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- Ensure your bank account details on TurboTax are accurate for direct deposit of tax refunds.
- You can only change bank account information before filing your return.
- To change the account, access the “File” section, select “Direct Deposit,” and enter new bank details.
- Double-check your routing and account numbers for accuracy after updating.
- If a mistake is discovered post-filing, the IRS typically sends a paper check if the bank rejects the deposit.
- Contact your bank directly if the refund is accidentally sent to an incorrect but active account.
- Confirm with your bank for accurate routing numbers and use only accounts in your name for TurboTax refunds.
When it comes to filing taxes, getting the right refund quickly is a priority for many. TurboTax simplifies tax filing for millions, but what if you need to change the bank account where your tax refund is deposited? Ensuring that your tax refund reaches the correct bank account is crucial, and TurboTax makes it possible to update or change your bank details easily if you follow the correct steps.
In this guide, we will walk you through how to change bank account on TurboTax in a straightforward and actionable way.
How to Change Bank Account on TurboTax
Updating your bank account information on TurboTax can be necessary for various reasons. Perhaps you’ve recently opened a new bank account, switched banks, or closed an old account. Regardless of the reason, knowing how to change bank account on TurboTax can save you from any refund delays. This guide will cover each step in detail, from accessing the right settings in TurboTax to confirming your new bank account information. We will also discuss some common questions and troubleshooting tips to make the process as smooth as possible.
By the end of this article, you’ll know exactly how to change bank account on TurboTax, ensuring that your tax refund lands where it should. Let’s get started.
Understanding the Importance of Bank Account Details on TurboTax
TurboTax allows users to e-file their taxes and receive refunds directly into their bank accounts via direct deposit. Direct deposits are faster and more secure than paper checks, which is why many taxpayers choose this option. Ensuring your bank account information on TurboTax is up to date helps avoid delays or issues with your refund. Incorrect or outdated details can lead to refunds being delayed or even rejected by the bank.
Changing bank account information on TurboTax is straightforward, but it must be done correctly to ensure the refund goes to the right place. In the following sections, we will break down how to change bank account on TurboTax so you can update your information with confidence.
When Can You Change Your Bank Account on TurboTax?
Before jumping into the steps, it’s essential to understand when you can change your bank account on TurboTax. You can update your bank details on TurboTax only before you file your tax return. Once you have filed your return and it’s been accepted by the IRS, the bank account information associated with that return cannot be changed.
If you realize that you entered incorrect bank details after filing, don’t worry—there are alternative steps you can take. In this guide, we will explain both how to change bank account on TurboTax before filing and what to do if you need to make changes afterward.
Step-by-Step Guide to Changing Bank Account on TurboTax
Here is a clear step-by-step guide on how to change bank account on TurboTax before filing your taxes. Follow these steps to ensure your bank details are updated correctly:
- Step 1: Open TurboTax and log in to your account.
- Step 2: Select the tax return you are working on.
- Step 3: Navigate to the “File” section.
- Step 4: In the “File” section, choose the “Refund” option.
- Step 5: Under “Refund,” select “Direct Deposit” as your preferred method.
- Step 6: Enter your updated bank account information, including the routing number and account number.
- Step 7: Double-check the information you have entered for accuracy.
- Step 8: Save your changes and continue with your tax filing process.
By following these steps, you can ensure that your bank details are correctly updated for your tax refund.
How to Double-Check Your Bank Account Information on TurboTax
After updating your bank account details on TurboTax, it’s essential to verify that everything is correct. Here’s how to double-check your details:
- Return to the “File” section of TurboTax.
- Click on the “Refund” and “Direct Deposit” options again.
- Review the bank account information you entered, paying special attention to the routing and account numbers.
Mistakes in bank account details can lead to delays, so taking a few extra minutes to verify can save you from issues down the line.
What to Do If You Can’t Change Bank Account Information After Filing
Once you file and the IRS accepts your return, TurboTax will not allow you to edit your bank account details. Here are some alternatives if you need to make changes after filing:
- If the refund is sent to a closed bank account: The bank will return the refund to the IRS, who will then issue a paper check to the mailing address on your tax return.
