Direct deposit is the best way to receive a tax refund. The IRS encourages taxpayers to file by the April 15 federal tax deadline and choose direct deposit to receive any refund they may be owed.

Benefits of direct deposit

• It's fast. The fastest way for taxpayers to get their refund is to file electronically and choose direct deposit. Taxpayers who file a paper return can also choose direct deposit, but it will take longer to process the return and get a refund.

• It's secure. Since refunds are electronically deposited, there's no risk of having a paper check stolen or lost in the mail.

• It's easy. Taxpayers can simply follow the instructions when selecting direct deposit as a refund method and enter their account information as directed. Taxpayers can find their routing and account numbers on their online banking page, banking statements or a personal check.

• It provides options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health savings and certain retirement accounts. They should use IRS Form 8888, Allocation of Refund, Including Savings Bond Purchases, to deposit a refund in up to three accounts. This form can’t be used to designate part of a refund to pay tax preparers.

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