You did everything right — kept receipts, gathered your income forms, and filed your taxes on time. Now you’re getting a refund! But the big question is this: What is the direct deposit tax schedule and when will your tax refund arrive?
That depends, but if you filed your taxes electronically and requested your refund via direct deposit, you’ll get that money added to your account much faster than most.
See how it works, and check out our Refund Dates for Direct Deposit Versus Check Schedule below.
How It Works
The IRS processes tax returns as it receives them. If you file your tax return electronically — which is the fastest method to get the information to them — then the IRS will generally process direct deposit refunds within 7-10 days after receiving your tax return. The IRS is opening their eFile (electronic filing) for 2021 on February 12, 2021.
If you’re asking for a refund via paper check instead of direct deposit, then it takes about two weeks, plus any delays that may result at the US postal service. (The IRS just cuts the check, but it’s the mail service that gets it to you.)
Filing a paper tax return may delay your refund even further — by up to several weeks. That’s because it has to arrive through the mail (as opposed to instantly via eFile), then someone has to physically scan your tax documents into the IRS computers, and then the process of issuing a refund begins.
Bottom line? If you want a faster refund date, opt for electronic filing and a refund by direct deposit.
How to Do Direct Deposit
Direct deposit is really easy to set up. Just select it as your refund method — either by telling your tax preparer or marking it on your tax software — and type in the account number (blue box, above) and routing number (yellow box, above). You can even use direct deposit if you are filing a paper tax return.