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New Member
posted May 31, 2019 10:55:01 PM

Can you direct deposit your refund into an ira

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1 Replies
Expert Alumni
May 31, 2019 10:55:03 PM

Yes, you can.

IRS allows direct deposits  to passbook savings, individual development accounts, individual retirement arrangements (IRA), health savings accounts, Archer MSAs, and Coverdell education savings accounts.

You are responsible for informing their IRA trustee of the year for which the deposit is intended and for ensuring their contributions do not exceed their annual contribution limitations. IRS direct deposits of federal tax refunds will not indicate a contribution year for IRA accounts.

IRS is not responsible for the timeliness or contribution amounts related to an IRA direct deposit.