How fast rapid refund

Good tax preparers and all of the big names in tax software let you file electronically. People with very simple returns might even be able to use free versions that these software providers offer. Most states also offer free e-filing options for state returns.

The Federation of Tax Administrators maintains a list of state filing options. Speed up your refund by signing up for direct deposit when you file. That way, the money goes right into your bank account.

Postal Service. With direct deposit, you can also spread your tax refund across as many as three accounts. Take advantage of this option by filing IRS Form Our retirement calculator will show whether you're on track for the retirement you want. Stocks are a good long-term investment even during periods of market volatility.

Here's what to know. Join the eight in 10 taxpayers who get their refunds faster by using e-file and direct deposit. It's always been the safest, fastest way to receive your refund, but is even more so in these uncertain times.

It is also easy to use. Just select it as your refund method through your tax software and type in the account number and routing number. Or, tell your tax preparer you want direct deposit. You can even use direct deposit if you are one of the few people still filing by paper. Be sure to double check your entry to avoid errors. Your routing and account number can be found on the bottom of your checks, through your online banking application or by contacting your financial institution directly.

Do not enter the number on your bank card. The delivery option you choose for your tax refund will affect how quickly you receive your funds. According to the IRS, the fastest way to receive your refund is to combine the direct deposit method with an electronically filed tax return.

Below is an estimated breakdown of how soon you might expect to receive your tax refund, based on filing and delivery choices. Additional factors could slow down the processing of your tax refund, such as errors, incomplete returns or fraud. You should also expect to wait longer for your refund if the IRS determines that your tax return needs further review. Refunds for returns that have errors or that need special handling could take up to four months, according to the IRS.

Delays also occur when the IRS suspects identity theft or fraud with any return. Respond quickly if the IRS contacts you by mail for more information or to verify a return. A delay in responding will increase the wait time for your refund. If you submitted an amended tax form, it may take more than 20 weeks to receive a refund due to processing delays related to the pandemic.

The IRS has eliminated the guesswork of waiting for your tax refund by creating IRS2Go , an app that allows you to track the status of your return. Both tools provide personalized daily updates for taxpayers 24 hours after a return is e-filed or four weeks after the IRS has received a paper return.

After inputting some basic information i. Once your refund reaches the third stage, you will need to wait for your financial institution to process a direct deposit or for a paper check to reach you through the mail.

Deciding how to spend, save or invest the money in advance can help stop the shopping impulse from getting the best of you. Your refund is yours to use how you see fit and can be used to help pay for day-to-day expenses or invested for long-term financial stability. Looking for inspiration? Bankrate offers five smart ways to invest your tax refund.

How We Make Money. Michelle Black. Written by. Michelle Lambright Black is a credit expert with over 19 years of experience, a freelance writer and a certified credit expert witness.