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Taxes


Getting your refund

Depositing your refund is really straightforward. Our only requirement is that the refund has to be in your name. We can accept joint tax refunds as long as one of the people listed on the refund is the account owner.

How to go about it:

The quickest option is to have your refund directly deposited into Simple. Just double check those account and routing numbersthose account and routing numbersthose account and routing numbers! If you choose to get your refund as a check, keep our Photo Check Deposit limits in mind. If the check exceeds your deposit limit, you can deposit it by mail. Joint refund checks must be endorsed by both people on the check.

Pro tips!

  • If you're using an online preparer to file your return, look into paying for their services via credit or debit card instead of through your refund. Some online tax preparers charge an additional processing fee of up to $40 on top of the fee you're already paying for the package you selected.
  • Your tax refund could be a great opportunity to kickstart or contribute to your savings. We can automate this for you with our Tax Refund Rule. 
  • If you want to know when your refund will arrive, you can track it over here: https://www.irs.gov/Refunds

Economic Impact Payments

Receiving economic impact payments (aka stimulus payments) into your Simple account is seamless. As long as you used your current account and routing numbers when you filed your taxes in 2018 (or 2019 if you’ve already filed) or you use your current account and routing number to receive social security benefits, your payment will be direct deposited into your Simple account. No action required.

Did you have a different account number the last time you received a tax refund or benefit deposit? The Treasury plans to launch a web based portal in mid-April where you can update your Direct Deposit information on file with the IRS. This portal hasn’t been released yet, however, the IRS’s landing page for economic impact payments should be updated as soon as it’s available.

Paying your taxes

There are several ways to pay your taxes with Simple.

  • You can schedule an auto debit (also called electronic funds transfers).
  • The IRS and some states accept card payments, so you can pay them with your Simple Visa® Card. Keep in mind the $6,000 daily card spend limit.
  • You can mail them a paper check or money order. You can pick up a money order with your Simple card at any USPS office. You can also get them with cash at many grocery and convenience stores.

1099-INT Forms

We will mail you a 1099 in late January for each account you own if your account or all accounts combined have earned $10 or more in value over a calendar year. This can include interest earned or other promotional credits. If your account(s) earned less than $10, we won't send you a 1099. Additional 1099 forms may be issued as necessary.

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Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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