Nearly 84 million taxpayers chose to direct deposit their tax refund in 2013. It is the most popular way to get a federal tax refund and most importantly, it is safe and easy. Below are four more good reasons to choose direct deposit:
1.) Convenience: If you choose direct deposit, there’s no need to make a trip to the bank to deposit your refund check. Your refund goes directly into your bank account.
2.) Security: As stated above, your refund goes directly into your bank account. As a result, there’s no risk of having your refund check stolen or lost in the mail.
3.) Ease: Choosing direct deposit is easy. All you need is your bank account and routing number.
4.) Options: Your refund can be split among a maximum of three financial accounts including checking and savings. Certain retirement, health, and education accounts may also qualify.
Your refund should be directly deposited into accounts under your name, your spouse’s name, or both. There are some banks that require both spouses’ names on the account in order to deposit a tax refund from a joint return. Check with your financial institution to determine their direct deposit requirements.
Please feel free to contact us with any questions regarding direct deposit for your tax refund. Additional information can also be found in Publication 17.