Are you expecting a income tax refund. There are benefits to choosing direct deposit for your refund as opposed to a refund by check.
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.
- 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.