4 Tips for a Smooth Tax Season (2024)

The start of the new year means the start of a new tax season. We’ve compiled four tips to help you have a smooth experience this year.

1. Choose Direct Deposit for a Faster Refund

If you’re due a refund when you complete your taxes, you’ll have several options for how you want to receive this money. According to the IRS, the fastest way is to have your refund direct deposited into a checking or savings account.

To have your refund direct deposited into your PSECU account, you’ll need to have our routing number, as well as your 10-digit member number or your 10-digit checking number. PSECU’s routing number is 231381116. Your checking number is found at the bottom of your check and begins with either “045” or “7.” If you use your checking number, your deposit will automatically go into your checking account. When you use your member account number instead of your checking account number, you’ll need to select whether it should be a savings or checking deposit.

To successfully receive your refund via direct deposit, keep a few things in mind:

• The IRS can only deposit refunds electronically into accounts in your own name, your spouse’s name, or in a joint account.
• To help combat fraud, the IRS won’t deposit more than three electronic refunds into a single financial account. If you exceed this limit, your refund will be mailed via check instead, which could lead to a delay in receiving your refund.

2. Double-Check Your Information Before Submitting

Tax preparers and even tax preparation software can accidentally leave in the previous client’s information. This could lead to incorrect or incomplete information being accidentally populated into your tax forms.

Incorrect or incomplete numbers will cause your direct deposit to be rejected. This will lead to a paper check being sent instead.

To avoid this inconvenience, double-check your information, especially your account number and the routing number, before you submit your tax return.

3. Retrieve Your Tax Forms in Digital Banking

If you need forms from us to complete your tax return, you can find them in online banking and our mobile app. Follow the quick steps below to access them:

• Log into your PSECU account.
• Click on the top menu.
• Select Statements & Tax forms.
• Select Tax Forms (make sure you’ve selected the correct tax year from the drop-down menu) and then the year.
• Click on the form name to download your form.

4. Track Your Refund

If you’re due a tax refund, you’re likely anxious to know when it’ll arrive. According to the IRS, calling them won’t help you get your refund faster. However, the IRS makes it easy to track your refund on their website. You can track your refund by visiting IRS.gov/refunds or by downloading their IRS2GO mobile app.

There are a few things to keep in mind if you’re tracking your refund online:

• The “release date” the IRS provides is different from the deposit date. The release date simply means that the IRS has given the OK to transmit the funds to you. It does NOT represent the date your refund is deposited into your checking or savings account.
• If you’re going to track your refund online, make sure you’re doing so safely. Use a secure Internet connection, watch for copycat websites, and be sure to end the session and close the browser or app you’re using when you’re finished checking.

Set Up PSECU Account Alerts to Know When Your Deposit Arrives

We make it easy to monitor your PSECU accounts with account alerts. You can set these up using online banking or our mobile app. If you’re anxiously awaiting a tax refund, you can set up an alert to send you a text or email when you receive a deposit in your account so you know when your refund is available to use.

For more money management tips, visit our WalletWorks page.