You've worked hard all year, navigated the complexities of tax season, and now the moment of truth is here: your tax refund! But what if you don't want all that money to go into just one bank account? Maybe you want to put some in savings, some in a checking account, or even invest a portion. Good news! TurboTax offers a convenient way to split your federal tax refund across multiple accounts. Let's dive in and see how you can make your refund work smarter for you.
Splitting Your Refund on TurboTax: A Comprehensive Guide
Splitting your tax refund can be a fantastic way to manage your finances, whether it's for saving, paying off debt, or simply having easy access to different portions of your money. TurboTax makes this process relatively straightforward, allowing you to allocate your federal refund to up to three different bank accounts or even purchase U.S. savings bonds.
Important Note: To split your refund, you'll generally need to pay your TurboTax fees with a credit card or another payment method, rather than having them deducted directly from your refund. If you've already opted for "Pay With My Refund," you might need to adjust your payment method first.
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| How To Split Refund On Turbotax |
Step 1: Get Ready to File and Choose Your Refund Method
Alright, you've completed all your tax forms, double-checked your entries, and your refund amount is staring back at you. Now it's time to tell TurboTax how you want to receive that money.
Sub-heading: Navigating to the Refund Options Screen
First things first, make sure you're logged into your TurboTax account and have your tax return open.
You'll typically find yourself in the "File" section of TurboTax. Look for a section related to "Your refund info" or "How would you like to receive your federal refund?"
Click on "Start," "Revisit," or "Continue" next to this option. This will take you to the crucial screen where you make your refund disbursement choices.
Sub-heading: Identifying the Split Refund Option
On the "How would you like to receive your federal refund?" screen, you'll see various options like "Direct Deposit to one bank account" or "Get a check by mail." Don't choose any of these just yet!
Instead, look for an option that says something like "See other options" or directly, "Split my refund between multiple bank accounts or U.S. savings bonds."
Select this option and then click "Continue" to proceed.
Step 2: Selecting Multiple Bank Accounts for Direct Deposit
QuickTip: A short pause boosts comprehension.
Once you've indicated your interest in splitting your refund, TurboTax will guide you through the process of setting up multiple direct deposits.
Sub-heading: Confirming Your Intent
On the next screen, you'll likely see a confirmation question asking if you want to deposit your federal refund into multiple bank accounts.
Select "I want to deposit my federal refund into multiple bank accounts" and click "Continue."
Step 3: Entering Your First Account Details and Allocation
This is where you start directing your money!
Sub-heading: Inputting Bank Information
You'll be prompted to enter the routing number and account number for your first bank account. Double-check these numbers meticulously! A single incorrect digit can send your refund to the wrong place, causing significant delays and headaches.
Make sure the account is in your name (or your spouse's name if filing jointly). The IRS generally won't deposit refunds into accounts not associated with the taxpayer(s).
Sub-heading: Specifying the Amount for the First Account
After entering the bank details, you'll need to enter the exact dollar amount you want deposited into this first account. This can be a specific sum, not necessarily a percentage.
Once you've entered the amount and the bank information, click "Add another bank account."
Step 4: Adding Additional Accounts (Up to Three)
TurboTax allows you to split your refund into a maximum of three separate accounts. Repeat the process from Step 3 for each additional account.
Tip: Highlight what feels important.
Sub-heading: Repeating the Process for Subsequent Accounts
For each additional account, you'll once again enter the routing number and account number.
Then, specify the amount you wish to deposit into that particular account.
Remember to click "Add another bank account" until you've allocated all desired portions of your refund.
Step 5: Reviewing and Finalizing Your Split Refund
This is a critical step to ensure everything is accurate before you file.
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Sub-heading: Verifying All Details
TurboTax will display a summary of your refund split, showing each bank account, its routing and account numbers (often masked for security), and the amount designated for it.
Carefully review ALL the bank information and the deposit amounts. Compare them against your bank statements or checks to ensure absolutely no errors. An error here can lead to significant delays in receiving your refund, or worse, your refund being sent to the wrong place.
If you spot any discrepancies, click "Edit" next to the entry you need to modify and correct it.
Sub-heading: Confirming and Filing
Once you are absolutely confident that all the information is correct and the refund allocation is exactly as you desire, click "Continue" to finalize your choices.
You can then proceed with the rest of the filing process in TurboTax.
After You File: What to Expect
Once you've e-filed your return with the split refund instructions, the IRS will process it. You can track the status of your refund through the IRS's "Where's My Refund?" tool. The IRS will send separate deposits to each account you designated. Keep in mind that while TurboTax facilitates this, the actual timing of the deposits is controlled by the IRS and your respective banks.
10 Related FAQ Questions
Here are some frequently asked questions about splitting your refund on TurboTax:
Tip: Patience makes reading smoother.
How to check if my bank account details are correct in TurboTax?
Before filing, revisit the "Your refund info" section in TurboTax. It will display the bank account numbers and routing numbers you've entered (often with masked digits for security). Compare these to a voided check or your online banking information. After filing, you generally cannot change this information.
How to change my refund direct deposit after filing?
Unfortunately, once your tax return has been e-filed and accepted by the IRS, you generally cannot change your direct deposit information or how your refund is split. If there's an error, the IRS may attempt to send a paper check to your last known address if the direct deposit fails.
How to split a joint refund between spouses?
When filing jointly on TurboTax, you can split the federal refund into accounts that are in either spouse's name, or a joint account. The process is the same as outlined above; simply enter the bank details for each account you wish to use.
How to split a state tax refund on TurboTax?
The ability to split state tax refunds varies by state. While TurboTax allows you to split federal refunds, you'll need to check your specific state's tax department website or the options presented in TurboTax for your state return to see if splitting a state refund is supported.
How to know if my refund split was successful?
After filing, the IRS "Where's My Refund?" tool will show the status of your refund. Once processed, the individual deposits will appear in your designated bank accounts. You won't typically receive separate notifications for each split portion from the IRS.
QuickTip: Repetition reinforces learning.
How to use a prepaid debit card for a split refund?
Some prepaid debit cards have associated routing and account numbers. If your prepaid card provides these, you can enter them into TurboTax just like a regular bank account to receive a portion of your refund. Always confirm with your card provider if they accept tax refunds via direct deposit.
How to get a portion of my refund as a savings bond?
When you're on the "How would you like to receive your federal refund?" screen in TurboTax, alongside the option to split your refund into multiple bank accounts, you might also see an option to purchase U.S. savings bonds. Selecting this will guide you through the process of allocating a portion of your refund to buy bonds.
How to avoid errors when entering bank account information?
Double-check everything! Have a voided check or your online banking portal open when entering routing and account numbers. Read each digit aloud as you type it in, then verify it again. This small step can prevent major headaches.
How to retrieve a refund sent to the wrong account?
If your refund is sent to an incorrect account due to a typo, the bank will typically reject the deposit and return the funds to the IRS. The IRS will then usually issue a paper check to your last known address on file. This process can take several weeks or even months.
How to find my bank's routing number and account number?
You can find your bank's routing number on the bottom of your checks (the first nine digits). Your account number is usually next to it. For digital banking, log in to your online banking portal or mobile app, or call your bank directly for accurate information.
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