WWW.QNS.COM RIDGEWOOD TIMES FEBRUARY 10, 2022 15
Get a federal tax refund faster with direct deposit
The 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. The 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.
The 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.
There are mobile apps that may allow for direct
deposit of tax refunds. They 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. The IRS does not have the
ability to accept this information aft er a return is fi led.
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
software or by using Form 8888, Allocation of
Refund PDF (including Savings Bond Purchases),
if they file 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.
Whether through IRS Free File, commercially
available soft ware, or a tax preparer, electronic
fi ling vastly reduces tax return errors, as the tax
soft ware does the calculations, fl ags common errors
and prompts taxpayers for missing information.
— Courtesy of the Internal Revenue Service
Photo via Getty Images
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