You're looking to update your bank account information on TurboTax? Excellent! It's a crucial step to ensure your tax refund or payment goes exactly where it's supposed to. Let's get this sorted out together, step by step.
Important Note Before We Begin: The ability to change your bank account information in TurboTax largely depends on the status of your tax return. If you've already filed and your return has been accepted by the IRS, changing your direct deposit information through TurboTax is generally not possible. In such cases, the IRS will typically mail a paper check if the direct deposit fails.
This guide will focus on changing your bank account information before you've officially filed your tax return, as this is when you have the most control.
Changing Your Bank Account Information on TurboTax: A Step-by-Step Guide
Step 1: Assess Your Filing Status – Have You Filed Yet?
Before we dive into the "how-to," let's clarify your current situation. This is the most critical question when it comes to changing bank account details on TurboTax.
A. "No, I haven't filed my tax return yet (or it's still pending)."
Great news! If your return hasn't been e-filed or is still in a "pending" status, you can absolutely change your direct deposit information within TurboTax. This is the ideal scenario, and we'll walk you through it.
B. "Yes, I've already filed my tax return, and it's been accepted by the IRS."
Unfortunately, this is where it gets tricky. Once your return is accepted by the IRS, TurboTax cannot modify your direct deposit information. The IRS does not allow it. If the bank account information was incorrect, the IRS will attempt to direct deposit, and if it's rejected (e.g., wrong account number, name mismatch), they will typically issue a paper check and mail it to the address on your return. If the funds go into a valid but incorrect account, you'll need to contact that bank directly. In some rare cases, if your return hasn't yet posted to the IRS system, you might be able to call the IRS directly to request a stop to the direct deposit (IRS phone: 800-829-1040).
For the rest of this guide, we'll assume you're in scenario A – you haven't filed yet, or your return is still pending.
Step 2: Navigating to the "File" Section in TurboTax
To change your bank account details for direct deposit, you'll need to access the "File" section of TurboTax, which is where you finalize your return and choose your refund method.
Sub-heading 2.1: Accessing Your Return
Sign in to TurboTax: Go to the TurboTax website and sign in to your account.
Locate Your Tax Home/Return: Once logged in, you should see your "Tax Home" or a section where you can continue your current tax return. Click on the appropriate option to open your return.
Sub-heading 2.2: Reaching the File Section
Look for "File" in the Left-Hand Menu: On the left-hand side of your TurboTax screen, you'll typically see a navigation menu. Look for an option titled "File" or something similar.
Click to Proceed: Click on the "File" option. This will take you through the final steps of reviewing and filing your return.
Step 3: Locating and Editing Your Refund Information
Within the "File" section, you'll encounter a crucial step dedicated to how you want to receive your refund (or how you want to pay if you owe taxes). This is where the magic happens!
Sub-heading 3.1: Finding the Refund/Payment Info Screen
Proceed Through Filing Steps: You'll likely need to click through a few screens, confirming you're ready to file.
Identify "Step 2: Your refund/payment info": Keep an eye out for a screen or section specifically labeled "Step 2: Your refund/payment info" or "How you want your refund." This is the section where your current direct deposit details (if any were entered previously or imported from last year) will be displayed.
Sub-heading 3.2: Editing the Bank Account Details
Select Direct Deposit (or Payment Method): If you're expecting a refund, ensure "Direct Deposit" is selected as your refund method. If you're paying taxes, make sure "Direct Debit" is chosen.
Locate the "Edit" or "Change" Option: On the screen displaying your current bank account information (routing and account numbers), you should see an option to edit or change these details. Sometimes, especially if information was imported from a previous year, it might initially look like you can't edit it. Look for subtle links or buttons that allow you to modify the existing information.
Tip: Some users have reported needing to select "Other Refund Options" or a similar choice even if "Direct Deposit" is already selected, to then access the edit screen. Don't be afraid to click around a bit to find the right path!
Enter the New Information: Carefully enter the correct routing number and account number for your desired bank account.
Double-check, triple-check, quadruple-check! This is where errors can occur. Verify every digit. A single misplaced digit can send your refund to the wrong account or cause it to be rejected.
Confirm Account Type: Ensure you select the correct account type (e.g., checking or savings).
Save Your Changes: Once you've entered the new information, make sure to save your changes and proceed to the next step in the filing process.
Step 4: Reviewing and Finalizing Your Return
After updating your bank information, it's always a good idea to perform one last review of your entire tax return before submitting it.
Sub-heading 4.1: Final Review
Review Summary: TurboTax will present a summary of your return. Take this opportunity to quickly scan all key sections, including your refund amount and, crucially, your updated direct deposit information.
Check for Errors: Make sure there are no other errors or omissions.
Sub-heading 4.2: E-file Your Return
Proceed to E-file: Once you are confident that all information is accurate, including your new bank details, proceed to electronically file your tax return.
Confirmation: You will receive a confirmation once your return has been successfully transmitted. Keep this confirmation for your records.
10 Related FAQ Questions
Here are 10 frequently asked questions related to changing bank account info on TurboTax, with quick answers:
How to: Change my bank account for direct deposit after my TurboTax return has been accepted?
Quick Answer: You generally cannot change your bank account information after your return has been accepted by the IRS. If the direct deposit fails, the IRS will typically mail a paper check.
How to: Stop a direct deposit if I entered the wrong bank account on TurboTax?
Quick Answer: If your return hasn't yet posted to the IRS system, you may be able to call the IRS directly at 800-829-1040 to request a stop to the direct deposit.
How to: Get my refund if my bank rejects the direct deposit from TurboTax?
Quick Answer: If your bank rejects the direct deposit due to incorrect information or name mismatch, the IRS will automatically mail a paper check to the address on your tax return.
How to: Find my direct deposit account information after I've e-filed with TurboTax?
Quick Answer: You can find your direct deposit account info on your Tax Return Summary in TurboTax. Sign in, go to "Your tax returns & documents," select the relevant year, and then use "Tax Tools" > "Print Center" > "Print, save or preview this year's return" to view your federal return summary.
How to: Update my bank account for TurboTax fees or payments?
Quick Answer: You can often update payment methods for TurboTax fees by going to your Intuit account settings. Look for "Payment Methods" or "Billing Information" within your TurboTax account profile.
How to: Deal with a refund that went to the wrong bank account after filing with TurboTax?
Quick Answer: If the bank accepted the deposit into a valid but incorrect account, you'll need to contact that bank directly to attempt to resolve the issue. The IRS assumes no responsibility for taxpayer error once funds are deposited into a valid account.
How to: Ensure my bank account information is accurate before filing with TurboTax?
Quick Answer: Always double-check your routing and account numbers by referring to a physical check or your bank's official online banking portal. Verify the account type (checking or savings) as well.
How to: Change bank account if I'm using TurboTax Desktop software?
Quick Answer: In TurboTax Desktop, when you reach the "File" section, navigate to Step 2, where you select your refund method (Direct Deposit). You will then be able to enter or change the bank account information on that screen.
How to: Change my bank account for state tax refunds in TurboTax?
Quick Answer: The process for state refunds is typically integrated into the federal filing process within TurboTax. After entering your federal direct deposit info, you'll often have a similar opportunity to enter or confirm bank details for your state refund.
How to: Get a paper check instead of direct deposit if I've already set up direct deposit in TurboTax but haven't filed?
Quick Answer: If you haven't filed yet, simply go back to the "File" section in TurboTax, navigate to the refund options, and change your selection from Direct Deposit to "Mail a check" or a similar option.
