Q:

Can you receive your tax refund instantly?

A:

Quick Answer

It is not possible to get an instant tax refund, says ABC News. Many tax-preparation services that promise instant refunds are offering loans with annualized interest rates that reach higher than 100 percent. Typically, taxpayers are better off using the IRS direct-deposit program with e-file.

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Full Answer

Tax refunds with the IRS e-file direct-deposit program arrive in about 10 days, according to ABC News.

Some tax-preparation services offer what they call refund-anticipation checks, which come with fees instead of interest rates, says USA Today. Low-income consumers should instead seek free tax help and get direct deposits into their bank accounts. Some of those free tax programs provide prepaid debit cards for people who lack bank accounts.

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