Are you expecting a refund? Then there are some things you need to know:
- Earlier filing is good, but if your refund includes Earned Income Tax Credit (for low-income taxpayers, usually with children), the IRS does not typically fund these refunds until mid to late February.
- BTS does NOT offer advance refund loans.
- Direct Deposit or Check?
- Direct Deposit
- Always faster access to your money (typically about three weeks)
- Always safer. With recent news reports of mailbox robberies, leaving negotiable checks in your mailbox for even a day is ill-advised.
- Worried about the IRS having your banking information? Trust me, they already have it. You were required to submit your social security number when you set up the account so yes, they already know.
- Check
- There has been much in the news about the IRS no longer issuing paper checks. They will but, due to Executive Order 14247, refunds received by check will be DELAYED by at least SIX WEEKS.
- A good choice for old school taxpayers or those who do not have a bank account, but be prepared for a long delay.
- Direct Deposit
- Need your refund split? You can do that! The IRS will split your refund between up to three (3) different accounts.
- Wondering when you will receive your refund? Click Here to see if the IRS has processed it yet.
- Finally, when you submit your information for preparation, make sure to verify your banking information. If you change bank accounts, I will not know that unless you tell me.