Believe it or not, it’s that time again. Tax season is upon us. As you prepare your information and plan your credits and deductions, be sure to request your tax refund through the fastest option possible: direct deposit. Eight out of 10 taxpayers already use this secure and reliable method.
It’s free and it eliminates any chance of your refund check getting lost, stolen or destroyed. Also, there’s no possibility of forgetting to cash it since your refund goes straight into your bank account. Plus, you’ll get the refund faster because it’s electronic and doesn’t have to travel through the mail.
When you file your taxes, you’ll have to indicate your refund method. If you use tax software, you can select the option and provide your bank account number and routing number. Similarly, if you file by paper, mark direct deposit on your return and provide your bank account and routing numbers.
You can set up one with a bank. There are thousands of options to choose from across the country. It’s essential to choose a bank whose cost, convenience and customer service fit your lifestyle. Always use a bank that is federally insured, so look for “Federal Deposit Insurance Corporation (FDIC)” on doors, teller windows and bank websites.
Check out the BankOn website for a list of banks in your area that offer low-cost, basic bank accounts. You can also access the FDIC’s BankFind Suite of resources to search for banks. As you research your options, review the ABA Foundation’s tips to find the right bank for you.
Use the IRS Where’s My Refund? tool to track the status of your refund. You can also use the IRS2Go official mobile app.
Contact the IRS at 800-829-1040 or visit IRS.gov/help.