Oh, the ever-important direct deposit! Getting your tax refund into the right bank account is crucial. Let's dive deep into how you can change your direct deposit information on TurboTax. This guide will walk you through the process step-by-step, providing you with all the details you need to ensure your refund lands exactly where you want it.
Changing Your Direct Deposit on TurboTax: A Comprehensive Guide
So, you're ready to get that refund, but your banking details have changed, or you simply want it to go to a different account this year? No worries, you're in the right place! Changing your direct deposit information on TurboTax is a fairly straightforward process, provided you haven't already filed your return. Let's break it down.
Step 1: Ascertain Your Filing Status – Have You Filed Yet?
This is the most critical first step in determining if you can change your direct deposit information.
Sub-heading: If You HAVE NOT Yet Filed Your Tax Return
Congratulations! This is the ideal scenario. If you haven't electronically filed (e-filed) or mailed your tax return to the IRS (or your state tax agency), you have complete control over your direct deposit details. This is the easiest time to make any changes.
Sub-heading: If Your Return is PENDING Acceptance
If you've e-filed, and your return status is "Pending," it means the IRS (or state) hasn't officially accepted it yet. In this small window of opportunity, you might still be able to change your direct deposit information. However, this window is very narrow, and it's best to act immediately.
Sub-heading: If Your Return Has Been ACCEPTED or Mailed
This is where things get tricky. Once your return has been accepted by the IRS (or state), or if you've physically mailed it, you generally cannot change your direct deposit information. The IRS processes refunds based on the information provided at the time of acceptance. If there's an issue with the direct deposit, the IRS will typically mail you a paper check to the address on your return. While this can be frustrating, it's a security measure to prevent fraudulent refund rerouting.
Step 2: Accessing Your TurboTax Return
Assuming you haven't filed or your return is still pending, let's get into the TurboTax interface.
Sub-heading: Logging In to Your TurboTax Account
Open your web browser and navigate to the TurboTax website (turbotax.intuit.com).
Click on "Sign In" in the top right corner.
Enter your User ID and Password. If you've forgotten them, use the "Forgot User ID" or "Forgot Password" links. It's crucial to sign into the exact account where you prepared your tax return.
Sub-heading: Locating Your Current Tax Return
Once logged in, you should see your current year's tax return prominently displayed on your dashboard. Click on it to continue working on your return.
Step 3: Navigating to the Refund/Payment Section
This is where TurboTax asks you how you want to receive your refund (or pay your taxes).
Sub-heading: Initiating the "File" Process (Even if Not Ready to File)
In your TurboTax account, look for the "File" tab or section. This is usually near the end of the tax preparation process.
Click on "File". Don't worry, clicking "File" at this stage doesn't automatically send your return. It just moves you to the final steps of reviewing and choosing how to handle your refund/payment.
Sub-heading: Locating the Refund/Payment Options
Within the "File" section, you'll typically see a step labeled something like "Step 2: Your refund/payment info" or "How you want your refund".
Click on "Start", "Revisit", or "Continue" next to this step.
Step 4: Modifying Your Direct Deposit Information
This is the core of the process where you'll input your new banking details.
Sub-heading: Selecting Refund Options
On the "Get your refund" screen (or similar), you might see various options. If you previously selected direct deposit, it might show your old bank information.
Look for an option like "See all options" or "Choose other refund options". Click on this to reveal alternative methods or to modify existing ones.
Sub-heading: Choosing Direct Deposit and Entering New Details
From the options, select "Direct deposit" (if it's not already selected).
TurboTax will then prompt you to enter your bank account details. This is where you'll input the new information:
Bank Routing Number: This is typically a 9-digit number found at the bottom of your checks or in your online banking portal. Double-check this!
Bank Account Number: This is your specific account number. Again, verify it carefully.
Account Type: You'll usually choose between "Checking" or "Savings." Select the correct one.
Review the entered information carefully. It's often recommended to double-check these numbers with a physical check or your bank's official website to avoid errors. Even a single digit mistake can cause significant delays or issues with your refund.
Sub-heading: Confirming Your Changes
After entering the new details, you'll usually be asked to confirm them. Make sure everything looks correct before proceeding.
Step 5: Completing the Filing Process (If Applicable)
If you're making these changes before filing, you'll then proceed to the final steps.
Sub-heading: Final Review and E-File
Continue through the remaining filing steps, which typically involve reviewing your return for accuracy and then finally e-filing.
Once you click to e-file, TurboTax will send your return to the IRS (and state, if applicable) with the new direct deposit information.
What Happens If You've Already Filed and Your Direct Deposit Information is Incorrect?
