Provided incorrect banking details to the IRS? What to do to ensure you receive your refund

The IRS received over 118 million tax returns this year, and now millions are awaiting their refunds. For those who asked for an extension, which postpones the deadline to 15 October 2024, there are a few tips tax experts advise those filing their returns to keep in mind.

Those who submitted their returns on time can expect to receive their refund around twenty-one days after the IRS received it. You can track the status of your refund using the IRS’ ‘Where’s My Refund?’ tool.

What is the average size of tax returns this year?

The most recent report on tax statistics covering the 2023 season, shows that the average refund distributed by the IRS this year has been $2,948 or $3,031 for those who provided direct deposit information to the tax authority.

While for years those that have provided direct deposit information have received higher tax refunds, there is one mistake a filer can make that can delay the distribution of their payment indefinitely: providing the incorrect account and routing number for your account you wish to have your refund deposited in.

What to do if you provided incorrect direct deposit information?

If for some reason you entered your routing and account number incorrectly, there are a few steps that you should take to avoid major delays in receiving your refund. After realizing the mistake you can give the IRS a call to provide the correct information, and according to Turbo Tax you shouldn’t worry too much since “most banks won’t deposit tax refunds into accounts where the names don’t match.” You can reach the IRS at 800-829-1040 on Monday through Friday from 7 a.m to 7 p.m.

The IRS also states on their website that those who forget a digit in their account or routing number or if the number does not relate to a bank account, they will send a paper check to the most recent address they have on file.