Lyft Drivers: Here is how to set up your bank and tax info for 2023!

As we head into a new year, it is important to make sure your bank and tax info are up to date within the Lyft app to ensure you continue getting your deposits transferred without delay. Lyft agents, for security reasons, are not allowed to help you change your banking or tax information so it is important you understand the steps so you can complete them yourself. From our experience it may be easier to update this info via a desktop rather than your phone!  

Submitting your Bank info on the Lyft Driver app

Please note that Lyft can only transfer your earnings into a checking account. They cannot deposit any money into a savings or business account.

1. Log in to the Driver Dashboard
2. Tap 'Payout Information'
3. Under the 'Payout information' header, tap 'Edit'
4. Tap on ‘Check Account Details’ and provide the following:

1. Routing number: This will be the first set of numbers on lower left corner on personal checks.
2. Account number: This will be the second set of numbers, just after your routing number. We don't need the third set of numbers.
3. Type your account number again for confirmation.

If you don't have a personal check, you can check you routing and account numbers on your mobile banking portal or contact your bank for assistance. When you are done, tap 'Save.'

Submitting your Tax info on the Lyft Driver app

1. Log in to the Driver Dashboard
2. Tap 'Payout Information'
3. Under the 'Payout information' header, tap 'Edit'
4. Tap on ‘Tax Details’ and provide the following:
   1. Full name: If you are filing your taxes as an individual, you’ll need to enter your full name as it appears on your social security card. If you are filing as a corporation or LLC, you’ll need to enter your full business name.
   2. Tax classification (how you intend to file)
   3. Tax Identification Number (TIN): This will be either your Social Security Number (SSN) or Employer Identification Number (EIN). If you use an EIN, you may also be required to enter an SSN.
   4. Address

After you save your tax information, Lyft will verify your provided tax details against IRS records. If the verification fails, you will need to re-enter your tax details to match what the IRS has on file for you. 

After you have filled out the above if you receive a “failed transfer” notice, it will most likely be due to one of the following reasons:

• Incorrect banking info (such as mis-typed routing or account number).
• You provided a business or savings account (Lyft only transfers to personal checking accounts).
• You didn't respond to the text, email, or notification asking you to confirm your bank info, which you’ll receive after you've submitted or updated bank info.
• Your bank doesn't accept Automated Clearing House (or ACH, a kind of electronic transfer). Most banks accept ACH transfers, but you may need to confirm with your bank if you’re having issues receiving your deposit.

Double check these common mistakes before contacting Lyft directly! If you're still not sure why you're receiving failed transfer notices, contact your bank. Confirm your account status, your account number, and the bank's routing number.