Perhaps the most commonly asked question every tax season is when will I get my refund? After submitting your tax return, there isn’t much you can do to make the process faster.
From the moment the IRS receives your return, it’s at the hands of the agency. You will have to wait for the IRS to process your return and wait for your refund to be approved. After this point onwards, you will wait for your refund to be sent to you and how soon you’re going to get it entirely depends on the payment option you selected on your return.
As this clears out that there is nothing you can do before submitting a return, make sure you do the following to get your refund as fast as possible.
There are many reasons to file your federal income tax return electronically, with getting a fast refund being at the top of the ladder. The internal revenue service highly recommends that you electronically file your return because the agency processes these returns faster and makes it easier on taxpayers. In comparison, electronically filed tax returns are a lot less prone to errors. As a result, fewer tax returns and being amended save you time and effort and get you closer to your tax refund.
The processing times for electronically filed tax returns are between two and three weeks. This waiting period is significantly higher for mailed in tax returns. For a mailed in tax return you can expect to wait anywhere from four and six weeks. In the worst-case scenario, you’ll have to amend your return which is a far more likely outcome to happen when compared to electronically filed tax returns, so you’ll end up waiting for your refund for months.
Having all this said, it’s in your best interest to file taxes electronically so that the IRS processes it faster and you get your refund sooner.
Payment option: direct deposit
Another thing you should do to avoid getting a refund tangled up in long waiting times is to get it direct deposited into your bank account rather than waiting for it for it in the mail. The usual IRS wait time for direct deposited tax refunds is about a day. This waiting period is significantly higher for mailed paper checks. If you opted for a paper check, you could wait for up to two weeks for it to arrive in the mail.
Choosing to get your refund directly deposited into your bank account means the IRS will have your banking details. At any time the IRS makes a payment to you, it will be pretty much automatic, as was the case with stimulus payments.
Following these two simple yet very effective steps can get you closer to your tax refund faster.