As mentioned, this is a less ideal situation.
Sub-heading: The IRS Will Attempt Deposit
The IRS will first attempt to deposit your refund into the account you provided.
Sub-heading: If the Deposit Fails or Account Doesn't Match
If the bank account number is incorrect, or if the name on the bank account doesn't match the name on the tax return (a common reason for rejection), the bank will generally reject the direct deposit.
When a direct deposit is rejected, the IRS will then issue a paper check and mail it to the address you provided on your tax return. This process can add several weeks to your refund timeline.
Sub-heading: If the Deposit Goes to an Unintended Account
If the incorrect bank account information you provided happens to be a valid account belonging to someone else, and the bank accepts the deposit, it can be much harder to retrieve.
In such a rare scenario, you would need to immediately contact your bank and potentially the bank where the funds were mistakenly deposited. The IRS generally cannot intervene in private banking disputes.
Sub-heading: Contacting the IRS (Limited Options)
The IRS typically advises against contacting them to change direct deposit information after a return has been accepted. They usually state it's not possible.
However, if you believe there's been a fraudulent activity or a major error leading to an unintended recipient, you might try calling the IRS directly, but be prepared for limited assistance. Their general number for refund inquiries is 1-800-829-1040.
Important Considerations & Tips
Double-Check, Triple-Check! This cannot be stressed enough. Routing and account numbers are incredibly important. One small typo can lead to significant delays.
Keep Records: Save a copy of your filed return with the direct deposit information for your records.
Monitor Your Refund Status: After filing, regularly check your refund status using the IRS "Where's My Refund?" tool (irs.gov/refunds) and your state's equivalent tool. This will give you the most up-to-date information on your refund's progress.
TurboTax Fees and Direct Deposit: If you opted to have your TurboTax fees deducted from your federal refund, your refund will first go to a third-party bank (like Santa Barbara Tax Products Group - SBTPG). This bank takes out the fees and then forwards the remaining refund to your chosen bank account. In such cases, the direct deposit information on your tax form itself might show the third-party bank's details, not yours. Don't be alarmed by this; your refund is still being routed to you after the fees are taken. You can often track your refund with SBTPG as well.
Frequently Asked Questions (FAQs)
How to check if my direct deposit information is correct on TurboTax?
You can check your direct deposit information by logging into your TurboTax account, navigating to the "File" section, and reviewing the "Your refund/payment info" step. It will display the bank account details you entered.
How to change my direct deposit on TurboTax after my return has been accepted?
Unfortunately, you generally cannot change your direct deposit information after your return has been accepted by the IRS (or state). If the deposit fails, the IRS will usually mail a paper check.
How to find my bank's routing and account number for direct deposit?
You can typically find your bank's routing and account numbers on a physical check (the routing number is the first set of nine digits, and the account number follows) or by logging into your online banking portal. Many banks also provide this information in their mobile apps.
How to know if my direct deposit on TurboTax is pending or accepted?
You can check the status of your e-filed return directly on TurboTax by logging into your account. TurboTax will show you if your return is "Pending," "Accepted," or "Rejected" by the IRS and/or state.
How to track my tax refund after changing direct deposit on TurboTax?
After filing, the best way to track your federal refund is by using the IRS "Where's My Refund?" tool on irs.gov/refunds. For state refunds, check your state's tax department website.
How to contact TurboTax customer support if I have issues with direct deposit?
You can typically find TurboTax customer support contact information (including phone numbers and chat options) by logging into your TurboTax account and looking for the "Help" or "Support" section.
How to get a paper check if my direct deposit fails?
If your direct deposit fails due to incorrect banking information, the IRS will automatically issue a paper check and mail it to the mailing address provided on your tax return. There's no action required on your part for this to happen.
How to avoid extra fees when changing direct deposit on TurboTax?
Changing direct deposit information itself doesn't incur an extra fee. However, if you choose to have your TurboTax fees deducted from your federal refund, a separate "Refund Processing Service" fee (usually around $40-$45) is charged by the third-party bank that handles this transaction. To avoid this fee, pay your TurboTax fees upfront with a credit/debit card.
How to resolve an issue if my direct deposit went to the wrong account?
If your direct deposit went to a valid but unintended account, immediately contact your bank. They may be able to assist in recovering the funds. The IRS generally does not mediate in such cases.
How to ensure my direct deposit is as fast as possible?
To get your refund as quickly as possible, ensure your direct deposit information is accurate, e-file your return early, and choose direct deposit as your refund method. The IRS typically issues most refunds within 21 days of accepting an e-filed return.