Hey there! Ready to make sure your tax refund lands in the right place? Changing your bank account information in TurboTax is a common need, especially if you've recently switched banks. Let's walk through this process together, step-by-step, to ensure your tax refund is delivered smoothly.
Changing Your Bank Account in TurboTax: A Comprehensive Guide
It's crucial to understand when you can change your bank account details in TurboTax, as the timing significantly impacts your options. Generally, you have the most flexibility before you've e-filed your return. Once your return is accepted by the IRS, changing direct deposit information becomes much more complicated, often impossible, and usually results in a paper check being mailed to you.
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| How To Change Bank Account In Turbotax |
Step 1: Determine Your Filing Status (Crucial First Step!)
Have you not yet filed your tax return? Fantastic! This is the ideal scenario, and changing your bank account information will be straightforward. Proceed to Step 2.
Is your tax return pending with the IRS (meaning you've e-filed, but it hasn't been accepted or rejected yet)? Hold on! You generally cannot change your bank account information while your return is in pending status. You'll need to wait for it to be either accepted or rejected. If rejected, you'll get another chance to update your details. If accepted, you'll likely receive a paper check.
Has your tax return already been accepted by the IRS? Unfortunately, it's too late to change your direct deposit information directly through TurboTax or the IRS for that specific return. Don't panic, though! The IRS will typically attempt to deposit the refund into the account you provided. If the bank rejects it (e.g., wrong account number, closed account), the IRS will then issue a paper check to the address on your tax return. This can cause a delay of several weeks. If the funds are accepted into an incorrect account (e.g., you entered someone else's valid account by mistake), you'll need to contact that bank directly to try and recover the funds.
Step 2: Accessing Your Return in TurboTax
Before you can make any changes, you need to be in the right place within your TurboTax account.
For TurboTax Online:
Sign In: Go to the TurboTax website and sign in to your account.
Navigate to Your Return: Once logged in, look for an option like "Take me to my return" or "Pick up where I left off." Click on it to access your in-progress tax return.
QuickTip: Repetition signals what matters most.
For TurboTax Desktop (CD/Download Version):
Open the Program: Launch your TurboTax Desktop software.
Open Your File: Open the tax file for the current year that you are working on.
Step 3: Locating the Refund/Payment Information Section
This is where you'll tell TurboTax (and the IRS) where to send your money.
Find the "File" Section: Look for a "File" tab or section within your TurboTax navigation. This is typically located towards the end of the tax filing process, as you prepare to submit your return.
Access Refund/Payment Info: Within the "File" section, you should see an option related to your refund or payment information. It might be labeled something like:
"Step 2: Your refund/payment info"
"How do you want your federal refund?"
"Get your refund up to 5 days early" (even if you're not using that specific feature)
"Direct Deposit"
Click on "Start," "Revisit," or "Continue" next to this option.
Step 4: Updating Your Bank Account Details
Now for the actual change!
Choose Direct Deposit: On the screen that asks how you want to receive your refund (or how you want to pay if you owe), select the "Direct Deposit" option. Even if it's already selected, you'll need to revisit this section to edit the details.
Edit Account Information: You should now be on a screen where your existing bank account information is displayed, or where you're prompted to enter it. Look for an "Edit" button or simply click into the fields containing the routing number and account number.
Enter New Details: Carefully enter the new routing number and bank account number for the bank account where you want your refund deposited.
Double-check, then triple-check! This is perhaps the most critical step. Even a single digit off can send your refund to the wrong place or cause a significant delay.
Verify with your bank: It's always a good idea to confirm your routing and account numbers directly with your bank (e.g., via online banking, a bank statement, or by calling them).
Confirm Account Type: Ensure you select the correct account type (e.g., checking or savings).
Continue/Save: After entering the new information, click "Continue," "Save," or whatever the equivalent button is to proceed.
Step 5: Final Review and Re-File (If Necessary)
Once you've updated your bank details, it's essential to complete the filing process.
