Direct Deposit fee?

Question

I was thinking of using Taxcut this year to do my taxes. I've read a bunch of reviews, but one that I saw mentioned something about an additional $24.95 (and they said "required" with efiling) to have direct deposit. Does anyone know about this? Is this an additional $24.95 on top of the $15.95 efile charge? and is that PER RETURN? (so about $40 each to efile state and fed with direct deposit?)

I have efiled for several years and am aware of the fee to do that, but I don't recall ever having to pay an EXTRA FEE for direct deposit of my refund. What's up with that? Is this a fee charged by Taxcut or do the Feds and/or states charge this fee now?

Answer 1

I've been using Turbo Tax for the past 4 years. The only fees that I am charged are for e-filing ($14.95 for Federal and $14.95 for State)

I've never been charged a direct deposit fee, and I always get my refund directly deposited.

The only extra charge i can think of is the cost of the efiling service that Turbo Tax is willing to provide. I believe Turbo Tax will charge you an additional $29.50 if you decide to pay for your efiling directly from the refund you are going to recieve. Since they will not be recieving money until you get your return, they charge you for this.

However, if u decide to pay for the efiling using a credit card, there is no extra charge. This does not effect your direct deposit in any way.

I hope this helped. Even tho you asked about Taxcut, I'm sure it's basically the same concept.

Good Luck!!

Answer 2

The gov't does not charge an extra fee for direct deposit! You can direct deposit for free right into your bank account. They have a free efile program that you may qualify for as well, and you won't even have to pay for filing a return online at all if you made under $52,000 last year.
Here is the link:

http://www.irs.gov/efile/article/0,,id=118986,00.html

Otherwise, there is no EXTRA FEE that you just mentioned with efiling---I think some people are confusing their extra fees they have to pay to get a Refund Anticipation Loan or have a tax preparer file their return.

Answer 3

Turbotax Electronic Filing Fee

Answer 4

There is no extra fee for Direct Deposit. I've done several returns for friends with Tax Cut this year and the only fee you need to pay is the fee for e-filing itself. If you mail in your return, there will be no costs beyond the cost of Tax Cut itself.

Answer 5

This Site Might Help You.

RE:
Direct Deposit fee?
I was thinking of using Taxcut this year to do my taxes. I've read a bunch of reviews, but one that I saw mentioned something about an additional $24.95 (and they said "required" with efiling) to have direct deposit. Does anyone know about this? Is this an additional $24.95 on top of...

Answer 6

This is from my Federal Tax return status from SBBT

Refund Deductions
The following items have been, or will be, deducted from your refund.
Item Amount
Electronic Filing Fee: $29.90
SBBT Bank Fee: $29.95
Total Refund Deductions: $59.85

I used turbo tax premier and did everything electronic with direct deposit as the option..

Answer 7

That's ridiculous if they do that. No, the feds don't have a fee for direct deposit, in fact they encourage it, so if anyone is charging a fee here, it would be Taxcut - double check, it doesn't really make sense that they'd do that.

Answer 8

There IS an additional bank fee if you pay for the e-file charges by having them deducted from your refund instead of paying with a credit card. The fee was approx. $30 with TurboTax.

Answer 9

This might be feasible