- If the refund is sent to an incorrect account: Unfortunately, if the account exists, the bank may deposit it. Contact the bank directly and explain the situation to see if any recovery options are available.
- If you made a minor error in the routing or account number: Small errors may lead to the deposit being rejected, causing the IRS to send a check instead.
Understanding these scenarios can help you act quickly if there’s an issue after filing.
Common Issues When Changing Bank Account on TurboTax and How to Resolve Them
Even with careful steps, some issues may arise. Here are some common problems and solutions for changing bank account information on TurboTax:
- TurboTax doesn’t save the new bank account information: Ensure that you click “Save” after updating the information. You may also want to clear your browser cache or try logging out and back in to see if the change has been applied.
- Direct Deposit option not showing: This may happen if TurboTax has detected potential issues with your return. Review any alerts and try again.
- Account not verified: Sometimes, TurboTax will flag account numbers that cannot be verified. Double-check your bank account and routing numbers to ensure accuracy.
Important Tips for Ensuring Your TurboTax Refund Goes to the Right Account
When updating bank information on TurboTax, here are a few tips to avoid common mistakes:
- Confirm your bank’s routing number: Routing numbers can vary by region. Double-check with your bank to ensure you have the correct routing number for deposits.
- Use an account under your name: TurboTax requires that the account receiving the refund belongs to the filer(s) to prevent fraud.
- Check for account changes in advance: If you plan to switch banks, make sure to update your bank information on TurboTax well before the tax season to avoid last-minute issues.
Following these tips can ensure a seamless process when you change bank account on TurboTax.
Frequently Asked Questions
Here are some of the related questions people also ask:
How do I change my bank account on TurboTax if I already filed my return?
If you’ve already filed your return, you cannot change your bank account information on TurboTax. If the bank rejects the deposit, the IRS will mail a check to the address on your return.
Can I change my bank information on TurboTax after the IRS has accepted my return?
No, once the IRS accepts your return, the bank account details cannot be changed. If there’s an issue, the IRS will typically send a paper check.
What happens if I enter the wrong bank account on TurboTax?
If you enter incorrect bank details, the bank may reject the deposit. In this case, the IRS will issue a paper check to your listed address.
How do I double-check my bank information on TurboTax?
To review your bank details, go to the “File” section in TurboTax, select “Direct Deposit,” and verify the routing and account numbers for accuracy.
What should I do if I closed the bank account listed on TurboTax?
If your listed account is closed, the bank will return the refund to the IRS, and the IRS will send a paper check to your address.
Can I use someone else’s bank account for my TurboTax refund?
TurboTax recommends using an account that belongs to you or is jointly owned with you to prevent fraud and ensure successful deposit.
How do I find my bank’s routing number for TurboTax?
You can find your bank’s routing number on a check, your bank’s website, or by contacting your bank directly to ensure accuracy for direct deposit.
What happens if the refund goes to a different person’s bank account by mistake?
If the refund is deposited into an account that does not belong to you, contact the bank directly to see if the funds can be returned to the IRS.
Why is my direct deposit option not showing on TurboTax?
If direct deposit isn’t showing, check for any TurboTax alerts or review your entries for accuracy, as errors may restrict direct deposit options.
The Bottom Line
Knowing how to change bank account on TurboTax can be crucial for a smooth tax refund experience. Updating your bank information is a straightforward process, as long as it is done before you file your return. By accessing the “File” section in TurboTax, selecting the “Direct Deposit” option, and entering the correct bank account information, you can make sure your refund goes to the right place. Remember, once you’ve filed your tax return and the IRS has accepted it, you can no longer change your bank account information on TurboTax.
If you discover an error after filing, understanding your options—such as contacting your bank or waiting for a mailed check—can help you address the situation quickly. Also, by double-checking your bank details before submitting and following best practices, you reduce the chances of needing to make last-minute corrections.
In sum, learning how to change bank account on TurboTax before filing helps avoid delays and confusion. Whether you’re updating your account due to a bank change or correcting details, TurboTax’s direct deposit options make it easy to receive your refund quickly. By following this guide, you’ll have all the knowledge needed to update your bank account information on TurboTax and ensure your tax refund is deposited smoothly into the correct account.