Tax refund 2023: Direct deposit is the best way to get your payment this year, IRS says
Asher Notheis
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Tax season is once again in the air, and with the filing of one’s taxes comes the anticipation of receiving the refund that comes with it.
The Internal Revenue Services is encouraging tax filers to ask for their refund via direct deposit, as doing so is a much more efficient and expedient means of receiving it. A taxpayer receiving their refund through direct deposit would mean there would be no chance of their refund getting lost or stolen. Most direct deposit refunds are received by their recipients in under three weeks, according to the IRS.
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Direct deposit for tax refunds uses the same transfer system used by almost 98% of all accounts receiving Social Security and Veterans Affairs benefits. Direct deposit has already become popular for many tax filers, as eight out of 10 taxpayers receive their refunds via direct deposit.
To set up direct deposit, a taxpayer should select direct deposit as their refund method through their tax software and then type in their account number and routing number or tell their tax preparer that they want their refund given to them by direct deposit. If a taxpayer does not have a check showing them their routing and account numbers, they can find them by checking their online banking account or calling their bank branch.
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The tax season for filing 2022’s taxes began on Jan. 23, with the deadline to file one’s taxes this year set for April 18. Anyone who needs extra time to file their taxes can file an extension, which will give them until Oct. 16 to file their taxes.
A tax refund tracker is available for taxpayers to use if they wish to check the status of their refund. To use this tracker, a taxpayer will need either their Social Security or taxpayer ID number, their filing status, and the exact refund amount on their return.