What’s the Fastest Way to Get Your Tax Return?

As tax season approaches, many individuals are eager to receive their refunds quickly. The speed of your refund largely depends on the methods chosen for filing and receiving it, and selecting efficient options can lead to a faster turnaround.

E-Filing Submissions

E-filing has become the go-to method for taxpayers due to its speed and convenience. The IRS allows tax returns to be submitted electronically through platforms like IRS Free File or commercial tax software. E-filed returns are processed within approximately 21 days, compared to the six weeks or more required for paper returns.

Beyond speed, e-filing offers greater accuracy. Built-in checks within the software catch potential errors, minimizing delays caused by mistakes. Additionally, taxpayers receive immediate confirmation from the IRS that their return has been received and is being processed.

Security is another advantage of e-filing. Encryption technology protects sensitive financial information, making it safer than paper returns, which are more susceptible to being lost or mishandled. The IRS also employs safeguards to combat identity theft and fraud, enhancing the security of the process.

Direct Deposit Setup

Opting for direct deposit ensures faster access to your refund. This method electronically transfers your funds directly into your bank account, eliminating the delays associated with mailing paper checks. Refunds via direct deposit are often accessible within days of processing.

Accurate bank account information, including routing and account numbers, is crucial when setting up direct deposit. Errors in this information can result in significant delays, as corrections must be handled manually. Double-checking your details before submission can help avoid complications.

Direct deposit also provides flexibility. Using IRS Form 8888, taxpayers can allocate their refund across multiple accounts, such as savings, checking, or retirement accounts. This option supports strategic financial planning by directing funds where they’re most needed.

Refund Status Tracking

Tracking your refund status after submitting your return is essential. The IRS offers tools like the “Where’s My Refund?” online portal, which provides real-time updates on the status of your refund: Return Received, Refund Approved, and Refund Sent. Updates are available 24 hours after e-filing or four weeks after mailing a paper return.

The IRS2Go mobile app offers similar functionality with the convenience of mobile access. It provides refund status updates, access to tax records, and helps users find free tax filing assistance.

For those who prefer traditional methods, the IRS provides a toll-free hotline. However, phone support is only available after your return has been processed, which may take longer during peak tax season. Due to staffing shortages and high call volumes, wait times can be lengthy, making online tools the more efficient option.