By having all of the necessary information handy and following the steps outlined, you can ensure that there is no delay in receiving any refunds or payments you may be entitled to. Protect yourself from unwanted headaches by keeping your bank information up-to-date with the IRS. Don’t hesitate to make this change and update your bank information today.
