Are you looking for a quick, convenient, and easy way to receive your tax returns? Well, look no further. Direct Deposit is the perfect solution to your problem! But are you wondering how to change your tax return to direct deposit? Well, I’ve got you covered!
To change the Tax Refund to Direct Deposit, enter the account and routing numbers into the tax software’s refund method selection screen. Or mention your choice for direct deposit to your tax preparer. You can use direct deposit even if you still file tax returns using paper.
In the rest of the blog, I will elaborate on how to change your tax refund to direct deposit to guide you throughout the process. This way, you can get ahead in the ever-changing times.
What Are the Steps to Change my Tax Refund to Direct Deposit?
Changing your Tax Refund to Direct Deposit is super easy. The Department of Treasury will electronically transfer your refund to the chosen financial account via direct deposit.
You can do it yourself with these few simple steps.
- Visit the IRS website.
- Go to refund method.
- Select change refund method.
- Enter your account number or your routing number on the selection screen.
- Select Direct Deposit
There you go! You have now successfully changed your Tax Refund to Direct Deposit.
But if you are someone who still goes the traditional method and uses paper to file your tax returns, don’t worry. We have got you covered too!
You can call the IRS helpline, which will guide you, or even do it online.
Why Should I Change My Tax Refund to Direct Deposit?
Now that you know how to set up your Direct Deposit, you may wonder: Why do I need to set up a Direct Deposit? What benefits will I get by converting my Tax Refund to Direct Deposit?
Well, I’m here to change your mind for the better.
Here are some of the many benefits of changing your Tax Refund to Direct Deposit:
- It is the best and quickest method for receiving a tax refund.
- You don’t have to limit it to just one account. You can set up 2-3 accounts into which your Tax Returns can be transferred. How convenient!
- Moreover, this is an entirely free service. It saves you both time and money. Who doesn’t love an efficient way of receiving money?
- It is easy, secure, and safe. Almost 98% of all Social Security and Veterans Affairs payouts are deposited into millions of accounts using the same electronic transfer mechanism. In fact, according to the IRS website, 8 out of 10 users’ taxpayers get their returns through Direct Deposit.
- You can not only split your refund into different accounts but also different methods. For example, if you want to split your Tax Return into an electronic transfer and a physical check, you can do that too. Thus, you get the best of both worlds!
- You are no longer required to await the delivery of your cheque via mail. You can depend on receiving your money on schedule.
- You won’t even have to wait for your check to catch up with you if you move without switching financial institutions.
So now you can stop being concerned about your cheques becoming lost, stolen, or misdirected. A major worry is lifted off your shoulders!
What Is the Best and Fastest Way To Get Your Tax Refund?
Well, in case you haven’t already guessed, it is through Direct Deposit.
A Direct Deposit typically takes less than 21 days calendar days.
If you want to track your refund status, use the “Where’s My Refund?” tool or the IRS2Go smartphone app. You can begin checking the status of your tax return 24 hours after IRS has received your electronically filed return or 4 weeks after you mail a paper return.
Frequently Asked Questions
I have covered the basics for you. But if you still need more clarification regarding converting your Tax Returns to Direct Deposit, I have compiled a list of frequently asked questions that you may have. You can go through them to rekindle your faith in the Direct Deposit method.
1. Where Can I Find Out My Account Number?
Usually, the account number will be available on your check. But what if you don’t have a physical check? Do not stress. Even if you don’t have one, you can still transfer to Direct Deposit.
A routing number identifies the location of the bank branch where you created your account, and most banks provide their routing numbers on their websites.
You can simply log into your online banking account or call your local bank branch. They are very helpful and will provide you with your account number.
You might be able to have your refund put onto a prepaid debit card if you have one. There are account and routing numbers on many reloadable prepaid cards that you can give to the IRS.
As I said earlier, every problem has a solution.
2. Do Mobile Apps Work?
The world of technology is a wonderful thing, and mobile applications do facilitate the possibility of a Direct Deposit.
Direct deposit of tax refunds is possible with several prepaid debit cards and mobile applications. You have to make sure that they are associated with routing and account numbers that can be entered on a tax return.
But that is also very easy to do. In order to confirm which numbers to use, you can contact the financial institution or even your mobile app supplier.
3. What if I Don’t Have a Bank Account Number?
Still don’t have a bank account set up? Fret not! Visit the FDIC website or the National Credit Union Administration using their Credit Union Locator Tool for information on where to find a bank or credit union that can open an account online and how to choose the right account for you.
If you are a Veteran, see the Veterans Benefits Banking Program (VBBP) for access to financial services at participating banks. You can also ask a service helper if they have other electronic payment options that they offer.
Help will always be provided. All you have to do is ask!
Here’s a fun fact to leave you with. For every taxpayer that gets converted to Direct Deposit to receive their Tax Refund, $1 is saved on the amount that would’ve been spent in printing and transporting your check.
So in effect, you are indirectly helping the environment too! How cool is that!
So, be mindful and go ahead and switch to Direct Deposit for Tax Returns. The smartest, most convenient way, which is also tech-savvy. You are not only making life easy for you but also helping society.
And the best part? You can make the switch online from the comfort of your own home.
Brilliant, isn’t it?