Refunds
Overwithholding and Your W-4
If you find yourself expecting a large refund, you may be
withholding too much on your Form W-4. Remember that a refund of
taxes means you are getting back money that you could have used,
deposited or put into your 401(k) for the entire year. It's poor
money management if you consistently receive large refunds year
after year.
If your large refund is a result of overwitholding on your W-4,
learn more about your W-4 allowance and how it affects your tax
refund.
Direct Deposit
Gone are the days when taxpayers eagerly checked their mailboxes
for their income tax refunds. Direct deposit
lets you receive your tax refund quickly and
safely. Direct deposit is available whether you file electronically
or with paper forms. You can direct deposit to any United States
financial institution, so long as you provide a valid routing
number and account number. Some financial institutions do not allow
joint refunds to be deposited into individual accounts. Check with
your financial institution to ensure that your direct deposit will
be accepted.
If you wish to direct deposit into only one account or financial
institution, use the appropriate line on your Form 1040.
Split-Refund Program
You can select up to three different accounts or financial
institutions to receive the direct deposit. Use Form 8888, Direct Deposit of Refund to More Than
One Account, to divide your refund.
For more information, see Frequently Asked Questions about Splitting Federal
Income Tax Refunds.
Paper Check
It is still possible to receive your income tax refund by paper
check. It is the slowest way to receive your refund, and is less
secure than direct deposit.
Checking on Your Refund
You can check on the status of your refund with the IRS's Where's My Refund? tool. You must know your
SSN, filing status and the exact amount of the refund.
For more information see IRS
Publication 17.