WASHINGTON – With tax filing time approaching rapidly, the Internal Revenue Service is advocating direct deposit as the best way for taxpayers to get their IRS refunds.
In an emailed announcement, the IRS reminded taxpayers Thursday that by having tax refunds deposited directly to their bank accounts, they can get their money securely and more quickly.
The federal tax filing deadline for 2023 tax returns is Monday, April 15. Direct deposit is available even for returns filed after their due date.
“Now, more than ever, you need a reliable, fast, secure, contact-less way to receive your money. The best and fastest way to get your tax refund is to have it electronically deposited for free into your financial account,” according to the IRS. “You can use (direct deposit) to deposit your refund into one, two or even three accounts. Even if you don’t have a checking account, there are other options available for direct deposit.
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“Eight out of 10 taxpayers get their refunds by using direct deposit,” the IRS said. “This is the same electronic transfer system used to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts.”
Direct deposit, coupled with electronical filing, is the fastest route toward getting your return processed and your refund sent your way.
Some mobile apps and prepaid debit cards allow for direct deposit of tax refunds. They must have routing and account numbers associated with them that can be entered on a tax return. Taxpayers should check with the mobile app provider or financial institution to confirm which numbers to use.
Taxpayers must have their routing and account numbers for direct deposit available when they are ready to file. The IRS can’t accept this information after a return is filed.
Once your return is filed, you can use the Where’s My Refund? tool to track the Internal Revenue Service’s progress online, much the same way you can track delivery of a package from Amazon, UPS or Federal Express.
With the tool you can get an update on the status of your return and an estimated date on when you’ll get your money.
The IRS updates its data, so information can be available quickly if you filed electronically. Here’s some expected wait times for information in the tracker:
- 24 hours after e-filing a tax year 2023 return.
- 3 or 4 days after e-filing a tax year 2022 or 2021 return.
- 4 weeks or more after mailing a return.
If someone doesn’t have internet access, they can call the automated refund hotline at 800-829-1954 for information about a current-year refund or 866-464-2050 for an amended return.