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Key Benefits and Ways to Enable Direct Deposit Tax Refund

The Internal Revenue Service (IRS) is the premier tax processing institution in the country, supervised by the federal government. It oversees everything governing statutory tax law, from the first tax collection to final refunds to all taxpayers. Previously, if your returns were eligible for a refund, the amount would take several weeks to be manually processed. Today, the IRS has made it possible to fast-track refunds digitally through direct deposit refund accounts.

How does the IRS process tax refunds?
Tax refunds are a welcome surprise in any financial year. When you file for returns with the IRS, its tax officials initiate the refund process. It takes 24 to 48 hours for them to cross-check the information in your returns with their records. Once approved, the IRS will schedule your refund to be processed within a specific timeframe. The process is quicker if you have opted for electronic filing and receiving the refund in your direct deposit account.

Key benefits of direct deposit
Direct deposit accounts offer a convenient and error-free way of refunding dues electronically into your bank account. It is a popular option that nine out of every ten taxpayers opt for while submitting income tax returns. Here are the benefits:

Time-saving
Digital transactions are quicker than waiting for a physical check to be delivered by mail. The IRS credits approved amounts directly into your linked bank account.

Security
Information safety, secure protocols, encrypted digital servers, and other technologies used in payment systems add an extra layer of security. It minimizes the risk of identity theft, fraud, and even mail theft.

Split processing
One of the key features of direct deposit refunds is split processing. The IRS will credit the refund to multiple accounts, like your savings and retirement account, if you ask them to do so. This bifurcation strategy improves financial planning and cash flow management.

Transferable
You can choose to transfer the refunded amount from your direct deposit account to your savings, checking, or another account approved by the IRS. Doing so prevents the temptation of using the income tax refund in one go.

Economical
Direct deposit paper checks cost roughly $1 per refund processed. But it costs no more than a few cents when transferred electronically into your bank account.

How to set up a direct deposit refund?
Applying for direct deposit is possible when filing tax returns using IRS form 1040. The IRS requires you to provide all bank particulars, routing numbers, and branch codes to receive a single refund in one designated account. If you are interested in splitting up that refund, fill up additional account details with form 8888. You can split the amount into a maximum of three valid banking accounts. These refunds are usually processed within 21 days of the return filing. But ensure that all details are filled in accurately. Always double-check account numbers since the IRS will not be liable for crediting errors based on the given information.

Previously the IRS published an elaborate schedule that indicated the refund dates for direct deposit. This practice has been stopped after changes in its auditing processes. But you can still estimate direct deposit refund dates based on the previous year’s filing trends.

Digital payment apps that allow direct deposit refunds
Interestingly, you can also set up direct transfer cash apps like Venmo, Cash App, or PayPal to receive tax refunds. These apps provide a quicker transaction turnaround as the IRS can deposit the refund amount two days before the due date set for the bank account. Set these apps in a few simple steps:

Step 1
Download Venmo, Cash App, or PayPal on your mobile phone. These are available for both Android and iOS.

Step 2
In the Venmo app, select the profile icon and click “Direct Deposit.” For Cash App, go to the “Banking” tab and select “Direct Deposits.” PayPal has a “Set up Direct Deposit” option in its top menu.

Step 3
After following the required steps, each app provides you with a routing and account number. Provide the IRS with these numbers while filing for returns to receive the refund in your app directly.

Using these three simple steps, you can set up auto credit options in cash apps. Once the refund is processed, the IRS will automatically credit the amount on the chosen app using the routing details provided.

Apps have made it possible to receive the refund early and access account information on the go. Even the IRS has a dedicated app that you can download to track your refund using details like your social security number and ITIN filing status. Simplifying these processes has prompted many taxpayers to consider switching from manual to the electronic filing of yearly income tax. You can also contact your accountant or connect with firms that assist with these services. When in doubt, trust the financial experts to process the returns on your behalf.

Disclaimer:

The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.

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