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Reasons to Use Direct Deposit for a Tax Refund January 30, 2018

Watertown, Litchfield
Reasons to Use Direct Deposit for a Tax Refund, Watertown, Connecticut

From the IRS-

As you prepare for the 2018 filing season, you should consider direct deposit of any refunds you are due.

IRS Direct Deposit:

  1. Is Fast— The quickest way for you to get your refund is to electronically file your federal return and use direct deposit. Taxpayers who file a paper return can also use direct deposit.
  2. Is Secure- Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost.This is the same electronic transfer system that deposits nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.
  3. Is Easy- Choosing direct deposit is easy. Just provide your preparer with your routing and account number(s) and be sure to verify that the information appears correctly on your returns.
  4. Has Options- You can split a refund into more than 1 checking or savings account. Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases) to deposit a refund in up to 3 accounts.

You should deposit refunds into accounts in your own name, your spouse’s name, or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names to be on the account to deposit a tax refund from a joint return.You should check with your bank for their direct deposit rules.

There is a limit of 3 electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.

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