Deposit Your Tax Refund Directly Into an IRA or Other Account – It's Easy!

If you're getting a tax refund this year, don't feel like it all has to be deposited into an ordinary bank account.

picture of the words "tax refund" on top of a stack of money
(Image credit: Getty Images)

Are you getting a federal tax refund this year? If so, don't think it has to go into an ordinary checking or savings account at your bank. Or that it all must go into just one account. You actually have several options when it comes to where you want the IRS to deposit your money. It can go into a number of different types of accounts, be split into more than one account, or even be used to buy savings bonds. It's all up to you – and it's pretty easy to send your tax refund in different directions.

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Rocky Mengle

Rocky Mengle was a Senior Tax Editor for Kiplinger from October 2018 to January 2023 with more than 20 years of experience covering federal and state tax developments. Before coming to Kiplinger, Rocky worked for Wolters Kluwer Tax & Accounting, and Kleinrock Publishing, where he provided breaking news and guidance for CPAs, tax attorneys, and other tax professionals. He has also been quoted as an expert by USA Today, Forbes, U.S. News & World Report, Reuters, Accounting Today, and other media outlets. Rocky holds a law degree from the University of Connecticut and a B.A. in History from Salisbury University.