If you submitted your tax return electronically and listed an incorrect account number for your direct deposit, you can only change the information if your return is rejected, explains TaxACT. Omitting a digit in your account number may prompt the account to not pass the Internal Revenue Service validation check, in which case a paper check is issued, states the IRS. The financial institution may also reject the refund, resulting in a paper check being issued.Continue Reading
To correct the number on your return if the IRS rejects your filing, choose the Filing tab and proceed to the E-Filing Federal Refund Options screen. Choose Direct Deposit and input the correct information on the E-Filing Direct Deposit Bank Information screen, according to TaxACT. If your tax return has yet to post to the IRS system, you can ask the IRS to stop the direct deposit by calling its toll free-number, notes the IRS.
If an account number or routing number belongs to someone other than yourself and the financial institution accepts the deposit, you need to work directly with your bank to recover your funds. If you contact your bank and have yet to see results after two weeks, you can file Form 3911, Taxpayer Statement Regarding Refund, to initiate a trace on your refund. The IRS then contacts the bank in an attempt to recover your money, says its website.Learn more about Income Tax