Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Direct deposit and fees?

I was agreeing with others who said that if you had your income tax refund direct deposited but had your preparer take fees out of it then you will not get your rebate direct deposited BECAUSE the IRS will not have your bank account info

BUT

I DID put my bank account info on my 1040 form when I filed online so why wouldn't the IRS have that info and be able to use it now?

7 Answers

Relevance
  • Judy
    Lv 7
    1 decade ago
    Favorite Answer

    If you filed online but agreed to have the fees taken out of your refund, the software replaced your account info with the company's when they sent it to the IRS - that's the only way they'd get the refund sent to them to take the fees out.

    Look on your bank statement when your refund was deposited - if it says IRS or US TREASURY then it was deposited by the IRS and you're OK, if it says something else, figure on a paper check.

  • 1 decade ago

    The IRS still does not have your bank account information even if you see it on your copy of the form because the third party had it sent to their account most likely to make certain they collected their fees. That's why it's so easy to avoid paying fees up front. The third party can guarantee they get their money this way. They have legal agreements with the IRS to allow them to do this most of the time.

  • 1 decade ago

    The information transmitted to the IRS did NOT include your bank information, even if your copy shows it. The IRS was given the tax prep firm's partner bank information and the IRS will not be sending rebates through those accounts.

  • I agree with you. i also have my bank info on my 1040 form, but when i called the irs and had them confirm the bank info they had on file for me it was SBBT Routing and account #

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    they may have that information because you put it on your 1040. if you had them direct deposit your return then they will know the bank account is current and good. you should get your return directly deposited.

  • 1 decade ago

    Because a third party bank was involved

  • 1 decade ago

    I would think they would have it. I've heard a bunch of rumors on these questions today. I haven't received mine yet either, and my deadline was yesterday. So, I'm thinking we should just wait to hear from the news about it. If people are hearing their answers from somewhere they should let us know. We're all in the same loop!

Still have questions? Get your answers by asking now.