If you e-filed your return, you can expect to receive a refund through direct deposit faster than if you mailed in your tax documents. According to the IRS,² paper tax returns are mailed out within six to eight weeks, while those filed electronically will be issued in less than three weeks – even faster if you choose direct deposit.
Receiving your refund as a paper check will slow down the process. If you want your money faster, e-filing and choosing direct deposit is the way to go. Although direct deposit is faster, you should still expect to wait a few extra days for the funds to be available in your account. Depending on your financial institution, your waiting time may vary.
To e-file, you can file online through reliable websites like TurboTax, TaxAct, or E-file or through the IRS Free File tool.
When e-filing, you’ll indicate how you want to receive your payment. While direct deposit is the most popular, there are several ways to receive your tax refund:
- Direct deposit (can be split among three separate financial accounts)
- Paper check
- Prepaid debit card holding the value of the refund
- Purchase of up to $5,000 in U.S. Savings Bonds
- Deposit into TreasuryDirect online account
- Contribution to a traditional IRA, Roth IRA, or SEP-IRA
- Contribution to HSA, Archer MSA, or Coverdell ESA
If you’re a Chime member, you can choose “direct deposit” on your tax return software. You then input your Chime Checking Account number and corresponding routing number, and that’s it!
From there, you just have to wait for your refund to show up in your account. Once your refund is available, Chime will send you a text alert and email. This way, you will know that the money is there the second you receive it.
When choosing your delivery option, remember that it will affect how quickly you receive your money. Again, direct deposit is the fastest and safest way to get your tax refund, and the IRS recommends this method to taxpayers across the board.
Not too fast:Filing your taxes as early as possible certainly gets you your refund faster, but make sure you take advantage of all the tax write-offs you’re eligible for. Here are eight tax deductions you might not have thought of.
