How to get your tax refund ASAP this 2023 filing season

Stubbornly high inflation is finally beginning to fall, but millions of Americans are still grappling with a cost-of-living crisis and plan to use their tax refund to pay for basic expenses.

About 30% of taxpayers say they will rely on their refund to make ends meet in 2023, according to a survey released Wednesday by Credit Karma, which polled about 1,000 U.S. adults at the beginning of December.

"Nearly three-quarters of Americans are expecting a tax refund this year and for many it will be the most significant financial windfall of their year," said Courtney Alev, consumer financial advocate at Credit Karma.

Taxpayers typically receive a refund if they had too much money withheld and overpaid their taxes the previous year. For many families, the money can be substantial: Nearly three-quarters of filers received a tax refund in 2022, with an average payment worth about $3,176 – up from about $2,800 in 2021. 

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With inflation remaining about three times higher than before the pandemic, more taxpayers are likely to depend on the influx of money from Uncle Sam this year to make major purchases, save for retirement or pay off debt.  

Americans eager to receive their refund from the IRS should take several steps to ensure a speedy return, according to the tax-collecting agency. That includes filing returns electronically, checking that they are accurate and complete before submitting them, and requesting to receive the refund via direct deposit. 

Filers should do "whatever they can" to submit their returns electronically, according to Tom O'Saben, the director of tax content and government relations at the National Association of Tax Professionals.

"Filing a paper return would probably be the worst idea of all, even though the IRS has hired additional staff," O'Saben told FOX Business. "They’re still dealing with a backlog from last year. The difference would be measured in months, instead of weeks if someone were to do a paper return instead of electronic filing."

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There are other methods to get a refund faster: O'Saben said taxpayers should request to receive the money via direct deposit, which he estimated could trim about 10 days off the timeline for return.  

One of the most important factors in getting a tax refund as soon as possible is to look over your return before submitting it and make sure there are no little mistakes that could cause the IRS to flag it for further inspection. 

"One of the ways to make sure you get your refund as quickly as people is to make sure you have your ducks in a row," O'Saben said. "Don’t ignore things the IRS catches very quickly." 

For instance, if you bought health insurance through the Affordable Care Act’s marketplace, you need to reconcile your advance payments of the premium tax credit using tax Form 1095-A. 

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Filers should also double-check their Social Security numbers and make sure they match up to their last name. That goes twice for newlyweds, who may have legally changed their last name but not done so for their Social Security number yet. 

"That's a big one," O'Saben said.

The IRS previously cautioned taxpayers to prepare for smaller refunds this year because there were no stimulus payments delivered by the federal government in 2022. In 2021, the IRS delivered a third round of stimulus payments worth up to $1,400 per person. Eligible Americans could claim unpaid funds on their tax return.

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"Refunds may be smaller in 2023," the IRS said in a November news release about preparing for the upcoming tax season. "Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no economic impact payments for 2022."'

On top of that, the IRS is warning of a pain point for early taxpayers hoping to collect the earned income tax credit, a tax break for low- to moderate-income workers, or additional child tax credit: If you claim either tax credit, the IRS cannot issue your refund before mid-February.  

Tax season officially begins on Jan. 23. Most taxpayers will have until Tuesday, April 18 to submit their returns or request an extension.