new bank--how do I notify IRS

Why do you have to notify the IRS and Michigan Department of Treasury?

- Waiting for direct deposit of a tax refund?

- Direct debit of a payment due on your tax return?

- Direct debit for a payment plan?

- Advance payment of the Child Tax Credit?

- Expecting a refund for the unemployment exclusion?

- Something else?

If the IRS tries to make a direct deposit of a tax refund, and the account is closed, the bank will reject the deposit. The IRS will then mail a check to the address on your tax return. I assume the Michigan Department of Treasury would do the same.

If you are getting advance payments of the Child Tax Credit, you can update your bank account information on the Child Tax Credit Update Portal at the following link.

You might want to consider keeping the old account open for a while, even when you are using the new account, until all your tax refunds or payments are taken care of.

Bob Sandler

Bob:

It's a long story. Basically my bank is being forced to divest some branches (mine) and the rest is being bought out. Bottom line: My account will cease to exist on 9/17 and will be xferred to the new bank on 9/20, with totally new routing/acct numbers. I'm choosing to open an account with a different bank next week. That will allow me time to set up billpay and change account information with payers (eg: SS, pension, etc.). I'm just not sure how to do it with the IRS. I know I can wait until I do my 2021 taxes. Isn't there a form or some way to do it now?

Mel

There is no form, and no way to change it now, as far as I know. But it doesn't matter now, until you file your 2021 tax return. So there's no need to change it with the IRS now, unless you have one of the situations that I listed, and there are ways to deal with those situations.

Bob Sandler

Thanks for the info. Yeah, I perused my account on the IRS site and googled a bit, but got nowhere. I am not anticipating any payments, unless there is some forthcoming stimulus dough. I'll just forget about it and handle it next year when I file

Mel