Easy, safe and fast — that’s direct deposit. It’s the best way to get a tax refund. Eighty percent of taxpayers choose it every year.
- Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return with a tax professional and use direct deposit.
- Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.
- Is Convenient. There’s no need to wait for a refund check to come in the mail.
- Is Easy. Choosing direct deposit is easy.
- Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts.
Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Taxpayers should check with their bank for direct deposit rules.
There is a limit of three 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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