 internal revenue service rs tax news benefits of having a tax refund direct deposited I'll tell you the benefits you could kill two birds with one stone that way man what what's that Phil same kill two birds with one stone is violent offensive language I need to replace it with I'll feed two birds with one scone really Phil I mean that's it's just a saying it's just a saying Phil and honestly who would be feeding birds with scones Phil I mean even a cheap scone is quite expensive bird food okay okay okay Phil don't Twitter that I'm a jerk or anything I'll try and remember I'll give it a shot I'll give it a shot Phil okay what what's that Phil I can't say give it a shot either because it sounds like I'm trying to shoot somebody I need to replace it with give it an attempt I mean I'm sorry Phil but that that that's ridiculous that doesn't even rhyme sayings have to rhyme or like start with the same letter or something I mean otherwise how would you remember the same because the whole point of the saying is that it's easy to remember and recall so you can just plug it into the sentence without even like thinking about it I mean at least the feed two birds with one scone thing rhymed even though feeding birds with scones is stupid unlike hitting them with stones but any case and I do want you to know Phil that what I'm saying that I'm feeding two birds with one expensive scone it's only so I can fatten them up for when I kill them with one stone and gobble them down to the bone oh okay Phil okay whatever you just go ahead and tweet that I'm a meanie I don't care that the Twitter bird was one of the two birds I was planning on taking out with my stone anyways IRS tax tip 2023-13 February 2nd 2023 receiving a tax refund is happy news to any taxpayer getting it quickly is even better it would be even quicker if we got it in our paycheck instead of having to wait for it to be refunded from the money that the government took out of a paycheck but anyways direct deposit is the safest and most convenient way to receive a tax refund the IRS encourages taxpayers to file when they are ready and choose direct deposit there's a link to that here to receive any refund they may be owed benefits of choosing IRS direct deposit it's fast the fastest way for taxpayers to get their refund is to file electronically and choose direct deposit so obviously you probably want to use tax software because the tax software is going to make it easier to avoid making mistakes when filling out the tax return and then you could use the direct deposit while filing the electronic return although you would need your banking information and so on in order to do that if you're getting a refund it would be the fastest way to do it if you're not getting a refund if you owe money it might not be as big a concern you might want to send in a paper check that way but it's still nice to get the verification for an electronic transfer type of situation so visit irs.gov for details about IRS free file free file fill up forms free tax return preparation and more there's a link to that here taxpayers who file a paper return can also choose direct deposit but it will take longer to process the return and get a refund it's secure so obviously you might have questions about that you might might might argue against that particular one but that's the one they're trying to promote because that's the thing that would be holding back oftentimes people doing the direct deposit because clearly you got to put your routing number and all you know they're banking information into the tax software and whatnot in order to do that since refunds are electronically deposited there's no risk of having paper check stolen or lost in the mail so losing the check would be not great but not so much it would be worse if someone stole your you know your banking credentials and logged in your account or something like that but in any case it's easy taxpayers can simply follow the instructions when selecting direct deposit as a refund method and enter their account information as directed so they must enter the correct account and routing numbers when they file it provides options taxpayers can split a refund into several financial accounts so you can basically have a couple accounts if you want to split it up possibly if you're in a tax return with multiple people involved married tax returns filing joint likely be the case where you might want to split the refund in some way so this includes checking saving health education and certain retirement accounts they should use IRS form 8888 allocation of refund including a saving bond purchases there's a link to that here to deposit a refund in up to three accounts this form cannot be used to designate part of a refund to pay tax preparers so in other words you can't you can't generally say I'm going to get a refund and I'm going to pay my tax preparer with the refund and allocate it to their account directly because we're the IRS is trying to avoid taxpayer fraud or scammers on the tax preparation side where they might try to say hey we're going to deposit it into my my account so they're going to say we don't want the money going directly into a tax preparer's account we can make it go into multiple accounts if they are the accounts of the tax payer so tax taxpayers should deposit refunds into US bank accounts in their own name their spouse's name or both they should avoid making a deposit into accounts owned by others some banks require both spouses names on the account to deposit a tax refund from a joint return so you might have some issues in a married kind of situation for example if you're trying to put the money into the account then there's two names on the tax return and so if that doesn't line up to the account that you're depositing into you know you might have some issues with that so be aware of that taxpayers should check with their bank for direct deposit rules get a bank account taxpayers who don't have a bank account can visit the FDIC website there's a link to that here for information on banks that let them open an account online and how to choose the right account veterans can use the veterans benefit banking program there's a link to that here for access to financial services at participating banks mobile apps may be an option so you've got the good old mobile apps always play a role these days it seems 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 return is filed there's a limit of three direct deposit refunds made into a single financial account or prepaid debit card for more information you've got a link below publication 17 for federal income tax for individuals there's a link to that here there's links to all the other stuff I said there was a link to there'll be a link to this in the description