Question

Can You Direct Deposit Your Tax Refund Into Someone Else’s Account?

Answer

The short answer to this question is no, you cannot direct deposit your tax refund into someone else’s account. Trying to deposit a tax refund into a bank or financial account with a different name can be seen as a red flag for fraudulent activity.

In an effort to combat fraud and identity theft, the IRS changed the policy in January 2015 regarding the name on the account(s) for deposit. With the change, the account holder names must match for your protection.

Additionally, banks and other financial institutions generally have similar rules in place due to security related concerns. However, if your reason for wanting to direct deposit your tax refund into someone else’s account is to transfer money quickly, consider the following.

The IRS issues the majority of tax refunds within three weeks. To help you check the status of your e-filed return and your federal refund, visit our Where’s My Refund page. Knowing when to expect your refund can help you plan for any fund transfers you need to make.

Can I Split My Refund Into Two Accounts?

Yes, when you deposit your refund into different accounts, it is known as a split deposit. The IRS will allow you to split your refund across two or three accounts. Your accounts can even be at different banks or financial institutions.

However, you can’t directly deposit your refund into another person’s account unless both of these apply:

  • Your refund is from your taxes that you filed jointly with your spouse.
  • The refund money is deposited into a joint account in both of your names or an account controlled by your spouse.

Again, the rules of your bank may affect whether they can accept the deposit. Some banks won’t allow a refund from a joint return to be deposited into an account registered in the name of only one spouse.

You should contact your bank ahead of time and confirm its policy regarding depositing tax refunds into different accounts, so you know what to expect.

Questions About Your Return or Your Refund?

If you need help understanding your taxes, our Tax Pros can help. They’re dedicated to knowing the nuances of taxes and can help you understand your return.

Make an Appointment to speak with a Tax Pro today.

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