Getting a tax refund can be a great feeling, but starting the process of gathering the required documentation and filing your return can be less enjoyable.
To help, we’ve outlined four steps that are essential to getting your paper work done and done.
Information and documents you may need to complete your taxes:
Organizations like your employer, banks, financial and student loan companies are required to send you the necessary forms to use when filing your tax returns by January 31.
You may receive some of your statements by mail and others electronically.
If you decide to use a tax professional, you still need to pull together the documents in Step 1.
Tax preparers will get busy during tax filing season, so try to get your documents together as soon as possible so you can make an appointment. The longer you wait to get started, the longer it may take them to prepare and file your taxes and for you to get your refund.
If you decide to prepare your own taxes, the IRS offers resources and e-books on filing Form 1040, the form used to file an individual tax return.
Note: Beginning in tax year 2018, Form 1040A and 1040EZ have now been redesigned into one Form 1040.
There are also many popular tax preparation software packages that can guide you through the process of preparing your taxes. These software providers frequently offer free basic online tax filing services for people who wish to file simple tax returns, however there may be a filing fee.
E-filing is the fastest way to submit your return. The IRS processes most returns within three weeks of receiving an electronic return.
You can also mail your paper return to the IRS. It can take six to eight weeks to process a paper return.
If you’re eligible for a refund, how you choose to receive your refund can determine how quickly it takes for the money to reach you after it’s released by the IRS.
The IRS electronically deposits your return into your bank account. It can take about 21 days for the IRS to process your refund and a few more days for your bank to process the payment and post it to your account.
And you also run the risk of your check going missing, getting stolen, or returned to the IRS as undeliverable.
If it’s been longer than 24 hours since you e-filed or about four weeks since you mailed your paper return, you should be able to check on the status of your return through the IRS web tool “Where’s My Refund?” or the app IRS2Go.
You’ll need your Social Security number, your filing status and the exact amount of your expected refund to use both IRS tools.
This article is for informational purposes only and is not a substitute for individualized professional advice. Individuals should consult their own tax advisor for matters specific to their own taxes and nothing communicated to you herein should be considered tax advice. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of Goldman Sachs Bank USA, Goldman Sachs Group, Inc. or any of their affiliates, subsidiaries or division. Goldman Sachs Bank USA does not provide any financial, economic, legal, accounting, tax or other recommendation in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA or any its affiliates. Neither Goldman Sachs Bank USA nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in this document and any liability therefore is expressly disclaimed.