The last thing you want to do when you're expecting a refund is to wait any longer than necessary for it.
To get your income tax refund the fastest way possible, e-file your return and choose a direct deposit to your bank account.
You can have the IRS deposit your refund into up to three different bank accounts.
A split refund is a great idea if you want to put some of your money into savings. It's always easier to put money directly into savings than it is to find a surplus in your checking account and transfer it later. That's the IRS intent, at least, in letting taxpayers have their refunds deposited into different accounts.
You can also use split refunds if you file jointly with your spouse and you each have separate bank accounts.
Tip: Double-check your bank routing and account numbers. The IRS will confirm the account number is valid before they deposit your refund. If the number you enter is not valid, you may receive a paper check in the mail, instead of an electronic deposit. The paper check will take longer for you to receive than a direct deposit.
Worse yet, if the account number you enter is valid but belongs to someone else, that person could receive your tax refund.
Instead of having your refund deposited directly to your bank account, you can choose one of these options:
If you pay estimated taxes, or if you think you may owe income taxes when you file next year's return, consider having part or all of your income tax refund applied to next year's return.
Reminder: TaxAct offers the option to pay TaxAct product fees by having them deducted from your refund.