Tax Tip 2020-26: Here’s why taxpayers should be using direct deposit for tax refunds

 

IRS Tax Tips February 27, 2020

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Issue Number: Tax Tip 2020-26 Here's why taxpayers should be using direct deposit for tax refunds With the filing season just around the corner, taxpayers should be aware of the benefits of using direct deposit for refunds. It's easy, secure and the fastest way to get a tax refund. Here are 10 quick facts about direct deposit. It's the best and fastest way for taxpayers to get their tax refund. It's free. It's secure. Taxpayers can deposit their refund into not only one, but also two or three accounts. Combining direct deposit with IRS e-file is the fastest way for taxpayers to receive their refund. When using direct deposit, there's no risk of having a paper check stolen or lost. The IRS uses the same system to deposit tax refunds that Social Security and Veterans Affairs use to deposit benefits into millions of accounts. It's easy. Just follow the instructions in the tax software or on the tax form. Taxpayers can use direct deposit even if they are filing by paper. Direct deposit saves taxpayers money. It costs the IRS more than $1 for every paper refund check issued, but only a dime for each direct deposit made.   More information: Direct Deposit Direct Deposit Limits Where's My Refund Share this tip on social media -- #IRSTaxTip: Free IRS programs help many taxpayers prepare and file returns. https://go.usa.gov/xdPKT Back to Top         Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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