18 THE QUEENS COURIER • MARCH 4, 2021 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.
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.
Photo via Getty Images
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.
Combining electronic fi ling
plus direct deposit
yields fastest refunds
Th e safest and most accurate way to fi le
a tax return is to fi le electronically. Many
people may be eligible to fi le electronically
for free. Most refunds are issued in less
than 21 days, but some returns may take
longer. Taxpayers can track their refund
using Where’s My Refund? on IRS.gov or
by downloading the IRS2Go mobile app.
Where’s My Refund? is updated once
daily, usually overnight, so there’s no reason
to check more than once per day or
call the IRS to get information about a
refund. Taxpayers can check Where’s My
Refund? within 24 hours aft er the IRS has
received their e-fi led return or four weeks
aft er mailing a paper return. Where’s My
Refund? has a tracker that displays progress
through three stages:
• Return Received,
• Refund Approved, and
• Refund Sent.
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
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scandela@thetaxadvocategroup.com
www.thetaxadvocategroup.com
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