There are several different options available when it comes to receiving your tax refund. You may be wondering which option is best for you. When you file your taxes, you should file electronically. This is called e-filing. You can do this if you use computer software or go to an accountant or a tax preparation business.
Ways to Receive your Refund
- Emerald Card
- By Check
- Direct Deposit
- Refund anticipation loan
- IRS credit
- U.S. savings bonds
This will help to speed up the time it takes the IRS to review your taxes and send out your refund. If you get a large refund, you should have a spending plan for your refund so you make the most of this extra money. You can begin prepping to file your taxes at the end of the year.
Have you ever vowed to save some of your tax returns and ended up not keeping that promise to yourself? Each year, you spend it all and more as soon as the refund is in your account.
Did you know that your tax refund may be split into as many as four different deposits? This is a great way to make sure some of your refund goes into an investment or savings account. Some of the options include a savings or checking account, an IRA (Individual Retirement Account) or up to $5,000 to buy savings bonds.
Direct Deposit of refunds began in 1987 and is one of the favored choices for all who file tax returns. You do not have to split your refund deposit up. It is still possible to have it all deposited to one bank account. That option remains on the 1040EZ, 1040A and 1040. It’s also available on 1040s filed by nonresident and Puerto Rican taxpayers, as well as self-employed taxpayers who must file the 1040-SS.
Should you wish to split the refund into a number of deposits or purchase savings bond, it is necessary to include Form 8888, Allocation of Refund, with your individual return.
You can get more information at (808)-961-6232