22 THE QUEENS COURIER • MARCH 10, 2022 FOR BREAKING NEWS VISIT WWW.QNS.COM
tax guide
Get a federal tax refund faster with direct deposit
Th e Internal Revenue Service today reminds
taxpayers that the fastest way to get
their tax refund is by fi ling electronically
and choosing direct deposit.
Direct deposit is free, fast, simple, safe
and secure. Taxpayers can even split their
refund to have it deposited into one, two
or three diff erent accounts.
Eight out of 10 taxpayers get their
refunds by using direct deposit. Th e IRS
uses the same electronic transfer system
to deposit tax refunds that is used by other
federal agencies to deposit nearly 98% of
all Social Security and Veterans Aff airs
benefi ts into millions of accounts.
Direct deposit also avoids the possibility
that a refund check could be lost or stolen
or returned to the IRS as undeliverable.
And it saves taxpayer money. It costs more
than $1 for every paper refund issued, but
only a dime for each direct deposit.
Easy to use
A taxpayer simply selects direct deposit
as the refund method when using tax soft -
ware or working with a tax preparer, and either
they or their tax preparer type in their
account and routing number. It’s important
to double check entries to avoid errors.
Th e IRS reminds taxpayers they should
only deposit refunds directly into U.S.
affi liated accounts that are in their name,
their spouse’s name or both if it’s a joint
account. Many people do not use checks
and may fi nd their routing and account
numbers on their online bank account or
mobile app.
Taxpayers may have a refund applied to
their prepaid debit card. Many reloadable
prepaid cards have account and routing
numbers that could be provided to the IRS.
But check with the fi nancial institution to
make sure the card can be used and verify
the routing number and account number,
which may be diff erent from the card
number.
Th ere are mobile apps that may allow
for direct deposit of tax refunds. Th ey
must have routing and account numbers
associated with them that can be entered
on a tax return. Check with the mobile app
provider to confi rm what numbers to use.
Have the bank routing and account
number when having taxes prepared. Th e
IRS does not have the ability to accept this
information aft er a return is fi led.
Photo via Getty Images
Don’t have a bank account?
Visit the FDIC website for information
on where to fi nd a bank that can open an
account online and how to choose the right
account. Veterans can use the Veterans Benefi
ts Banking Program (VBBP) for access to
fi nancial services at participating banks. Tax
return preparers may also off er electronic
payment options.
Split refunds
By using direct deposit, a taxpayer can
split their refund into up to three fi nancial
accounts, including a bank or Individual
Retirement Account. Part of the refund can
even be used to purchase up to $5,000 in U.S.
Series I Savings Bonds.
A taxpayer can split their refund by using
tax soft ware or by using Form 8888, Allocation
of Refund PDF (including Savings Bond
Purchases), if they fi le a paper return. Some
people use split refunds as a convenient
option for managing their money, sending
some of their refund to an account for immediate
use and some for future savings.
No more than three electronic tax refunds
can be deposited into a single fi nancial account
or prepaid debit card. Taxpayers who
exceed the limit will receive an IRS notice
and a paper refund will be issued for the
refunds exceeding that limit.
— Courtesy of the Internal
Revenue Service
Louis Carino Year
Round
Service
TAX ACCOUNTANT- FINANCIAL PLANNER
"Over 25 Years Of Personalized Service"
• Preparation of all business
& personal returns
• Bookkeeping & payroll
services available
• E-file provider
• Legal Counsel available
Tel. (718) 767-6597
Cell. (917) 373-5975
taxes@loucarino.com
166-26 Powells Cove Blvd. • Ste 4D • Beechhurst, NY 11357
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