The remainder were not owed money back for a variety of reasons, including because they had other taxes due or owed other debts. What types of accounts are eligible to receive my refund via direct deposit? Fortunately, several security features were added to US treasury checks in 2014 and add to that the 80% of refunds that are now direct deposited into financial institution accounts, and it is no surprise that tax scammers have moved on from counterfeit checks. A Colorado native, he joined The Denver Post in 2014 after a decade at The Indianapolis Star. I requested a direct deposit refund. Should you buy now, pay later for your wedding? Here's a look at whether you might be getting some cash back from the IRS. On February 13th, theIRS released a warningto alert taxpayers to a fast growing new scam that uses stolen taxpayers information to fraudulently file taxes then deposit refunds into real bank accounts. Interest may accrue on the erroneous refund. The location is based on the city (possibly abbreviated) on the bottom text line in front of the words TAX REFUND on your refund check. At any rate, unexpected deposits are likely to be an ongoing issue as the IRS works through its tremendous backlog of tax returns, and payments from tax credits, refunds, and the occasional . This is the first year it's happened to me and no one knows what's going on Score: 4.4/5 ( 46 votes ) The IRS just issued an alert to watch for unexpected IRS refunds being deposited into your personal bank account. See our article titled Returning a Refund, Economic Impact Payment, or Advance Payment of the Child Tax Credit for full details. The money also might help tide recipients over while the tax agency deals with a massive backlog of returns that has delayed other refunds. If your income was below $150,000 last year and you collected unemployment, you may have overpaid what you thought you owed in taxes and find a surprise refund in your bank account or mailbox. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS. He previously covered Denver city government. If you believe there's a discrepancy with your TPG Products deposit or the fees that were deducted for tax preparation services, you can reach SBTPG at 877 . When Congress passed the American Rescue. You can ask IRS to direct deposit a refund on a joint return into your account, your spouses account, or a joint account. Christopher Zara is a senior news editor for Fast Company and obsessed with business, tech, media, culture, and theater. All rights reserved, first alerted taxpayers to this scheme in 2018, Oakland Bike Shop Offers Free E-Bike Test Rides, French Bulldog Stolen From Car in Oakland, Steph Curry's 50-Point Game 7 Explosion Vs. Kings Lights Up NBA Twitter, 1 Shot During Gunfight in Oakland: Police, This 28-Year-Old Pays $62 a Month to Live in a Dumpster He Built for $5,000Take a Look Inside. His debut memoir, Uneducated, explores the diploma divide and the stigma of being degreeless in a 21st-century knowledge economy, Fast Company & Inc 2023 Mansueto Ventures, LLC, IRS direct deposit: Heres a helpful breakdown that will tell you if its a tax refund or credit. At any rate, unexpected deposits are likely to be an ongoing issue as the IRS works through its tremendous backlog of tax returns, and payments from tax credits, refunds, and the occasional stimulus check continue. Slash your premium by shopping around for a better deal. The location is based on the city (possibly abbreviated) on the bottom text line in front of the words TAX REFUND on your refund check.
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