Tax Refund Deposit Options

Important: Double-check your direct deposit information entered when you submit your return to the IRS. Your bank information cannot be changed once the IRS has accepted your return. This means you cannot file a tax amendment or re-file your return to update or change your bank account with the IRS. If an inaccurate bank account is entered, the IRS will mail your tax refund to the address on your return.

Tax Refund
Deposit

First, plan and estimate your tax return with the eFile.com Tax Calculator before you file your 2022 Taxes via the eFile Tax App. You will know whether you can expect a tax refund, owe taxes, or neither. Should you expect a tax refund, consider the following tax refund options below which you will be presented with when you file your taxes online.

If you don't wish to read more, simply use the eFile.com DATEucator tool to get your refund anticipation dates on when you can expect your tax refund based on the deposit options selected. The tool is free, interactive, and will provide you with the answer you are looking for. Already filed? See how to track your IRS tax refund status and find out where your state tax refund is.

Pro & Con Comparison of Tax Refund Deposit Methods

The table below is organized by the method of payment or deposit, a brief description of each entry, and a pro and con of the refund method. Below the table, find more detailed information regarding each method. These are all methods of receiving your tax refund you will choose during the checkout process on the eFile Tax App. If you are familiar with these methods, simply select the option that accounts for your situation best after you e-file your 2022 Tax Return with eFile.com.

File your tax return online on eFile.com now or by October 16, 2023! After this date, you will no longer be able to e-file here or anywhere. You have up to three years to claim your refund, but why wait? It's your hard-earned money. Did you know that there is no penalty for filing after the deadline if a refund is due? Most taxpayers are unaware of this; you do not have to file a tax extension if you are owed a tax refund as you will not face any penalties, according to the IRS.

Bank Deposit Options

You can have your IRS tax refund and/or state tax refund deposited directly into your bank account. If your tax return is not free on eFile.com, your tax preparation fee can be paid via credit card or you can select the eFile.com e-Collect bank deposit option. This will enable you to deduct any tax preparation fee from your tax refund, thus you will not need a credit card to pay for any fees. The processing bank, not eFile.com, will charge a small convenience fee for this service.

Below, find more information on the deposit methods listed in the table.

Direct Bank Deposit with Payment Via Credit Card as Applicable

You will need to have a bank account, account number, and bank routing number in order to receive a direct deposit refund. In addition, you will need a credit card to pay for your tax preparation fee should your return not be free on eFile.com. Your expected tax refund will be electronically issued and transferred from the IRS (U.S. Treasury) to the bank account you entered during your eFile.com online tax return process. This transfer is free of charge. Should you enter an incorrect bank account number, your funds will be transferred back to the IRS and/or state where they will issue a check in the mail to you. The online tracking method is as fast and up-to-date; see how to track your tax refund after verifying that the IRS accepted your return.

Caution for joint filers: some banks may not accept a direct deposit of a joint tax refund into an individual account. If your filing status is married filing jointly, check with your bank or financial institution before requesting the deposit of a joint refund into an individual account.

If you are a U.S. citizen or resident living and/or working abroad and you have a U.S. bank account, you can directly deposit your refund into that account. Learn more about taxes as a U.S. citizen or resident living overseas.

You may also elect to receive your refund to a third-party cash transfer application, such as Venmo or Pay Pal. Locate your direct deposit information within the app and add it to your tax return when you e-file it. You may be able to receive your refund up to two days faster than traditional direct deposit as these apps make the funds available immediately.

e-Collect - Direct Bank Deposit with Deduct Fee from Refund

This option requires that you have a bank account, account number, and bank routing number. Should your tax return not be free, any applicable tax preparation fees will be deducted from your expected tax refund. Furthermore, should there be a problem with the bank transfer (e.g. the wrong bank account name or number was entered), the processing bank - EPS Financial - will track this for you, which adds an additional layer of security for you. The processing bank - not eFile.com - will charge a fee for the bank services provided. The tax preparation fee will be deducted from your tax refund which will be transferred by EPS Financial to the bank account you entered during the tax preparation process. Be aware that you will not see your bank account number, but the account number of EPS Financial on your PDF return form as eFile.com will instruct the IRS to transfer your refund to EPS. Do not worry about this; the tracking method of this option is just as fast and up-to-date as all other deposit methods.

After you have selected e-Collect and successfully e-Filed an accepted tax return, take the following steps to check on your tax refund status:

1. Check your tax return status on your eFile.com account.
2. Check your refund status with the IRS and the status of your state tax return(s).
3. Check your e-Collect tax refund payment status.

IRS or State Refund Check by US Postal Mail

If you do not have a bank account or you otherwise wish to receive a tax refund check from the IRS or state tax agency via U.S. Postal Mail, select this option during checkout from the eFile.com Tax App. Once your tax return has been accepted by the IRS and/or state, a paper check will be sent to you through the U.S. Postal Service. It generally takes at least twice as long as direct deposit to receive your refund through the mail.

