Refund Check, Direct Deposit, Or Prepaid Debit Card? What's The Best Way To Get A Refund Under The IRS?

The IRS recommends that Americans open an account that can accept electronic payments as the biggest single payday fast method. Millions of Americans are lucky enough to be exempt from filing tax returns each year. The average refund was nearly $3,200 last year, although the IRS said that amount could be due this year due to several pandemic-related benefits. Typically 75% of Americans receive a refund each year. Although the IRS can mail you a paper check, they claim that free computerized direct deposit is the fastest and safest method. The IRS wants to increase the number of Americans who get their tax refunds through direct deposit, which currently accounts for eight in 10 taxpayers. The IRS claims that because the funds are transferred through the same electronic transfer system that is used to deposit more than 98% of Social Security and Veterans Affairs payments into millions of accounts, there are no uncashed, misplaced funds place, risk of being stolen or destroyed.