How do you change your banking information with the irs

You can now track your stimulus payment and give the IRS updated banking and address information. (AP Photo/Matt Rourke, File)

Karin Price Mueller | NJ Advance Media for NJ.com

UPDATE: This story has been updated with new information from the IRS on when you can change your bank account information on the Get My Payment tool.

The third stimulus payment from the $1.9 trillion relief package has started to hit some bank accounts, the IRS said.

If you want to track your payment, the IRS on Saturday reopened its Get My Payment tool, which allows you to see when and how your payment was sent. It also allows you to update your bank account information if your payment was sent but not delivered successfully, according to the IRS website. You can also update your information by filing your 2020 tax return, the IRS said, but that will take longer.

To use Get My Payment, date of birth, Social Security number, street address and zip code. If you try multiple times and you can’t get through, you will be locked out of the tool for 24 hours for security reasons.

Get My Payment tool

When you do get in, the system will display one of several messages, the IRS website said:

Payment Status: This means one of two things. Either your payment has been processed or you are eligible but it hasn’t been processed yet. If the payment has been processed, it will show a payment date and whether the money was or will be sent by direct deposit or mail. If it says it has been mailed, you may receive either a paper check or a prepaid debit card.
Payment Status Not Available: This message means either your payment hasn’t been processed yet, you are not eligible for a payment or the IRS doesn’t have enough information about you. The tool is updated once every 24 hours so you can come back to look for updates.
Need More Information: This message means a payment was sent but it was returned to the IRS, perhaps because it was sent to an inactive bank account or to an address where you no longer live. If that’s the case, the tool will give you a chance to enter your bank account or prepaid debit card information so the IRS can reissue your payment. If you don’t have a bank account, you will need to update your address so the IRS can mail a payment.

How to update your address

The IRS says the easiest way to update your address with the agency is to file your 2020 tax return with your current address, if you haven’t already done so. The fastest way to file the return and have your address updated is to file your return electronically, it said.

You can also call the IRS directly, or file this form with the IRS, or send the IRS a letter with your full name, both the old and new addresses and your Social Security number.

How to update your banking information

If the IRS sent you a payment but it was returned to the agency, you will have to be patient. The Get My Payment tool will say “Need More Information,” but that may not appear for two to three weeks after the payment was returned.

“At this point, you can enter a routing and account number for your bank account, prepaid debit card or alternative financial product that has a routing and account number associated with it,” the IRS said.

That is the only time you are able to change your banking information.

Please subscribe now and support the local journalism YOU rely on and trust.

Karin Price Mueller may be reached at .

If you purchase a product or register for an account through one of the links on our site, we may receive compensation.

COVID-19

Taxpayers who did not have direct deposit information on record with the IRS can now enter or change that info on the IRS website Get My Payment tool.

Apr. 28, 2020

Note: We’ve noticed a lot of people visiting this article, which was from the first Coronavirus stimulus payments back in April 2020. Taxpayers can NO LONGER change their banking information on the website. Please contact the IRS.

For the latest on the March 2021 coronavirus stimulus payments and other benefits,
visit https://www.cpapracticeadvisor.com/21213724

The IRS has added new features to the “Get My Payment” tool on its website to help more taxpayers receive and track their coronavirus stimulus payments. Taxpayers who did not have direct deposit information on record with the IRS can now enter or change that info on the IRS website Get My Payment tool.

The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded information and access to adding direct deposit information.

“We delivered Get My Payment with new capabilities that did not exist during any similar relief program, including the ability to receive direct deposit information that accelerates payments to millions of people,” said IRS Commissioner Chuck Rettig. “These further enhancements will help even more taxpayers. We urge people who haven’t received a payment date yet to visit Get My Payment again for the latest information. IRS teams worked long hours to deliver Get My Payment in record time, and we will continue to make improvements to help Americans.”

“We encourage people to check back in and visit Get My Payment,” Rettig added. “These enhancements will help many taxpayers. By using Get My Payment now, more people will be able to get payments quickly by being able to add direct deposit information.”

How to use Get My Payment Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process.

As a reminder, Get My Payment is a U.S. Government system for authorized use only. The tool is solely for use by individuals or those legally authorized by the individual to access their information. Unauthorized use is prohibited and subject to criminal and civil penalties.

For taxpayers to track the status of their payment, this feature will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank account being used if the IRS has direct deposit information. They will need to enter basic information including:

Social Security number
Date of birth, and
Mailing address used on their tax return.

Taxpayers needing to add their bank account information to speed receipt of their payment will also need to provide the following additional information:

Their Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018
The refund or amount owed from their latest filed tax return
Bank account type, account and routing numbers

Get My Payment cannot update bank account information after an Economic Impact Payment has been scheduled for delivery. To help protect against potential fraud, the tool also does not allow people to change bank account information already on file with the IRS.

A Spanish version of Get My Payment is expected in a few weeks.

Watch out for scams related to Economic Impact Payments The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information. Remember, go directly and solely to IRS.gov for official information.