Taxes From A To Z (2018): D Is For Direct Deposit

Shutterstock It’s my annual “Taxes from A to Z” series! If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss, you won’t want to miss a single letter. D is for Direct Deposit. If you are due a tax refund, you have a couple of options: Get a paper check; and Direct deposit. The Internal Revenue Service (IRS) encourages the use of direct deposit, calling it “the best and fastest way to get your tax refund.” Most taxpayers are aware that direct deposit is available, but many do not know that there is more than one direct deposit option: You can have your refund deposited into your checking or savings account, or divided between the two. You’ll need your account number and routing number. You can have your refund deposited into an individual retirement arrangement (IRA). The IRA can be a traditional IRA, Roth IRA, or SEP-IRA, but not a SIMPLE IRA. You must establish the IRA at a bank or…

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