![]() ![]() I f you’re paying an accountant to prepare your taxes, confirm they have the right numbers. To keep this from happening, double – or even triple-check that your bank account information is correct before filing. Ha ving a tax refund deposited into the wrong account is stressful and, in some cases, irreversible. To learn more about identity theft and tax refunds, check out the IRS’s Taxpayer Guide to Identity Thef t. Choose a reliable and trustworthy tax preparer.Educate yourself about common money scams.Keep all your physical and electronic documents for your records.To protect yourself from identity theft and fraudulent activity during tax seaso n: ![]() In that case, the bank sh oul d s en d the money back to the IRS, in which case you’ll receive your refund in the form of a paper check. Typically, a ban k w ill reject a direct deposit that doesn’t match the name on the account. In that case, the IRS will accept the return in good faith and issue the refund to the person who filed the return – meaning they’ll deposit the money in the fraudster’s bank account, not yours. Suppose another person fraudulently files a tax return on your behalf. For example, a common method of tax identity theft involves criminals getting the jump on taxpayers and filing a fraudulent return using their S ocial S ecurity number or tax identification number.Ī ccording to the Federal Trade Commission (FTC) Consumer Sentinel Network, there were 66,477 reports of tax-related fraud in the first three quarters of 202 2, with a spike during the second quarter, when taxes were due. In other instances, a tax refund deposited into the wrong account can be the result of something more serious. In addition to your bank account and routing numbers, ensure you have correctly entered your address and Social Security number, have only claimed tax deductions for which you qualify, and have chosen the right tax bracket. Information Overload: Filing taxes means inputting a lot of information. ![]() Double-check the routing number for your bank when filling out your information. M essing up a single digit could derail how fast you receive your tax refund. Your routing number is just as important as your account number since it tells the IRS where to send your funds. The same goes for your bank’s routing number when filling out your tax documents. I f you’re paying someone to do your taxes for you, double-check to ensure they have your correct account number. There are ways to fix the issue, but double-checking your account number is correct from the start will help avoid unwanted stress later on. It’s easy to make a mistake when filling out important documents such as your tax retur n – there are so many forms! If you accidentally provide the government with the wrong bank account number when filing your taxes, your money could be delayed or even deposited into someone else’s account. There are several reason s y our tax refund might get routed to the wrong savings or checking account. ![]()
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