IR-2014-37, March 27, 2014 WASHINGTON — For 57 million Americans, the refund check is no longer in the mail; it’s already in the bank. So far this year, the Internal Revenue Service has issued direct-deposit refunds valued at more than $170 billion, as a growing number of taxpayers are choosing the speed and convenience of direct deposit, rather than receiving a paper check. So far this year, almost 85 percent of all refunds have been directly deposited into taxpayers’ bank accounts. Taxpayers can have their refunds directly deposited when they e-file or by including their account information on their paper tax return.. Banks, mutual funds, brokerage firms and credit unions are all eligible to receive direct deposits. Before making this choice, however, taxpayers should make sure the financial institution accepts direct deposits for the type of account chosen. Taxpayers also have the option and flexibility of splitting refund deposits among two or three different accounts or financial institutions. For instance, a refund could be split between a savings account, a checking account or an Individual Retirement Arrangement (IRA). Taxpayers can split their refunds when they e-file or by filing Form 8888, Direct Deposit of Refund to More Than One Account PDF. A taxpayer's refund should only be deposited directly into accounts that are in the taxpayer's own name; the taxpayer's spouse's name or both if it's a joint account. Those who choose direct deposit get their refunds at least a week sooner, and direct deposit eliminates the chance of a lost, stolen or undeliverable refund. [The filing season statistics table follows.] Follow the IRS on New Media Subscribe to IRS Newswire 2014 FILING SEASON STATISTICS Cumulative statistics comparing 3/22/13 and 3/21/14 Individual Income Tax Returns: 2013 2014 % Change Total Receipts 82,413,000 82,852,000 0.5 Total Processed 77,102,000 81,149,000 5.2 E-filing Receipts: TOTAL 74,420,000 75,610,000 1.6 Tax Professionals 44,524,000 43,953,000 -1.3 Self-prepared 29,896,000 31,657,000 5.9 Web Usage: Visits to IRS.gov 234,237,695 209,074,699 -10.7 Total Refunds: Number 66,429,000 67,383,000 1.4 Amount $187.788 Billion $193.543 Billion 3.1 Average refund $2,827 $2,872 1.6 Direct Deposit Refunds: Number 56,985,000 57,101,000 0.2 Amount $170.127 Billion $170.187 Billion 0.04 Average refund $2,985 $2,980 -0.2
