This story is part of Tax 2022, CNET’s coverage of the best tax software and everything else you need to file your return quickly, accurately and on time.
Filing your tax return early this year? Why not get your refund even earlier? Electronic direct deposit is the fastest way to get your tax refund, and there’s a simple way to access your IRS money a few days earlier than usual.
If you need your tax refund ASAP, you can get it two days sooner — and you don’t even need a bank account. Cash transfer apps like Venmo, Cash App or PayPal can help you process your tax refund, and they may provide you with your money earlier than traditional banking services.
Here’s how to set up direct deposit with Venmo, Cash App or PayPal to get your refund faster. For more, read Learn to File Taxes for Free, The Biggest Tax Changes This Season, and Seven Ways to Avoid an IRS Audit. And if you received a state tax exemption last year, the IRS says you might want to wait to file.
How to get your tax refund faster
Unlike most banks, cash transfer apps like Venmo can make your deposit available to you as soon as it’s received. This means you can get your refund back two days earlier because you won’t have to wait for your bank to process the deposit, which can take up to a week.
How to get your refund via Venmo
Setting up a Venmo account takes less than 5 minutes. Here’s how to do it.
1, Download the Venmo app on your mobile phone and sign in or create an account.
2, Select the profile icon at the bottom right of the screen.
3, Scroll down and tap direct deposit,
4, Select “Show Account Number” to access your Venmo account details.
5, When you file your tax return, enter your Venmo routing and account number. After the IRS has processed your taxes, your refund will be sent to your Venmo account.
Your refund can reach up to two days earlier through the money transfer app.
James Martin / CNET
How to get your refund through Cash App
If you want to set up direct deposit with Cash App, here’s how.
1, Download the Cash App app on your mobile phone and sign in or create an account.
2, pat banking tab at the bottom left of your screen. It is shaped like a building.
3, scroll down and select direct deposit, This will note that you can get your money two days faster.
4, Next, you need to create a free cash card. Tap get free cash card and follow the onscreen prompts.
5, Once you’ve finished, you can go back to direct deposit Tab and copy your routing and account numbers. Use them when you file your taxes.
Get Your Tax Refund Through PayPal
Like Venmo (owned by PayPal) and Cash App, you can get your money back two days earlier with PayPal. This way.
1, Download PayPal to your mobile device and sign in or create an account.
2, Scroll through the top menu options and select set up direct deposit,
3, Tap get started, You have to read the terms and conditions then select continue,
4, Confirm your information with PayPal and select submit,
5, Next, you’ll need to upload a photo ID or your Social Security or ITIN document.
6, Once you’ve completed this, you’ll be able to access your routing and account information in your PayPal wallet.
For more information, here’s how to track your tax refund. Plus, these 10 tax changes could affect the size of your tax return.
Source: www.cnet.com
