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IRS Imposes A Limit On The Number Of Direct Deposits Of Refunds

September 6, 2014 By TPS

direct-depositNext January the IRS will impose a limit on the number of refunds that can be deposited to a single checking account or debit card.

The maximum number of refunds going into one account will be 3, after that paper checks will be issued for the fourth and subsequent checks.

This limit has come into place in order to curb  identity theft and to prevent unscrupulous tax prepares from depositing clients refunds into their own accounts.

It is also an attempt to stop thieves who file false tax returns and have them deposited into their accounts.

Filed Under: Tax Information

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Recent Articles

  • 2020 Income Tax Highlights
  • Can I Take The Home Office Deduction In 2020?
  • Why Did You Owe Taxes In 2018…Will You In 2019?

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