Direct Deposit to Receive Your Fastest Federal Tax Refund
Receive Fastest Federal Tax Refund; The Internal Revenue Service (IRS) is all in action in making necessary reminders to the taxpayers throughout United States as the taxation season approaches. In a series of reminder, the IRS reminds all taxpayers to choose direct deposit for the fastest receiving of their tax refunds. Taxation season 2019 is soon beginning from January 27. So, if you want to get your refund money as fast as possible, prefer choosing to have your tax refund directly deposited into your checking or savings account.
Benefits to Get Tax Refund from Direct Deposit:
Direct deposit for your tax refund is the simplest, safest, secure and fastest method. Furthermore, by using direct deposit facility to get tax refunds, the taxpayers can get their refund money deposited into one, two and even three different accounts, if they want to. According to the IRS survey, 8 out of 10 taxpayers in USA are using direct deposit to get their tax refund amount. The same electronic transfer system is being used by the IRS to deposit tax refunds that is used by other federal agencies to deposit almost 98% of all Social Security and Veterans Affairs benefits into millions of accounts.
Direct deposit for tax refunds also clears the chance of missed, stolen or lost refund check. Not only this, the possibility that the refund check has been returned to the IRS as undeliverable is also avoided by choosing direct deposit to get tax refund. Only a dime is used for each direct deposit which is much more in case of paper refund that costs more than $1 for every issuance. No doubt, the fastest way to get your tax refund from IRS is direct deposit method. Also learn the 2019 & 2020 tax rates & income brackets for taxpayers to get an idea about the refunds.
Learn How To Get Tax Refund From Direct Deposit:
Simply select direct deposit as the refund method when you are using tax preparation software or working with a professional tax services provider in USA. To avoid errors and mistakes, please double check the entries. Select direct deposit option in your 1040 tax return if you want to money in your account. Must note that the account should be in your name. If not your name, then it taxpayer can also use spouse’s name if he/she is married, or in joint names if the taxpayer holds the account with the spouse. Plus, on the tax return, taxpayer is also required to mention bank’s routing transit number, bank account number, and the type of account (i.e. checking or savings). The IRS will electronically send the entire amount of federal tax refund into the bank account.
Taxpayers can also use Form 8888 for splitting the refund amount up to three different bank accounts including a bank or Individual Retirement Account. The same Form 8888 can be used for purchasing U.S. Savings Bonds (i.e. up to $5,000 in U.S. Series I Savings Bonds) from the refund money. You can send your money directly into your IRA by using IRS Form 8888 i.e. Allocation of Refund (including Savings Bond Purchases). Whether you paper file your return or e-file your returns, you can select the option of direct deposit tax refund in both cases. Splitting the tax refund amount is beneficial in cases where the taxpayers want some part of money to be used immediately while the remaining part goes into the future savings. Into a single financial account or prepaid debit card, maximum three electronic tax refunds can be deposited. An IRS notice will be sent to those taxpayers who exceed the limit. In case of the refunds exceeding that limit, a paper refund will be issued. Check the post if you are wondering can I get refund if I didn’t file and pay my taxes?
The Fastest Way to Receive Fastest Federal Tax Refund from IRS:
E-file your tax returns to the IRS along with direct deposit for tax refunds yield the fastest refunds to the taxpayers. The IRS also recommends to e-file your taxes. Whether the taxpayers file their taxes on paper or electronically, they have the option choose direct deposit in either case. Those taxpayers who e-file their taxes will get their refund back within 21 days period.
How Long Does It Take For Your Tax Refund To Be Direct Deposited?
According to the IRS, e-filed tax returns with direct deposit get their refund in less than 21 days. If the taxpayer paper filed their returns, then wait for at least 4 weeks to check your refund status. Save your taxes now to get the fruitful refunds.
What Time Does IRS Send Refund To Bank?
The IRS takes a period of at least 21 days to send tax refund amount to the bank accounts of taxpayers. The condition is they must have e-filed their returns to the IRS. The processing of refunds with paper filed returns usually takes 6-8 weeks. File your taxes now before the deadlines of 2020 U.S. taxes.
How to Track My Refund Status for Direct Deposit:
For tracking the refund status, the IRS has made “Where’s My Refund?” on IRS.gov website along with the IRS2Go mobile app for mobile users. You can also make call to the IRS at 1-800-829-1040, from 7am to 7pm, Monday through Friday.
Call Black Ink now to get the fastest tax refund in your bank accounts. We make it easier and super fast for our clients. That is how you can Receive Fastest Federal Tax Refund.