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You might also need Form 8888 for the Allocation of Refund, which is used to split your refund among two or three bank accounts. You'd list your bank account number on Line 76d. On Line 76b, you list the routing number of your bank and check a box marked "c" for whether the account is for checking or savings. Taxpayers can request direct deposit even if they still file an old-fashioned paper return.ĭirect deposit is promoted as a way to avoid waiting a long time for a tax refund and stop thieves who go through mailboxes.īefore you file a return, see page 2 of the regular 1040 form in the refund section. But in many cases, it goes to the account number provided, Kenneally said.Įight out of 10 taxpayers use direct deposit to get their federal income tax refunds. In some cases, the bank might refuse the direct deposit. The bank isn't required to match up the name on the account to the account number. If you spot trouble immediately, you might have a chance at stopping the direct deposit. If the tax return has not already posted to its system, you can ask the IRS to stop the direct deposit by calling 80 from 7 a.m. Give the IRS the wrong bank account number? Unfortunately, there is not a way to change it after e-filing that return. Other common errors include: not signing the forms, giving wrong Social Security numbers and spelling a dependent's name wrong (or in a different way than it shows up on the person's Social Security card). The IRS warned taxpayers this year that listing incorrect bank account information is among the top 9 common errors to avoid. "It may not happen very often, but when it happens to you, it's a very big deal," said Steve Kenneally, vice president of the American Bankers Association. Who would want to waste time and keep running to the mailbox to keep an eye out for a fat tax refund check?īut it's not foolproof. Ever think about what happens if you enter the wrong account number? Or if somehow that refund is deposited into someone else's account?
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But that could easily be done by using Form 1040EZ by hand, which takes about ten minutes and definitely doesn't require any software to do.Watch Video: Tax Tips For Fast Refund Cashĭirect deposit sounds like a no-brainer when it comes to getting a tax refund. So if the $3K you are talking about is just part of larger income, you might have to file.Īlso, if taxes were taken out of your earnings, then you would want to file just to get them refunded if your tax is really zero. If your total income is under $6300 for the year, then it's likely you don't even have to file.
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You can also just download PDFs of forms, schedules, instructions, and do them by hand, mailing them in. There is also Free File Fillable Forms option, which is less hand-holding but also completely free and allows e-filing.
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This is the IRS portal page for free filing software if you earn under $60,000.
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There's no reason to buy a commercial software product if your income is low enough that you don't owe taxes, or if your income is low enough that there are free online options. However, you really should look into all the free online tax options that there are. There are several subtle numeric changes to income limits, deduction amounts, and so on. No, you don't want to use earlier year versions. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.
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Get your financial house in order, learn how to better manage your money, and invest for your future. Private communication is not safe on Reddit.