Tax attorneys and accountants say that those who want their refunds quickly should file electronically and ask for a refund via direct deposit to their accounts.
“If at all possible, file electronically, and request that you receive your refund by direct deposit,” tax attorney Adam Brewer told Nexstar on Friday. “I know no one really loves to give their banking information to the IRS or to the state, but if you want your refund quickly, you have to give them the direct deposit information.”
“If scammers get ahold of identifying information such as your Social Security number and date of birth, they’ll file a tax return as quickly as humanly possible and claim your refund,” Vande Guchte also said. “Then when you go to file in March or April, your return gets rejected because someone already filed under your Social Security number.”
The IRS says on its website that it’s the best way for taxpayers to receive their refund.
How Long?
According to an analysis from CPA Practice Advisor, most Americans getting their refunds via direct deposit can expect it in as little as two weeks from when they file their taxes. But the wait could be longer when people file in late March and April as it nears the deadline.“The IRS has announced it will start accepting tax returns on January 23, 2023 (as we predicted as far back as October 2022). So, early tax filers who are a due a refund can often see it as early as mid- or late February,” the website says. “That’s without an expensive ’tax refund loan' or other similar product.”
But taxpayers who receive the Earned Income Tax Credit or Child Tax Credit often receive their refunds later, sometimes around a month after filing. And people filing a Form 8379, or the Injured Spouse Allocation, should expect an additional 14 weeks of processing time, the IRS says.
“Most Americans who are expecting an income tax refund receive it by direct deposit in as little as 2 weeks, although it can take longer during the peak of the filing season, which starts in late March. So it’s a good idea to e-file your tax return as soon as you have all of your tax documents (like your W2, 1099s, mortgage and student loan interest, and other items),” the website says.
The deadline for filing a 2022 tax return is April 18, 2023, the IRS announced last month.