Direct deposit is the fastest way to receive your refund, IRS says.
Tax Season 2023: Best Prepaid Cards To Use For Your Tax Refunds (PHOTO: CardRates.com)
Taxpayers Can Use Prepaid Debit Cards In Claiming Tax Refunds
When claiming and receiving a tax refund after filing an income tax return to the IRS, the federal agency recommends that taxpayers claim their refund through direct deposit, as it’s the quickest and most convenient way that they’ll be able to receive it.
Moreover, for those who don’t have any bank accounts, taxpayers can use a prepaid debit card. Once your tax return is deposited, you can use the card to spend the money just as you would use any other debit or credit card. These cards all work on the Visa, Mastercard, or American Express payment networks, and can be used in most of the establishments that take card payments.
Best Prepaid Debit Cards For Your Tax Refunds In 2023
The best-prepaid cards belong to Mastercard and Visa, which shouldn’t come as a surprise given that they’re the two biggest companies in the credit and debit card business, according to the specialized website cardrates.com. They also suggest a couple of American Express prepaid debit accounts.
While investopedia.com believes that the best options are the prepaid debit cards by American Express and the one backed by Walmart, called the Walmart MoneyCard.
Here’s How To Track Your Refund
IRS offers a “Where’s My Refund?” feature that helps you to track your tax refund regardless of whether you filed your tax return by mail or electronically. You can also ll 800-829-1954 to get information on the status of your refund. Moreover, If you file electronically, you will only have to wait 24 hours before you can track the status of your refund. However, if you filed your federal income tax return by mail, it will long up to six months after you can track them.
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