Bank info for Electronic Payment / Refund

Forum|Forum|3 years ago
April 11, 2023
1 reply
6 views

Hi
Does the bank account entered for Electronic Payment / Refund (scr 3) have to be in the name of the taxpayer?
Thanks,

Lacerte Tax

This topic has been closed for replies.

Best answer by PhoebeRoberts

The IRS is not bothered at all by name mismatches. I've heard anecdotally that some banks will reject the transaction if the name is sufficiently mismatched.

Kid taxes routinely go in and out of parent accounts with no issues. The "no more than three returns can direct deposit to the same account" limitation is only problematic if you have lots of kids.

IntuitCharlene

Community Manager

The government instructions for Form 1040, page 57 states:

Account must be in your name. Don’t

request a deposit of your refund to an
account that isn't in your name, such as
your tax return preparer’s account. Although you may owe your tax return
preparer a fee for preparing your return,
don’t have any part of your refund deposited into the preparer's account to pay
the fee.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Accept as solution" and then just changing the Accept as solution to Mark as Best Answer, mine gets cutoff, so it is too long. I changed mine to the following and it fits. -->**Say "Thanks" by clicking the thumb icon in a post**Click "Mark as Best Answer " to mark the post that answers your question.

E

EigerAuthor

Level 4

Thank you, but I still would like to know if it is possible to have electronic payments linked to an account that is NOT in the name of the taxpayer (regardless of advisablility)!

Thanks,

PhoebeRoberts

Answer

Intuit Community Champion

The IRS is not bothered at all by name mismatches. I've heard anecdotally that some banks will reject the transaction if the name is sufficiently mismatched.

Kid taxes routinely go in and out of parent accounts with no issues. The "no more than three returns can direct deposit to the same account" limitation is only problematic if you have lots of kids.

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