Preparing to file your taxes? Here’s how to safely deposit your tax refund into your account.
Filing your taxes can feel overwhelming, especially during a pandemic. Like last year, the IRS has pushed the deadline for filing federal income tax back to help taxpayers who have been impacted by COVID-19.
You now have until May 17, 2021 to file your federal income tax. With a bit of extra time, filers can evaluate how they’d prefer to receive their tax refund, if eligible.
In 2020, the IRS issued 122 million refunds that averaged $2,476 per payment. COVID-related stimulus payments aside, refunds are some of the largest single deposits for many families, so figuring how you’d like it to be deposited is an important decision.
You have two choices: would you prefer a check be mailed to you or would you rather receive the money as a direct deposit into your account? To help you decide, here are some tips.
Want that refund as fast as possible? Then a direct deposit might be the best option for you.
To sign-up for this option when filing your taxes, you’ll need to find your account and routing number. There are two main ways to find this information on your own: online or by examining your personal checks.
Each bank will be different, but generally, you can find your account and routing numbers by logging into your bank’s mobile app or website.
- Click on the account you want to use
- Click on show account details and locate your account and routing numbers
Looking at a paper check? Here’s where to find your numbers:
- The nine-digit number on the bottom left is your routing number
- After the routing number is your account number on the bottom center
- Following the account number is the check number at the bottom right
Check, please!
Many filers still prefer to receive their tax refund as a check sent to their home in the mail, and that’s OK. Once you’ve received it, you’ll have three options to deposit it into your account.
- Many banking apps include a feature to deposit your check by taking a picture of the front and back it, confirming the amount and selecting the account you want the deposit to go into.
- You can deposit your check at your bank’s ATM
- Visit your local branch to make a deposit with a teller
Once you’ve filed your taxes, you’ll be able to see the status of your refund by visiting: irs.gov…
ABOUT JOE KELLER – Joe Keller is Regional Director for Ohio at Chase Bank. JPMorgan Chase is one of the largest banks in Ohio, employing over 21,000 people with more than 4 million consumer clients, 250,000 business clients, and 250 branches. For more information, visit Chase Bank.
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