If you have an installment agreement with the Internal Revenue Service (IRS) and need to change your bank account, it may seem like a daunting task. However, by following these simple steps, you can update your account information in no time.
Step 1: Determine your installment agreement type
The process for changing your bank account will vary depending on your installment agreement type. If you have a direct debit installment agreement, your payments are automatically deducted from your bank account each month. If you have a non-direct debit agreement, you are responsible for making manual payments each month.
Step 2: Notify the IRS of your intent to change bank accounts
Regardless of your installment agreement type, you must notify the IRS of your intent to change bank accounts. You can do this by calling the IRS at the toll-free number provided on your installment agreement statement. Alternatively, you can complete and mail Form 9465-FS, Installment Agreement Request, and indicate your desire to change your bank account information.
Step 3: Gather the necessary documentation
When you call the IRS or mail Form 9465-FS, you will need to provide the following information:
– Your full name and Social Security number
– The name and address of your current financial institution
– Your current account number and routing number
– The name and address of your new financial institution
– Your new account number and routing number
Step 4: Complete the process
If you call the IRS to change your bank account information, the representative will update your account information over the phone. You will receive a confirmation letter in the mail within 10 days.
If you choose to mail Form 9465-FS, make sure to include any required installment payments with your form. You will receive a confirmation letter in the mail once your updated bank account information has been processed.
In conclusion, changing your bank account for an IRS installment agreement may seem intimidating, but it’s a straightforward process with a bit of preparation. By notifying the IRS of your intent to update your account information and providing the necessary documentation, you’ll be able to change your bank account with no hassle.
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