Just follow the instructions on the form. Or, use IRS’ Form 8888, Allocation of Refund PDF (including Savings Bond Purchases) if you file a paper return. You can use your tax software to do it electronically. You can divide your refund into two or three additional financial accounts, including your Individual Retirement Account, or purchase up to $5,000 in U.S. It’s an opportune time to start or add to your savings. The federal tax refund is often the largest single check many people receive. It costs the nation’s taxpayers more than $1 for every paper refund check issued, but only a dime for each direct deposit made. ![]() You can also ask your preparer if they have other electronic payment options that they offer.ĭirect deposit also saves you money. ![]() If you are a Veteran, see the Veterans Benefits Banking Program (VBBP) for access to financial services at participating banks. Taxpayers should check with the mobile app provider or financial institution to confirm which numbers to use.ĭon’t have a bank account? Visit the FDIC website or the National Credit Union Administration using their Credit Union Locator Tool for information on where to find a bank or credit union that can open an account online and how to choose the right account for you. ![]() They must have routing and account numbers associated with them that can be entered on a tax return. Mobile apps may be an option Some mobile apps and prepaid debit cards allow for direct deposit of tax refunds. Check with the financial institution to ensure your card can be used and to obtain the routing number and account number, which may be different from the card number. Many reloadable prepaid cards have account and routing numbers that you can provide to the IRS. If you have a prepaid debit card, you may be able to have your refund deposited to the card. Your account number can usually be located by signing into your online banking account or by calling your bank branch. Be sure to double check your entry to avoid errors.ĭon’t have a check available to locate your routing and account number? A routing number identifies the location of the bank’s branch where you opened your account and most banks list their routing numbers on their websites. You can even use direct deposit if you are one of the few people still filing by paper. Or, tell your tax preparer you want direct deposit. Just select it as your refund method through your tax software and type in the account number and routing number. You can track your refund using our Where’s My Refund? tool.ĭirect deposit is easy to use. Taxpayers who used direct deposit for their tax refunds also received their stimulus payments more quickly. The IRS issues more than nine out of ten refunds in less than 21 days. There’s no chance of it going uncashed, getting lost, stolen, or destroyed. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.Ĭombining direct deposit with electronic filing is the fastest way to receive your refund.
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