What is the Quickest Way to Get Your Tax Refund?

Speed and safety -- Two things that any taxpayer would say are critical when it comes to getting their tax refund.

The IRS hears you. They know you want your refund, and you want it now. Here are some tips that will ensure your refund finds its way into your hands as soon as possible.

There are two ways in which a refund can be sent out. You have a choice to receive your paper refund in the mail, or you can elect to have your refund directly deposited into a checking or savings account.

A paper refund check must be signed or endorsed by the party it is made out to. If you filed a joint tax return, the check will be sent in both you and your spouse's name. Both of you must sign. A paper refund check expires one year after issuance.

There is actually a third option when it comes to your refund. In lieu of having the refund mailed or deposited into an account, you can elect to buy up to $5,000 in U.S. Series I Savings Bonds in multiples of $50.

According to the IRS, since this new provision went into effect in January of 2011, over 22 thousand taxpayers requested over $11 million in US bonds. Series I bonds are issued by the Department of the Treasury and are low-risk bonds that grow in value for up to 30 years. Interest earned on the bonds is taxable at the time they are redeemed.

You also have an option to split your refund among three different accounts. Or you can direct your deposit into two accounts and also purchase US bonds with the remainder.

If you would like to split your refund into different accounts, or if you would like to purchase US bonds, use Form 8888, Allocation of Refund.

A paper return that is mailed to the IRS typically can take six to eight weeks to process. The quickest way to get your refund is to join the other 100 million taxpayers who took advantage of IRS e-file and filed their tax return electronically.

An e-filed return with the direct deposit option can be sent out in approximately two to four weeks, and in some cases in as little as 10 days. You do not need to attach a blank, voided check to your return; simply write in your 9-digit bank routing number and your account number.

Make certain all the information is correct and complete on your tax return. Some of the most common errors are the most easily identifiable, such as missing Social Security numbers, reading the tax tables wrong when looking up the amount of tax due, and putting federal tax withholding and estimated tax payments on either the wrong or the same line.

For a checklist of common errors to avoid before sending in your tax return to the IRS, see the article Checklist of Common Errors When Preparing Your Tax Return at irs.gov.

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