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| The Basics | The fastest refund possible
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Your return is simple and your haste is great. Here's how to pull the trigger and have your refund hit your bank account in as little as two weeks.
By Rick VanderKnyff
So, you're expecting a hefty refund on your federal tax return, and you'd like to get your hands on it as fast as humanly possible.
There are ways to speed up the process at the IRS end -- to cut the waiting time for your refund by more than half, in fact -- but that depends on you filing your return in the first place, and doing it accurately.
E-filing is fastest
How you file has the biggest effect on turnaround time. Here's what the IRS advertises for different scenarios: - Mail your return and opt for a paper check: Allow six weeks.
- Mail your return and sign up for direct deposit: five weeks.
- E-file your return and opt for a paper check: three weeks.
- E-file and opt for direct deposit: as fast as two weeks.
The answer is clear, then: If speed is your only criterion, e-filing and asking for direct deposit is the way to go.
The IRS pushes hard for paperless transactions, and if you opt for this route you'll be part of a steadily growing trend: Last year, for the first time, more than half of all individual returns were filed electronically. A record 68.5 million taxpayers used e-file, and that number is expected to climb this year.
E-filing might not be for everyone, though -- click here for some reasons why.
Reality check
Getting your rightful refund from the government in short order is a reasonable and even noble cause -- it's your money, after all, and Uncle Sam is just holding it for you. Interest-free.
But make sure your haste doesn't cost you money by blinding you to deductions that might increase your refund. And if in your quest for speed you make a bonehead blunder, like entering your address or your Social Security number incorrectly, you could actually add months to the time it takes to get your return.
Speed filing makes the most sense for those with relatively straightforward returns: wage earners taking the standard deduction. If your tax situation has any complexity, take your time and consult a professional if necessary. (For a 15-point checklist that will help you evaluate your options, click here.)
What you can do at your end
So, you've decided to forge ahead. Here's what you can do to get ready to file:
Get your paperwork together. If you work, the deadline for your employer to get your W-2 form to you is Jan. 31. The same deadline applies for the various flavors of 1099 forms for investment and interest income. You don't have to wait until then to start getting ready, though.
Get out last year's tax return and have the Social Security numbers for you and all of your dependents ready to go.
Related news and commentary on MSN Money
Take a practice run. How sure are you that you're really getting money back, anyway? You can get a reasonably accurate idea by taking the itemized statement that came with your last paycheck for the year and plugging the numbers into one of a couple of online tools available on MSN Money (or into your own tax software, if you have it).
One is our online tax estimator, which allows you to get a quick-and-easy ballpark of what's coming back to you (or, gulp, what you owe). Another is our full-blown online tax program, offered in partnership with TurboTax.
Don't let the price tag scare you. You can actually get in and use this tool and other online tax programs -- and save your work -- without spending a dime. You'll have to pay only if you choose to e-file or print from the program.
Just remember that the return can't be filed with the IRS until you get your W-2 and check the numbers.
If the boxes on your itemized pay statement are labeled differently than the boxes on your W-2 or on your tax form or program, you may have to do some interpretation. The general instructions included on Page 2 of IRS Form 4852 can walk you through it.
Got your W-2? Choose a method and file. Once you have received your W-2 (or W-2s, if you had more than one employer) and any other year-end statements, you can go ahead and file. If you used the online MSN Money program to estimate your refund, you can give your numbers a good once-over and file from there, for the listed fee.
Also, the IRS partners with a consortium of commercial tax-preparation companies to offer free e-filing programs for individuals who meet certain qualifications. (Generally, if you have an adjusted gross income of less than $50,000, you qualify.) Details on the program will be posted in mid-January.
Make sure you use the exact name and address the IRS has on file for you. And don't forget: According to the IRS, choosing direct deposit for your refund should cut a week off your wait time, no matter how you file.
Troubleshooting tips
If Jan. 31 has arrived but your W-2 hasn't, contact your employers to find out what's up, and be sure to verify that they have your correct address.
If you contacted your employer and still don't have your W-2 by Feb. 14, the IRS can step in and help. Call (800) 829-1040 and provide the following: your name, address (including ZIP code), phone number, Social Security number and dates of employment, as well as the name, address (including ZIP code), and phone number of your employer. They'll contact your employer and provide you with forms and information on how to proceed.
If you e-file and haven't received your refund after three weeks, the IRS offers a tool to get your refund status online. It's called, appropriately enough, Where's My Refund? (See link at left.)
A last bit of advice
So, you want your refund and you want it fast. We won't ask why -- but whatever the need, don't weaken and get what they call a "refund anticipation loan." Legitimate tax preparation companies offer these, but they charge an upfront fee and exorbitant interest rates. Be patient and wait that extra week or two. (Read more here.)
Finally, if you're really expecting a big refund, it might be time to ask yourself a question: Why? People love refunds, but getting them probably means you're doing something wrong. Read more about why and learn how to fine-tune your W-4 here.
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