Do you want to get your tax refund a little quicker without having to pay for a rapid refund loan that eats away a chunk of your refund? The answer is to have your refund check direct deposited into your bank account. While this might seem old hat for many savvy federal tax filers, many people still do not take advantage of this option. Feeling the need to be able to touch the paper of a refund check keeps those who could have direct deposit on their tax refund from doing so.
Directly deposited refunds are always quicker.
Because the money is shifted electronically rather than by the U. S. Post Office, a few days to a week can be shaved from the time it takes for the check to pass through the mail. An extra time savings is realized because the electronic transaction happens as rapidly as the computer processor can create the data.
The slowest part of any computer program is the printer. Even extremely fast printers are relatively slow compared to the electronic computer components. If printing can be eliminated, the refund will be ready to exit the IRS much more quickly. Electronic media does not have to be stuffed into envelopes and transported to be mailed. They zip out through the phone lines and off to your bank account. Overall, this can save two weeks or more on your time to get the refund.
The IRS gives a priority to directly deposited refunds.
When you indicate that you prefer direct deposit, the IRS puts your return on a fast track in the system. By getting moved to the head of the line, several days can be gained in the IRS system. The net effect is to shorten the time required for your refund to be accessible to you is cut almost in half.
What is required to get a directly deposited refund check?
Either tell your preparer or plan to fill out the paperwork yourself to get this done. It is a simple process. Every version of the 1040 form gives the option for direct deposit. You will need your checkbook so that you can get your checking account information ready for the form. At the end of your 1040 form, you will be asked if you want a check or direct deposit. Check the box for direct deposit that indicates whether this will be checking or savings.
Fill in your bank and personal account number information.
Now, you will see the blanks for the routing number of your bank. This is either the first or second set of numbers on the left side of the bottom line of your checks. If the first set of numbers is the check number, it will be the second series of numbers. Otherwise, it is first. Fill in the boxes with your bank’s routing number. The next set of numbers will be your account number. Fill in the boxes for the account number. Finish up any other work on the form from your tax information, sign it, and it is ready to be mailed. To speed up the process a little more, you can go online and file electronically.