Tax Return - Direct Deposit

[Fiddle Peghead]

Thought I'd go ahead and get my taxes done for the tax year 2008, kinda get a jump on things. If you got direct deposit for your federal return, how long did it take?

[Koxinga]

Never did direct deposit, but I seem to remember that refunds don't go out until after April 15 in any case.

[Hockey Monkey]

I always do direct deposit and the earlier you get your taxes filed, the earlier you can get your refund. I've filed on Feb 1 and gotten my Federal Refund in 2 weeks. My State refund is usually a couple weeks behind that. The IRS begins processing returns as soon as they receive them. I've never been able to file before Feb 1 as the laws give employers till Jan 31 to get your W-2 forms to you.

Wait a minute...your 2008 return was supposed to be in by Apr 15 of this year. I hope you are talking about your 2009 return.

[muldoonthief]

Originally Posted by Koxinga

Never did direct deposit, but I seem to remember that refunds don't go out until after April 15 in any case.

Not true at all. I've filed online in early Feb. and gotten a direct deposit within 2 weeks.

[Koxinga]

Huh. Thanks for correcting my impression -- learn something new every day.

[Eva Luna]

Originally Posted by muldoonthief

Not true at all. I've filed online in early Feb. and gotten a direct deposit within 2 weeks.

Seconded. I was shocked at how fast it was.

[Chief Pedant]

Originally Posted by Fiddle Peghead

Thought I'd go ahead and get my taxes done for the tax year 2008, kinda get a jump on things. If you got direct deposit for your federal return, how long did it take?

I file electronically. It's about 5-10 business days, past few years. Doesn't matter when you file--January or September. It's just the computer talking, I think.

Note that your return may still be audited at a later date even though a refund was deposited. It doesn't mean they are done looking it over.

[Maus Magill]

Originally Posted by Koxinga

Never did direct deposit, but I seem to remember that refunds don't go out until after April 15 in any case.

This is false.

In my experience, The IRS will deposit your refund in much less time than it takes for them to cut a check and mail it, the post office to deliver it, and you to get down to the bank to deposit it.

[Maus Magill]

Originally Posted by Koxinga

Huh. Thanks for correcting my impression -- learn something new every day.

See? This is what happens when you alt-tab away from your session, then come back an hour later.

[Una Persson]

Did my taxes in February, it took 4 weeks total to get my Federal refund. State took about 10 weeks due to the State temporarily going bankrupt.

[mlees]

Yeah. California still owes me for 2008.

[Wile E]

I've filed electronically and had direct deposit of my refund the past couple years and I get it in about 10 days. I don't think you can actually file electronically until after January 15th or thereabouts.

[Chief Pedant]

Originally Posted by Wile E

I've filed electronically and had direct deposit of my refund the past couple years and I get it in about 10 days. I don't think you can actually file electronically until after January 15th or thereabouts.

eFiling with the IRS starts January 15. Employers don't have to mail W2s until January 31, although many get them out a little sooner. Unless you are self-employed, you are a bit dependent on your employer for the earliest timeline.

[longhair75]

I usually get a few late 1099 forms and end up doing my taxes first week of February. I have always got the direct deposit in less than two weeks.

[RealityChuck]

Originally Posted by Fiddle Peghead

Thought I'd go ahead and get my taxes done for the tax year 2008, kinda get a jump on things. If you got direct deposit for your federal return, how long did it take?

Isn't that a rather late start?

In any case, the IRS processes refunds as they come in, makes the direct deposits a few weeks after the return is processed. The state of New York, where I live, never sends out refunds until April 1st (despite their protests that they send them out immediately), so they can earn a full quarter's interest.

[Markxxx]

They come back very quick with direct deposit.

One thing to remember. MAKE SURE YOUR BANK ROUTING NUMBER AND ACCOUNT NUMBER ARE RIGHT.

Last year I put the right routing number but I transposed my two account numbers and of course the check wouldn't go through.

So what did the IRS do? I explained and they said, they have to put it through and then have it rejected, then they would have to wait a week and they'd kick it back for clearence, to make sure money didn't somehow get through. When they were satisfied, they would then issue me a paper check. No second chance for direct deposit. And she warned me it would take at least a month, if not more to get the re-issued check, as they handle the properly filed checks first. (her words not mine)

Normally, like others, I got my refund in two weeks. I filed in Feburary and didn't get this refund check till June.

[drpepper]

The IRS processes direct deposits of refunds weekly on Fridays. The current year's schedule is here (.pdf file):


http://www.irs.gov/pub/irs-pdf/p2043.pdf