Make sure that you review your name and address information on your tax return to make sure it's correct before you submit it to the IRS. If you move or change your address after you submitted your return, you will need to complete and sign online Form 8822, Change of Address so the IRS has the latest address on file to send the check to you. Once you sign the form, select one of the save options, print it, and mail it to the IRS - FileIT.

If you are a U.S. Citizen or Resident and you are expecting a refund check, you might need to register with the State Department's Office of American Citizens Services and provide them with your most recent contact information (local address, phone number, email address, etc.). Contact them as often as possible when your information changes. This will help them reach you about the status of your delivered check in case the check does not list your correct mailing address.

Check your IRS and/or state tax refund status via the steps listed above. If the information in the tool informs you that your refund check is mailed, but you have not received it within 45 days after the mailing date the IRS provides to you, call the International Taxpayer Service Call Center at 267-941-1000 (Monday-Friday, 6 am-11 pm EST). See other ways to call or contact the IRS.

Previous Year Tax Refund

Are you missing your 2021 Tax Refund that you filed for or an even earlier year refund? As a result of the COVID-19 Pandemic, the IRS saw many delays in issuing 2021 Refunds for returns filed in 2022. The IRS Where's My Refund? tool was recently enhanced and will now show the refund status for the 3 most recent tax years (2022, 2021, and 2020). You can also contact the IRS directly to try and get more information on your refund status.

When you contact the IRS, you will have to answer a series of identity verification questions. Have your supporting documents and information nearby, such as your SSN, the filing status of the year in question, and your refund amount, for example. Most importantly, you will want to have a copy of the return you are calling about.

See more details on IRS refund delays here.

If you filed with eFile.com:

Sign in to your eFile account - once there, navigate to My Account and see your previous year return(s). Open the one you need and have it ready by either leaving it open or printing a hard copy. You may need a submission ID - contact us here with your information so we can look up your previous return and provide you with this.

If you did not file with eFile.com:

See how to get a copy of your previous return if you do not already have one in your records. You will want to have this on hand that way you can reference specific parts of the return.

Once you have this prepared and have gotten through to an IRS representative, you will be able to find out what the status of your refund is. They may have rejected your return and that is why you never received your refund - they will advise on how to proceed - or they will provide information about your refund. If they need to reissue it via check, be sure to request a tracking number to give you some piece of mind.

For late refunds, the IRS may owe you interest if you filed on time the previous year and they took longer than 45 days to process your return.

Contact us if you have further questions about your tax return or tax refund status.

Review ways to pay taxes if you are not owed a refund and, instead, have a balance due on your latest tax return. See how eFile.com compares to other tax preparation services and learn how the eFile Tax App works. Begin tax preparing to be ready to e-file before Tax Day, April 18, 2023.

If you never received your tax refund or stimulus payment, complete Form 3911 and submit it to the IRS. Mail it to the IRS address based on your resident state.

Return Refund Amount or Taxes Owed Amount

Why do I owe taxes? Why is my refund lower this year? There is no way I owe taxes, what is wrong with my tax return?

A tax refund is composed of over-withheld taxes during the year plus any applicable tax credits you may qualify for. Due tax, however, occurs when taxes withheld plus tax credits do not cover the amount of tax assessed based on your income and filing status. If you under withhold and you do not qualify for enough tax credits, you will owe additional tax when you file your return.

eFile.com calculates all of this as you prepare your return. At the top of the screen is your current balance, either displayed as Federal Refund or Amount Due. If you are confused as to why you have a significantly lower or higher refund, or if you owe taxes when you normally are owed a refund, take a look at the forms you have filled out. You can return to each section under Federal Taxes or follow this path: Federal Taxes > Review > I'd like to see the forms I've filled out or search for a form. This link will display all of the forms you have entered thus far. Open them and take a look at all the figures entered - specifically the income forms, such as a W-2 or 1099 form - and verify the amounts.

It is possible that a mis-entry was made, such as a duplicate digit, a missing figure, or cents were included instead of only whole dollar numbers. If you are unsure of your refund or balance due and cannot determine what caused it, contact us here.

If you do in fact owe tax and want to look into this, see how to adjust your withholding with your employer via Form W-4. This page will show you how to withhold more during the year so you do not have a tax bill come tax season. Alternatively, if you receive a big refund, you may be withholding too much and giving the government an interest-free loan - consider reducing your withholding and hang on to more of your money during the year.

We assure you that there is nothing wrong with your return and would be happy to go over anything with you to help clear up any confusion if your return is not what you expected - contact us.

Possible reasons you owe tax when you have not in the past: your income level changed, you are not claiming a dependent you normally claim or they are older and do not qualify you for certain credits, you changed your filing status, you received self-employment income and did not make estimated tax payments.

See details on an IRS offset or refund adjustment.

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