Q. What is electronic filing (e-filing)?
A. Electronic filing means we transmit your return to the IRS by computer instead of you mailing it to them by U.S. Mail.
Q. What is the advantage of electronic filing?
A. The advantage is that you receive your refund in about two weeks instead of the usual ten weeks. Another advantage is there are fewer IRS errors because human data entry is eliminated.
Q. How long does the whole electronic filing/refund process take?
A. It takes 8-14 business days to receive your refund from the time the tax return has been e-filed.
Q. How much does it cost to electronic file?
A. Electronic filing adds $19.95 to your tax return preparation fee.
Q. What must I do to electronically file?
A. While entering your data, check the Electronic File box on the Payment form.
Q. What is a Refund Transfer (RT)?
A.
A Refund Transfer (RT) is a check or direct deposit issued to you by a bank in the amount of your tax refund less your tax return preparation fee and bank’s processing fee.
Q. How soon can I get my RT?
A. Generally, about 8 to 15 days. First, you prepare and electronically file your tax return. The IRS must then accept your tax return, which takes about 24 to 48 hours. IRS then notifies the bank upon approval of your refund. The approval process takes about 8-15 business days. Your refund is then deposited with the bank. The Bank immediately deducts the tax return preparation fee and the bank processing fee, and deposits the Refund into your bank account, immediately after all the fees have been deducted.
Q. How much does a RT cost?
A. The bank fee is $32. The transmitter charges are $54.
Q. Can I pay for my return preparation using RT proceeds?
A. Yes. Although there is a processing fee for a RT, you can choose to pay these fees along with your return preparation fee using RT proceeds. Thus, there are no out-of-pocket costs to you. For most returns, ALL fees total about $120, including return preparation. RT is available from January 16 to October 21.