Opting for a direct deposit tax refund seems to be the easiest and quickest way to get back your tax refund. However, like anything else, this is not fool-proof.
According to IRS, putting in a wrong bank account number, not signing your forms, misspelling names and giving wrong Social Security Numbers are the most common mistakes seen during tax season.
Imagine putting in a wrong bank account number, which could lead to your refund being deposited in somebody else’s account!
There are ways you can avoid these mishaps or make amends if you have made a mistake. Here are some of our tax refund tips:
Check and Re-check Your Bank Account Number
Check and re-check your bank account number before filing for your taxes. Remember, the bank isn’t required to match up the name on the account to the account number when making the deposit.
If you think you have made a mistake and your tax return is not already on the system, you can ask IRS to stop the direct deposit tax refund.
Check the Routing Number
It is recommended to talk with your bank to ensure that the routing number on the check is the same as the routing number for direct deposit. In most cases, it is. But some banks do use different routing numbers. So make sure, this is cleared to avoid any deposit problems.
Avoiding a direct deposit glitch is easier than correcting the problem afterward.
Tax Help MD
Want to opt for a direct deposit to get your tax refund, but are anxious that you might not get it right? Let our experts at Tax Help MD get rid of your anxiety. Call us now on 888-632-4506 and connect to our tax experts.