Feature Articles:
Taxes
Faster Refunds through Direct Deposit
Reviewed and adapted with special permission from the IRS by: Brenda Procter, M.S., State Specialist & Instructor Personal Financial Planning, University of Missouri Extension
Want a faster refund? According to the IRS, more and
more taxpayers are choosing direct deposit as the way to
get their federal tax refunds. The payment is more
secure — there is no check to get lost. (Each year
thousands of refund checks are returned by the US Post
Office to the IRS as undeliverable mail.) And, it’s more
convenient — no special trip to the bank to deposit a
check. To request direct deposit, follow the
instructions for “Refund” on your tax return.
The IRS says that more than 59 million people had their
tax refunds deposited directly into their bank accounts
in 2005. Choosing direct deposit is the best way to
guard against having a tax refund misplaced or stolen.
A word of caution — some financial institutions do not
allow a joint refund to be deposited into an individual
account. Check with your bank or other financial
institution to make sure your direct deposit will be
accepted. Also, make sure you have the correct nine
digit routing number and your correct account number
when selecting direct deposit.
For more information about direct deposit of your tax
refund, check the instructions for your tax form. This
and other helpful tips are available in IRS Publication
17, Your Federal Income Tax (PDF 2,085K). Download a
copy or call toll free 1-800-TAX-FORM (1-800-829-3676)
to order your free copy.
Source: IRS Tax Tip 2005-20
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Last update: Wednesday, March 12, 2008
