Clarification of Press Release Dated September 29, 2015

 

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The Louisiana Department of Revenue would like to provide clarification regarding its press release issued earlier today.

JP Morgan Chase is ending its prepaid debit card services for those taxpayers receiving the Louisiana MyRefund Prepaid Debit Card.

The updated release is below:

Important Changes Coming to LDR Tax Refund Options

BATON ROUGE – Due to JPMorgan Chase ending its line of business for prepaid debit card services, taxpayers will no longer be able to choose the Louisiana MyRefund Prepaid Debit Card as an option to receive their tax refund from the Louisiana Department of Revenue, effective Friday, October 2.

Taxpayers will continue to have the option of receiving their tax refund through direct deposit or by a paper check. The department strongly urges taxpayers to choose the direct deposit option to ensure the fastest and most secure means to receive their refunds.

Any refunds approved and processed by LDR beginning October 2, where taxpayers have requested a Louisiana MyRefund Prepaid Debit Card for their refund option, will default to a paper check and will be mailed to the taxpayer’s address on file.

Existing Louisiana MyRefund Prepaid Debit Card holders with funds currently available on their cards will still be able to use them after October 2; however, once funds are depleted, they will not have the option to request that future refunds be placed on a card.

For additional information about tax refund options, visit www.revenue.louisiana.gov or call 1-855-307-3893.

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Louisiana taxpayers receive $420 million in state income tax refunds; Over 1 million refunds issued through MyRefund Card and Direct Deposit

BATON ROUGE – The Louisiana Department of Revenue (LDR) has issued more than 1 million individual income tax refunds for income tax returns submitted for the 2011 tax year.  

As of Thursday, April 05, 2012, LDR had issued 1,012,143 individual income tax refunds for a total amount of $419,965,483.23.  The average refund amount is $414.93. This is one week earlier than the department crossed the million-refund threshold in 2011. “We are pleased that we have been able to process refunds more quickly this year. This is due in large part to an increasing number of taxpayers who have taken advantage of our electronic filing options,” said Secretary of Revenue Cynthia Bridges.

Ninety-one percent of Louisiana individual income tax refunds processed so far were submitted electronically via methods such as Louisiana File Online and commercial tax preparation software.  The remaining nine percent were filed with the printed state income tax return.

So far, 65 percent of this year’s refunds were distributed via direct deposit and 35 percent via the Louisiana MyRefund Card or check. 

“Although the majority of recipients seem to be embracing the MyRefund Card, direct deposit still remains the fastest and most popular method for Louisiana taxpayers to receive their refunds,” Secretary Bridges said.

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WBRZ-TV: ‘Tax refunds available as debit cards’

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LDR introduces pre-paid MyRefund card for state income tax refunds

BATON ROUGE – Louisiana taxpayers who do not choose direct deposit for their state income tax refunds will receive those refunds in the form of a pre-paid debit card, the Department of Revenue announced Monday.

The Louisiana MyRefund Card permits free teller-assisted withdrawals at all banks and credit unions that accept visa; it allows unlimited no-fee cash-back transactions at retail merchants;  and it allows no-fee cash withdrawals at all ATMs operated by Chase, the vendor bank issuing the card. In addition, MyRefund card holders can manage the funds in their refund accounts entirely online.  Online services include the ability to check card balances for free, online bill pay, and the ability to issue oneself a paper check for the full card balance.

Taxpayers who prefer checks can also call or visit any LDR office for assistance.  However, they must do so before activating the MyRefund card.

“Security and convenience are the primary benefits of the MyRefund Card,” said Secretary of Revenue Cynthia Bridges.

The card is inactive when it arrives by mail.  The recipient must call a toll-free number to activate it with uniquely identifying personal information.

LDR will issue the MyRefund Card to taxpayers who file paper individual state income tax returns and to individual electronic filers who do not choose direct deposit for their refunds. 

 Information is available at www.revenue.louisiana.gov/myrefund.

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