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Help Center  >  Pros  >  Preparing Returns  >  Individual Returns

Refund Options – Direct Deposit, Paper-Check, Prepaid Cards

When a return results in a refund, taxpayers have several options for receiving their refund proceeds.

Direct Deposit

You can elect to have a refund directly deposited into up to three accounts at a bank or other financial institution (such as a mutual fund, brokerage firm, or credit union) in the United States. If you choose to have the refund deposited into a single account, banking information is printed on Form 1040. If you want to split the deposit into multiple accounts, Form 8888 generates to show how you have chosen to split the deposit.
Enter banking information for one or more bank accounts by following these steps. 

Online

Dashboard
  1. From within your TaxAct return, click Taxes & Miscellaneous. 
    • On smaller devices, click the menu at the top left corner of your screen, then make your selection.
  2. Click the Other Return Info drop-down.
  3. Click Add beside Bank Account Info. 
  4. During the filing steps, if you have a refund, you will be asked if you want to have the refund directly deposited – click Yes. 
  5. Follow the prompts to select one or more accounts for direct deposit and enter the amount to be deposited in each account. 
  6. If you split the deposit into multiple accounts, Form 8888 shows how you have chosen to split the deposit. 
    • If paper-filing, be sure to attach Form 8888 to the return. 
    • If e-filing, the banking information is included, and the IRS will deposit the amounts as indicated.
Classic
  1. From within your TaxAct return, click Federal. 
    • On smaller devices, click the menu at the top left corner of your screen, then make your selection.
  2. Click Bank Account Information at the bottom of the list. 
  3. During the filing steps, if you have a refund, you will be asked if you want to have the refund directly deposited – click Yes. 
  4. Follow the prompts to select one or more accounts for direct deposit and enter the amount to be deposited in each account. 
  5. If you split the deposit into multiple accounts, Form 8888 shows how you have chosen to split the deposit. 
    • If paper-filing, be sure to attach Form 8888 to the return. 
    • If e-filing, the banking information is included, and the IRS will deposit the amounts as indicated.

Desktop

  1. From within your TaxAct return, click Federal. 
  2. Click Bank Account Information on the right-hand side, at the bottom of the list. 
  3. During the filing steps, if you have a refund, you will be asked if you want to have the refund directly deposited – click Yes. 
  4. Follow the prompts to select one or more accounts for direct deposit and enter the amount to be deposited in each account. 
  5. If you split the deposit into multiple accounts, Form 8888 shows how you have chosen to split the deposit. 
    • If paper-filing, be sure to attach Form 8888 to the return. 
    • If e-filing, the banking information is included, and the IRS will deposit the amounts as indicated.

Important Notes

When selecting direct deposit for a federal refund, be aware of the following IRS limitations and requirements:

  1. Taxpayers filing Form 8379, Injured Spouse Allocation, are not eligible to split a refund among multiple accounts.
  2. If tax preparation or related fees are being deducted from the federal refund, TaxAct does not allow the refund to be allocated to more than one account.
  3. Federal refunds may only be directly deposited into eligible accounts held at U.S. financial institutions. The IRS does not permit direct deposit of refunds to foreign bank accounts. Eligible accounts must be established primarily for personal, family, or household purposes.
  4. Once the IRS has accepted the return, direct deposit routing and account information cannot be changed.
  5. If incorrect banking information is provided, the direct deposit will generally be rejected and the IRS will issue a paper refund check. Receipt of the check may take several weeks. To avoid delays, verify all routing and account information before transmitting the return.
  6. Taxpayers should only request direct deposit into an account in which they are an owner or authorized account holder.
  7. The IRS limits direct deposits to three tax refunds per calendar year into the same financial account. Any additional refunds may be issued by paper check.
  8. Eligible account types include checking accounts, savings accounts, traditional IRAs, Roth IRAs, SEP IRAs, Roth SEP IRAs, HSAs, MSAs, and ESAs.

Check

See the FAQ Refund Disbursement: Paper Check for details. 

American Express Serve® Card

See Using the American Express Serve® Card for Your Tax Refund for details. 

Reviewing Banking Information

If you have e-filed your return, you can confirm the banking information that was included by reviewing the following forms from the Print Center or Forms and Schedules folder:  
  • Federal Form 8888 – [Your Name]
  • Federal Basic Information – [Your Name]
  • Federal Bank Account Information – Bank Account: [Account Name]
See View/Print E-Filing Instruction for details.
 

Refund Issues

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