Important Tax Refund Information: Deposit Your Refund into the Correct Account
It’s officially Tax Season! The IRS began accepting individual returns on Monday, January 23. The deadline for filing your personal income tax is Tuesday, April 18.
We will go over several things you can do, including how to be sure your return will make it into your Educators account, and make filing your return go smoothly this year.
What do you need to get started on your taxes?
Be sure you have all of the forms and information below for both you and your spouse if you’re filing jointly:
- Social Security Number
- W-2s, 1099s, 1098s
- 1095b, 1095c (if applicable)
- Receipts or acknowledgements for charitable donations
If your life changed quite a bit in 2016 — you got married, bought a house, had a baby, retired, sold a home — and you are unsure of how that affects your tax burden, you may want to use a tax professional for advice.
Will you be filing your taxes electronically?
If you expect a refund when you file your federal and state income taxes, the fastest way to get that refund is to have the funds sent to your account via Direct Deposit. Filing electronically is safe, easy, and you will get your return much faster than having your check sent by postal mail. That means it is highly critical you provide the IRS with your correct account information.
What happens if my return is filed with the incorrect account information?
An error may result in the Direct Deposit going into an account that belongs to someone else. Providing the account holder name on your tax return does not guarantee that your refund will be deposited into your Educators account. Read the steps provided below to prevent a misguided Direct Deposit. It may be impossible for the IRS or Educators to retrieve those funds as they will have processed the transaction as you instructed.
The IRS warns tax preparers to be very careful when entering account and routing numbers when they choose Direct Deposit on their return.
How do I prevent Direct Deposit errors?
It’s common to anxiously await your tax refund check or Direct Deposit. Please make sure you are not one of the unlucky few whose fears come true with a misguided Direct Deposit!
- Always double check Educators routing number and your account number before filing your return or allowing a tax preparer to file it. If you provide the account holder name alone on your tax return, it will not guarantee that your refund will be deposited into your Educators account.
- Never authorize the deposit of your tax refund into an account on which you are not listed as an owner. You cannot be given access to funds in an account that is not in your name, which can lead to delays and/or loss of funds if the owner of the account will not reimburse you or the funds are no longer available. This includes any tax preparer you may use, so be very skeptical if tax providers want to use their account number when filing your tax returns.
Steps to make sure your tax refund goes in your account
- Go to the refund portion of your tax return.
- Enter your Educators Credit Union Routing Number: 275981378
- Enter your Educators Credit Union Checking Account Number: Your checking account number is the middle set of numbers at the bottom of your check. (See the example diagram below.) There should not be any dashes, symbols, or letters in your Account Number. Do not use your Account Number from Educators Online Banking or any Educators Statements — that number is not accurate.
- Double check that you typed the Educators Routing Number and Account Number correctly. It may be impossible for the IRS or Educators to retrieve those funds as they will have processed the transaction as you instructed.
- DO NOT direct your tax refund to someone else’s account.
- File your return on time — this year’s deadline is: April 18, 2017.
- Go to www.irs.gov under Where’s My Refund? and check on the status of your refund.
- Verify that your deposit amount is what you expected