The Internal Revenue Service (IRS) is a vital organization that oversees taxation and makes sure that people comply with the tax regulations. A change in your banking information may arise due to various reasons, such as closing a bank account or opening a new one. As such, it’s essential to know how to change your banking information with the IRS.
In this article, we’ll take you through a step-by-step guide on how to change your banking information with the IRS. We’ll also highlight important requirements, insights, and tips to ensure a seamless process.
Step 1: Prepare Your Information
Before you embark on the process of changing your banking information with the IRS, you must have all the relevant details at hand. This will help you avoid delays or errors that may cause complications. The following are some of the details that you need to prepare:
– Your Social Security Number (SSN)
– Your old and new banking information, including bank account numbers and routing numbers
– Your tax return records
Step 2: Choose Your Preferred Option
Once you’ve gathered all the necessary details, you need to choose your preferred option for updating your banking information. The IRS offers three options:
– Online: You can use the IRS’s online payment system (IRS Direct Pay) to update your banking information.
– Phone: Call the IRS’s toll-free line at 1-800-829-1040 and follow the prompts to update your banking information.
– Mail: Send a written request to the IRS, including your SSN, old and new banking information, and a signature.
Step 3: Follow the Instructions
Regardless of the option you choose, it’s important to follow the instructions given by the IRS to ensure that your banking information is updated successfully. Here are some specific instructions for each option:
– Online: Log in to the IRS Direct Pay system and select “Payment Plan/Installment Agreement” from the main menu. Follow the prompts to update your banking information.
– Phone: Call the IRS toll-free line and provide the representative with your SSN, old and new banking information, and a signature.
– Mail: Write a letter to the IRS and include your SSN, old and new banking information, and a signature. Mail the letter to the address provided on the IRS website.
Step 4: Confirm the Changes
After updating your banking information with the IRS, it’s important to confirm that the changes have been made successfully. You can do this by checking your bank account for any transactions from the IRS.
Conclusion
Changing your banking information with the IRS is a simple process that can be done in a few easy steps. By preparing your information, choosing your preferred option, following the instructions, and confirming the changes, you can ensure that your banking information is updated correctly.
It’s important to note that updating your banking information with the IRS does not change your tax liability. Therefore, you need to file your tax return and make payments on time to avoid penalties and interest charges.
In summary, we hope that this article has been helpful in guiding you on how to change your banking information with the IRS. By adhering to the instructions and tips highlighted, you can ensure a seamless process and avoid any complications.
