How Do I Update My Account or Bank Account Information on Turbotax?

Benjamin Franklin once said the only things certain in life are death and taxes, and while he may be right, he probably would be blown away by the creation of technology. We can not only file our taxes electronically but also receive our tax refund via direct deposit. But what happens if you need to change your direct deposit information? The answer depends on several factors including if you already submitted your return. Read on to find out more.

Filing Your Tax Return Online and Getting a Refund

If you're a second-time customer of Turbo Tax and your bank information has changed since you last filed, simply file as usual and when you get to the How do You Want Your Refund section, select direct deposit and update your bank information.

Filing Your Tax Return Online and Owing

If you owe taxes and would like to pay through direct debit, simply select option one, which is direct debit, once you get to the How do You Want to Pay Your Taxes section and enter your bank account information. Please keep in mind paying your taxes by direct debit is not an option if you file your paper return by mail.

1. However, if you entered the wrong account information or have insufficient funds after you submitted your return, you would need to wait to see if the IRS rejects your return, only then can you make changes.
2. If the IRS accepts your return and you have the wrong bank information or might have insufficient funds, you would need to call the IRS e-file Payment Services right away at 1-888-353-4537 which is available 24/7.

Verifying Your Information Before Submitting

If you wish to review your bank account information before submitting your return, simply click on the File section and click through the screens while following the prompts.

After You Submitted Your Return Either by Mail or Online

It's normally too late to make changes to your return after you submit it as it's considered pending or accepted. There are a few options.

1. Wait for the status to change from pending to declined. Only then can you make any changes that could have led to the return being rejected by the IRS using TurboTax's system.
2. If the status has changed to accepted by the IRS, you can try calling the IRS and they can stop the direct deposit. However, you would receive a paper check as they can't reroute refunds to different accounts for security reasons.
3. If you submitted your return with incorrect information for a different but valid account not belonging to you, banks don't usually accept deposits if the name on the refund is different from the name on the bank account. Here is when you could call the IRS to stop the direct deposit as well.
4. If you submitted your return with information for a closed or invalid account, you will receive a refund check by mail but it could take up to an additional 10 weeks total turn-around.

If you have any questions for TurboTax customer service, feel free to call them or leave a message for the support team here https://support.turbotax.intuit.com/contact/.