As
long as you haven't filed yet (or you e-filed but got rejected), you can simply
step through the File section again to choose a different method.
- Once you sign into your return, Click the File
section, click Revisit in the Step 2 section. (See screenshot)
-
On the How would you like to get your federal
refund? screen, In my Bank should be selected. Click Continue.
- You will be able to update your account number on
the next screen, Let's get your bank account info. (See
Screenshot)
Workaround
If you want to change or edit the banking
information that is shown, make sure that the box stating "I want my
refund deposited into this account" is unchecked.
Scroll down to the bottom of the page and
select Continue.
You will be taken to a new screen titled,
"Let's get your bank account info".
This will allow you to enter the new or
updated banking information that is to be used for your 2016 direct deposit.
Once your return has
been accepted
(or mailed), it's too late to change your bank account in TurboTax for direct
deposit. However, the IRS provides the
following remedies:
- If the return hasn't already
posted to their system, you can ask the IRS to stop the direct deposit.
You may call them toll-free at 800-829-1040, M - F, 7 a.m. - 7 p.m.
- Generally, if the financial
institution recovers the funds and returns them to the IRS, the IRS will
send a paper refund check to your last known address on file with the IRS.
- If you have contacted the
financial institution and two weeks have passed with no results, you will
need to file Form 3911, Taxpayer Statement
Regarding Refund, to initiate a trace. This allows the IRS to contact the
bank on your behalf to attempt recovery of your refund. Banks are allowed
up to 90 days from the date of the initial trace input to respond to our
request for information.
- If funds aren't available or
the bank refuses to return the funds, the IRS cannot compel the bank to do
so. The case may then become a civil matter between you and the financial
institution and/or the owner of the account into which the funds were
deposited.
{edited 1/20/17]
