Beginning with the upcoming filing season the IRS will be limiting the number of refunds that may be electronically deposited into a single financial account or pre-paid debit card to three.
Any subsequent deposits will be automatically converted to a paper refund and mailed to the taxpayer at the address shown on the federal return.
If this occurs, the taxpayer will be sent a notice informing them the reason why the refund will not be direct deposited and that they will receive a paper check in approximately four weeks.
This new procedure has been instituted as part of the IRS’ continuing efforts to combat fraud and identity theft.
To read more about this new limitation on direct deposits see the Direct Deposit Limits page on the IRS website.
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