Direct deposit is good for much more than your regular paycheck. Did you know you can use it as a means of having your income tax refund issued? Not only does it take some of the guesswork out of determining when you’ll get your refund, but it also [usually] means your refund can be expected far faster than other means.
Benefits of Direct Deposit
Aside from being the fastest way to receive your refund, direct deposit is also extremely secure. This day in age, there are a lot of ways people can steal from you–including stealing checks right out of the mail. But direct deposit offers taxpayers a secure and easy way to get their refunds. In fact, 8 out of 10 taxpayers utilize the direct deposit feature to receive their refunds. All the cool kids are doing it. Don’t you want to be one of the cool kids?
Ease and Convenience
Using direct deposit to receive your IRS refund is also incredibly easy and convenient. All you have to do is provide your banking information to your tax professional and authorize the deposit. Then you get to just sit back and wait for the money to hit your account. That’s it! It’s quick, it’s easy, and doesn’t require a trip to the bank to make the deposit (and subsequently waiting for the bank to approve the deposit). Within 21 days of your return being accepted, you can expect to see your refund in your bank account. Another great benefit? You don’t have to have the whole refund deposited as a lump sum into one account. You can have it divided up among your savings account, retirement account, checking account, or any other way you see fit.
The IRS offers a few different ways to receive your refund. Direct deposit is, by far, the fastest and easiest way to get the money that is owed to you. Already filed? You can track the progress of your return here. You need to have the amount of the refund as well as the last four digits of your social security number to check the status of your refund. Of course, when you check to see where your refund is approximately 12 minutes after submitting your completed return, you will likely have that information memorized. If not, you will probably have it memorized by the 120th time you check it, which is often the next morning. You can also download the app IRS2go for your mobile device.