Step-by-Step Guide: How to Change Your Banking Information with IRS
Many people need to change their banking information with the Internal Revenue Service (IRS) due to various reasons. These can include receiving tax refunds, making payments, or creating payment plans for taxes owed. If you have changed your bank account or routing number, you need to update it with the IRS to ensure that your banking information is correct and avoid any delay in receiving your refund or making payments. This guide explains how to change your banking information with the IRS in easy-to-follow steps.
Step 1: Gather Your Information
Before you start changing your banking information with the IRS, you need to make sure that you have a few pieces of information available and ready to use. The information includes your current banking information, your new banking information, your Social Security number, and your Adjusted Gross Income (AGI) from your most recent tax return.
Step 2: Choose Your Method
The IRS offers several convenient and safe methods that you can use to change your banking information, depending on your preferences and circumstances. The methods include:
• Online: You can update your banking information online through the IRS website or the Get My Payment tool if you’re receiving a stimulus check. To use this method, you need to create an account with the IRS and follow the prompts to enter your updated banking information.
• By Phone: You can also change your banking information by calling the IRS’s toll-free number, which is 1-800-829-1040. You will be asked to verify your identity before providing your new banking information.
• By Mail: You can fill out Form 8822-B, which is called a Change of Address or Responsible Party – Business, and mail it to the IRS. The form requires your current information, new banking information, and other identifying details.
Step 3: Verify Your Identity
Once you’ve chosen your preferred method, you need to verify your identity to ensure that you’re the one making the changes. The verification process varies depending on the method you choose, but it usually involves providing your Social Security number, your AGI, and other personal details that only you would know.
Step 4: Update Your Banking Information
After you’ve verified your identity, you can proceed to update your banking information. You need to provide your current banking information, and your new banking information, including your bank account and routing numbers. Double-check your information before submitting it to avoid any errors or delays.
Step 5: Confirm Your Changes
Once you’ve updated your banking information, you need to confirm that your changes were accepted and processed correctly. The confirmation process varies depending on the method you used to change your banking information. If you changed your banking information online or by phone, you will receive a confirmation number that you can use to check the status of your changes. If you changed your banking information by mail, you will receive a notification confirming that your changes were processed.
Conclusion
Changing your banking information with the IRS is a simple process that requires some preparation and attention to detail. By following the steps outlined in this guide, you can ensure that your new banking information is accurate and up-to-date, and you can avoid any delay in receiving your tax refund or making payments. Remember to keep a record of your confirmation number or notification for future reference, and make sure to update your banking information whenever necessary.
