November 30, 1995
IRS Expands Direct Deposit for Refunds
WASHINGTON - Most people will be
able to enjoy the convenience of direct deposit next year by having the Internal Revenue
Service send their tax refunds directly to their checking or savings accounts. Previously,
only those filing electronically or using the 1040PC format could get direct deposit of
"This option is good news for taxpayers and good news for us," said IRS
Commissioner Margaret Milner Richardson, "because it makes life easier for those who
pay taxes while improving our efficiency."
Direct deposit is:
- safer -- there's no check to get lost or stolen;
- easier -- there's no need to go to the bank;
- quicker -- takes lees time than issuing a paper check; and
- less costly -- saves tax dollars.
To choose this service, taxpayers will put the necessary bank account information on
Form 8888, "Direct Deposit of Refund," and attach it to the tax return. This new
form will be in the tax packages for Forms 1040 and 1040A and will also be available
through the toll-free IRS forms number.
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