Review Your Return: Before submitting, do one final review of your entire tax return to ensure all information is accurate, including your updated bank details.
E-file Your Return: If you haven't filed yet, proceed to e-file your return with the updated banking information. TurboTax will guide you through the final steps, including electronically signing your return.
Confirmation: You should receive a confirmation from TurboTax once your return has been successfully submitted. Subsequently, you'll receive an email notification from TurboTax when the IRS accepts your return. This IRS acceptance is key!
QuickTip: Scroll back if you lose track.
What if You Owe Taxes and Need to Change Payment Information?
The process is similar if you're making a direct debit payment to the IRS through TurboTax.
Navigate to the "File" Section: As before, go to the "File" section of your TurboTax return.
Select Payment Method: When prompted on how you'd like to pay your federal taxes, select "Direct Debit" or "Electronic Funds Withdrawal."
Edit Bank Details: You'll then be able to enter or edit the bank routing and account number from which you want the payment to be withdrawn.
Confirm and Schedule: Double-check the details and the scheduled payment date before confirming your payment.
Important Note on Payments: If you've already scheduled a direct debit payment and it's too close to the payment date, you may not be able to change it within TurboTax. In such cases, you might need to cancel the payment directly with the IRS (by calling IRS e-file Payment Services at 888-353-4537, ideally 7-10 days after acceptance and at least two business days before the scheduled payment date) and then choose another payment method (like IRS Direct Pay on the IRS website).
10 Related FAQ Questions
Here are some frequently asked questions about changing bank accounts in TurboTax, along with quick answers:
How to know if my TurboTax return has been accepted by the IRS?
You will receive an email notification from TurboTax confirming that your federal return has been accepted by the IRS. You can also check your return status directly within your TurboTax account.
How to change my bank account if my TurboTax return was rejected?
If your return is rejected, you will have the opportunity to go back into your TurboTax return, correct the error that caused the rejection (including updating your bank account information if that was the issue), and then re-file your return.
Tip: Rest your eyes, then continue.
How to get my refund if my direct deposit fails due to incorrect bank info?
If your direct deposit fails because of incorrect bank information, the bank will typically reject the deposit and send it back to the IRS. The IRS will then issue a paper check and mail it to the address you provided on your tax return.
How to track my paper refund check from the IRS?
Once the IRS issues a paper check, you can usually track its status using the "Where's My Refund?" tool on the IRS website (irs.gov/refunds).
How to update my bank account for next year's TurboTax filing?
For future tax years, simply ensure you enter your current and correct bank account information when you prepare and file your next tax return with TurboTax. TurboTax often carries over prior year's data, so always review and update it at the beginning of the filing process.
How to contact TurboTax customer support for bank account issues?
Tip: Reading in chunks improves focus.
You can find TurboTax customer support options, including phone numbers and chat, on the TurboTax support website (ttlc.intuit.com). Be prepared with your account details and the specifics of your issue.
How to change my bank account if I used a tax preparer and not TurboTax directly?
If you used a tax preparer (even if they used TurboTax software), you should contact your tax preparer directly to discuss any changes to your bank account or refund delivery method.
How to get a refund if my incorrect bank account was accepted by the bank?
If your refund was successfully deposited into an incorrect bank account that was valid (meaning it belonged to someone else or an old account that's still active), you'll need to contact the bank directly to attempt to recover the funds. The IRS typically cannot intervene in this specific scenario.
How to pay my taxes if my direct debit payment failed?
If a direct debit payment fails, the IRS will notify you. You will then need to make arrangements to pay the taxes owed through an alternative method, such as IRS Direct Pay, a credit/debit card payment, or by mail.
How to ensure my bank account information is secure in TurboTax?
TurboTax uses encryption and security measures to protect your personal and financial data. Always ensure you are on the official TurboTax website, use strong, unique passwords, and enable two-factor authentication for your Intuit account.
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