Thursday, April 08, 2010

Top 10 FAQs About IRS Refunds

Since so many Americans have already filled their returns and are waiting on their refund with the IRS, the Roni Deutch Tax Center Tax Help Blog posted a great entry explaining answers to the top 10 most common questions about IRS refunds. I have included a snippet of the post below, but you can find the full post at the Tax Help Blog.

1. When will my refund arrive?

Depending on your unique situation it can take anywhere from ten days to ten weeks to receive your refund. The fastest way to get your refund (in as little as ten days) is to e-file your return and request the money is directly deposited into your bank account. On the other hand, if you file a paper return and request the IRS mail you a check then it can take up to ten weeks to arrive.

2. Do I need to direct deposit if I e-file?

No, and this is actually a fairly common misconception. When you e-file your return you do not have to have your check deposited into a bank account, you can select an option to have it mailed to you just as you can with a paper return.

3. Can I have my refund split into multiple accounts?

Yes. If you intend to select the direct deposit option on your tax return then you can split the refund between three different accounts. In addition to bank accounts you can have a portion of your refund deposited into a retirement account, or you could convert part of your tax refund into Series I Savings Bonds.