Money Minute - A Change in Tax Refunds

Think you're going to get money back from Uncle Sam come tax time? You might be in for a surprise this year.

In Money Minute, ABC's Betsy Stark tells how the IRS is changing the way you get your money back this year.

When it came to tax refunds, it used to be that breaking up was hard to do. If you were lucky enough to get money back from Uncle Sam at tax time your refund came in the form of either a mailed paper check or an electronic deposit to one of your bank accounts.

But the times they are changing. This year, the IRS is going to give taxpayers a lot more flexibility when it comes to tax refunds. You'll be able to split your direct deposit refunds between multiple accounts. So, if you chose to, you could have half your refund deposited directly into an IRA, while the rest would go into your checking account.

According to the IRS the change should make it easier for taxpayers to manage their refunds. The data shows that almost 57 million taxpayers got direct deposit refunds last year, totaling almost $150 billion!


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