Most taxpayers still getting refunds; direct deposit is much faster, says IRS

Most taxpayers still do get a refund from the Internal Revenue Service.

“About 80 percent of filers traditionally have gotten money back, it’s the same way this year,” said Michael Devine with the IRS. “Of the 93 million or so returns we’ve received, we’ve issued almost 72 million tax refunds, worth more than $206 billion.”

If you’re one of those who is due a refund, it’s best to get it via Direct Deposit.

“The fastest way to get your refund is to file an accurate tax return, do that electronically and then use Direct Deposit,” said Devine. “That money goes straight into your bank account or checking account and you don’t have to worry about waiting for a paper check.”

It is weeks faster to use computers than the pencil and paper method.

“If you e-file and use Direct Deposit, the money is normally in your bank account in 21 days or less,” said Devine. “If you file by paper and want a paper check, you could be waiting 6 to 8 weeks before you actually get that refund that you’re due.”

For more information on how to file electronically and how to file for free if you meet income guidelines, go to irs.gov.