Here are a few tips to ensure that your refund arrives as quickly and safely as possible as well as some ideas on how to get the most out of your money when it does.
The Refund Process
Once you have submitted your federal taxes and know you have a refund coming to you, the fastest way to get your tax refund is to have it electronically deposited into your financial account through the IRS’s Direct Deposit Program. It’s free to consumers, and it allows you to deposit your refund into as many as three separate accounts.
While you can still receive your refund in the form of a paper check, there are several advantages to direct deposit. Not only is it faster, direct deposit is also more secure. Refund checks sent through the mail can be lost, stolen, or returned to the IRS, if undeliverable. If you don’t already have a bank account, this might be the perfect time to open one.
Another option is to have your refund deposited onto a prepaid card. If you use a prepaid card, read the fine print and make sure you know how to deposit money onto the card and any fees involved. Cards differ in the types of deposits allowed, the process for receiving government deposits, and the fees charged for certain transactions. If you set up a new prepaid card account for your refund, you may be required to provide information to validate your identity, such as your Social Security number and date of birth.
Whichever method you choose, you can track the status of your federal tax return from the time the IRS received it by visiting https://sa.www4.irs.gov/and filling out the appropriate information, or by downloading the mobile app IRS2GO at https://www.irs.gov/newsroom/irs2goapp.
For more information on tax refunds, visit https://www.irs.gov/refunds.
Protect Your Money from Tax Scams
If your personally identifiable information (PII), such as your name, address, and Social Security number, has been stolen, the information can be used to open credit cards and loans or file a fraudulent tax return in your name, allowing the thief to claim your refund. If you suspect that your information was stolen, contact the IRS by calling 800-908-4490 or visiting the IRS website for identity protection at https://www.irs.gov/identity-theft-fraud-scams.
Be wary of phone calls and emails from anyone claiming to be from the IRS. Identity thieves have been known to pose as IRS agents, providing a fake name and IRS badge number and even creating a fake phone number that appears on caller ID as coming from the IRS. These thieves often threaten people with audits, deportation, and other legal action or promise checks for unclaimed funds.
The IRS typically does not initiate emails to individuals asking for personal information. Before acting on any phone call or email purportedly from the IRS, call the agency at 800-829-1040. An agent will be able to verify whether the IRS is in fact trying to get in touch with you. If you are certain the contact was part of a scam, report it to the Treasury Inspector General for Tax Administration by calling 800-366-4484. You can also report unsolicited emails by forwarding it to mailto:phishing@IRS.gov.
Some people use tax preparers to assist them with preparing their tax return. While most tax preparers are recognized professionals who can be very helpful, some preparers are scammers. Be wary of tax preparers who advertise with fliers or posters promising large refunds or special inside knowledge of little known tax credits and rebates or those volunteering to come to your home to prepare your taxes. These scammers make money stealing your personal information for later use and collecting fees. If you aren’t sure, ask for the tax preparer’s PTIN, which is the IRS tax preparer identification number that all legitimate preparers must have.