Refund Options - Direct Deposit, Paper-Check, Prepaid Cards
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If your tax return results in a refund, there are several options that you can choose from.
Direct Deposit
You can elect to have a refund directly deposited into up to three accounts at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States. If you choose to have the refund deposited into a single account, banking information is printed on Form 1040. If you want to split the deposit into multiple accounts, Form 8888 generates to show how you have chosen to split the deposit.
Enter banking information for one or more bank accounts by following these steps:
From within your TaxAct return, click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
Click the Miscellaneous tab.
Click Review beside Bank account information.
Add the bank accounts that you want to be able to select when filing.
Click Continue when you have completed your entries.
During the filing steps, if you have a refund, you will be asked if you want to have the refund directly deposited – click Yes.
Follow the prompts to select one or more accounts for direct deposit and enter the amount to be deposited in each account.
If you split the deposit into multiple accounts, Form 8888 shows how you have chosen to split the deposit.
If paper-filing, be sure to attach Form 8888 to the return.
If e-filing, the banking information is included, and the IRS will deposit the amounts as indicated.
Important Notes
You can’t have your refund deposited into more than one account if you file Form 8379, Injured Spouse Allocation.
If you elect to have your fees paid out of your federal refund, you cannot split your refund into more than one account in TaxAct.
The IRS does not allow a direct deposit of a refund into a foreign bank account. Qualified accounts must be held by financial institutions within the United States and established primarily for personal, family, or household purposes.
Once your return has been accepted, you can’t change your routing and account information.
If you entered the wrong routing and account information, you’ll receive a check from the IRS, which can take six or more weeks to receive.
Avoid delays by ensuring the routing and account information is correct during the filing steps.
You should never request a deposit of your refund to an account that isn't in your name.
The IRS limits the number of refunds that can be directly deposited into a single account to three per calendar year. Any subsequent refunds will be issued via paper check.
If you have e-filed your return, you can confirm the banking information that was included by reviewing the following forms from the Print Center or Forms and Schedules folder:
Federal Form 8888 - [Your Name]
Federal Basic Information – [Your Name]
Federal Bank Account Information - Bank Account: [Account Name]