Receiving your stimulus check tax refund days earlier than planned is a pleasant surprise. Since the backlog of tax returns has stretched over into 2022, the IRS is pushing people to file online and set up direct deposits to receive their stimulus check tax refund faster. It is especially crucial if there is a stimulus check on the table, such as your final child tax credit payout.
Based on prior years’ processing times, taxpayers who e-file should expect to get their stimulus check by direct deposit as soon as one week after filing. It’s important to remember that processing time usually slows down when tax season begins, and the IRS processes more returns.
Direct Deposit Will Help You Get Your Stimulus Checks Quicker
The IRS uses computers to process electronically submitted returns, whereas paper returns must be processed by human workers. During the early stages of the epidemic, the IRS closed its offices, and personnel stopped accepting mail, causing the processing of paper returns to be delayed.
Aside from employee difficulties caused by the epidemic, the IRS’s personnel has not kept pace with population growth. Despite a 60% increase in population, the agency’s employment is presently the same as it was in 1970. It implies that fewer people will be needed to manage a higher number of returns.
According to Taxpayer Advocate Service data, around 10 million persons submitted paper forms last year, accounting for approximately 7% of the 148 million returns filed in 2021. Tax experts encourage individuals to join the approximately 138 million taxpayers who currently use e-filing.
The IRS also advises people to arrange for direct deposit of their refunds. According to the agency, the quickest method to obtain your money is to employ a combination of e-filing and direct deposit, which transfers the money directly into your bank account.
Last year, around 95 million customers got refunds, with approximately 87 million opting for direct deposit.
According to the IRS, most individuals who file electronically and choose direct deposit will get their rebate within 21 days, provided there is no difficulty with the return.