How Do I Change My Direct Deposit Information With the IRS?
Learn how to update your direct deposit details with the IRS efficiently, ensuring timely and accurate tax refunds.
Updating your direct deposit information with the IRS is essential to ensure timely receipt of refunds and other payments. This process is particularly important if you’ve recently changed banks or account details, as discrepancies can lead to delays or complications.
Methods to Update Direct Deposit
When updating your direct deposit information with the IRS, there are several methods available. Each option has unique benefits, allowing you to choose the approach that works best for your situation.
Online Submission
The IRS provides an online tool on IRS.gov for updating direct deposit information. This is the fastest method, as online updates are processed more quickly than paper submissions. To use this feature, log in to your IRS account with your Social Security Number and secure password. Access the “Get My Payment” portal for Economic Impact Payments or the “View Your Account” feature for other payments. Double-check your bank account and routing numbers before submission to prevent delays or errors.
Paper Filing
If you prefer traditional methods, you can update your direct deposit information by submitting a new Form 8888, “Allocation of Refund (Including Savings Bond Purchases),” with your tax return. If your original tax return has already been processed, you may need to file an amended return using Form 1040-X. Keep in mind that postal delivery and manual processing by the IRS can significantly extend the timeline for updates. Carefully review IRS instructions to avoid errors that could further delay processing.
Contacting the IRS
You can also contact the IRS directly to update your direct deposit information. This option may be necessary if you encounter issues with online submission or need to discuss specific circumstances. Call the IRS at 1-800-829-1040, but be prepared for long wait times, especially during peak tax season. Have your most recent tax return, updated bank details, and identification numbers ready before speaking with an agent. While phone updates allow for immediate confirmation, follow up with written confirmation to ensure the changes are accurate.
Revision Deadlines
Pay attention to deadlines when revising your direct deposit information, as timing affects processing. The deadline typically aligns with the tax return filing date, usually April 15. If you file for an extension, this may extend to October 15. Changes made after your tax return is processed may not apply to the current tax year, requiring alternative methods to update banking details for future payments or refunds.
Verifying Bank Changes
After submitting your updated direct deposit details, verify that the changes have been accurately recorded. Use the IRS “View Your Account” feature to check the status of your banking information. Monitor your bank account for IRS deposits or communications confirming the updates. The IRS usually sends confirmation notices when significant changes are made to taxpayer accounts. Compare these notices to your records to ensure accuracy and contact the IRS immediately if discrepancies arise.
Returned Deposits
Returned deposits occur when the IRS attempts to transfer funds to a closed or incorrect bank account. In such cases, the IRS will issue a paper check, which delays the receipt of funds. Errors in bank details can lead to returned deposits and potentially expose taxpayers to penalties or interest if the funds are tied to tax obligations. Understanding this process can help avoid unnecessary setbacks.