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4 reasons you should choose direct deposit for your tax refund

Posted On: January 10, 2018  0 Comments

Hate waiting weeks for your tax refund? This year consider joining the 80% of taxpayers who choose direct deposit. Why?

Speed

Most deposits are made 10-14 days from the day your return is processed. There’s no waiting for a check to arrive or clear. (You can also get your return processed faster by e-filing over paper filing.)

Security

There’s no chance of a check being stolen out of your mailbox or lost en route.

Ease

Just bring a cancelled check or your routing and account numbers with you to your tax prep appointment. We’ll take care of the rest.

Convenient saving

You can divide your refund into multiple deposits, automatically funneling the proportions you decide into up to three separate accounts, including checking, savings, money market, health, or education accounts or into certain Individual Retirement Accounts. You can also direct up to $5,000 to purchase U.S. Savings Bonds.
 
 
To combat fraud, any single account can receive a maximum of three direct deposit refunds. Additional deposits will be converted to a paper check. Taxpayers should receive their deposits directly into accounts in their own name, their spouses name, or both.

You can check the status of your direct deposit using the IRS Where’s My Refund tool starting 24 hours after e-filing. You will need your SSN, filing status, and the exact whole dollar amount of your expected refund. If you’ve claimed the Earned Income Credit or the Additional Child Tax Credit, your refund cannot be issued before mid-February. The IRS expects the earliest these refunds will become available is February 27, 2018.

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