The IRS suggests Americans use electronic filing this year for their tax refunds since it’s much faster.
Not only will your return be processed quicker and refund sent sooner, but the IRS currently has a backlog of millions of paper 2020 tax returns.
Choosing direct deposit instead of a paper check will speed the process up even more.
This means if you’re receiving credits with your refund, like the earned income, or child tax credits, it’ll go right into your bank account.
You’ll also see your stimulus cash faster this way.
According to The Sun, the IRS states that 9 out of 10 refunds are sent within 21 days of submitting a return online.
What to do to file taxes with the IRS electronically
If you already have a bank account, you can set up direct deposit that way.
Some do not have a bank account, so they can choose other options.
You may open a bank account through a credit union, bank, or even online.
You can also choose to get your refund with a prepaid debit card from the IRS.
The IRS states it costs $1 for each paper check, compared to $0.10 for each direct deposit.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].