This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file quickly, accurately and on time.
Filing your tax return at the beginning of this year? Why not also receive your refund sooner? The fastest way to get your tax refund is to electronic filing with direct depositand there’s an easy 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 faster – and you don’t even need a bank account. Money transfer apps as VenmoCash App or PayPal can help process your tax refund, and they can deliver your money sooner than traditional banking.
Here’s how to set up direct deposit with Venmo, Cash App, or Paypal to get your refund faster. To learn more, find out how file your taxes for freeTHE the biggest tax changes this season and seven ways to avoid an IRS audit. And if you received a state tax refund last year, the The IRS said you might want to wait to file your case.
How to get your tax refund faster
Unlike most banks, money transfer apps like Venmo can make your deposits available to you as soon as they are received. This means you can collect your refund up to two days sooner because you wouldn’t have to wait for your bank to process the deposit, which could take up to a week.
How to get your refund through Venmo
Creating a Venmo account takes less than 5 minutes. Here’s how.
1. Download the Venmo app on your mobile phone and create an account or log in.
2. Select the profile icon at the bottom right of the screen.
3. Scroll down and tap Direct deposit.
4. Select “View Account Number” to access your Venmo account details.
5. When you file your tax return, enter your Venmo routing and account number. After your taxes are processed by the IRS, your refund will be sent to your Venmo account.
Your refund can arrive up to two days early via a money transfer app.
James Martin/CNET
How to get your cashback via Cash App
If you want to set up direct deposit with Cash App, here’s how.
1. Download the Cash App on your mobile phone and create an account or login.
2. Press the Banking tab at the bottom left of your screen. It is the one that has the shape of a building.
3. Scroll down and select Direct deposit. It will note that you can get your money two days faster.
4. Next, you will need to create a free Cash Card. Faucet Get a free payment card and follow the on-screen prompts.
5. Once you are done, you can return to the Direct deposit and copy your routing and account numbers. Use them when you file your taxes.
Get your tax refund via PayPal
Just like Venmo (owned by PayPal) and Cash App, you can get your money back two days earlier with PayPal. Here’s how.
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. Faucet Begin. You will need to read the terms and conditions and then select Continue.
4. Confirm your information with PayPal and select Submit.
5. Then you will need to upload a photo ID or your Social Security document or ITIN.
6. Once you are done, you will be able to access your routing and account information in your PayPal wallet.
For more information, here how to track your tax refund. Also, these 10 tax changes could impact the size of your tax return.