Three Simple Steps to Get Your Tax Refund Faster
Getting your tax refund faster is easier than you may think. You do not have to be a tax expert to file your return accurately and efficiently. Each year, tax filers across South Carolina submit their returns safely from the comfort of their homes. This tax season you can do the same!
By following these three simple steps, you are likely to maximize your refund and get your money in your hands faster.
1. Save your necessary mailed documents
You should receive multiple documents by mail or electronically that are essential for an accurate and fast tax filing process. Pay attention and be sure to save any of the following documents that may pertain to you this tax season.
- Earned Income Documents can include your W-2, 1099-MISC (miscellaneous), or 1099-NEC. Your W-2 will report annual earnings and other essential information from your 2021 employer. The 1099-MISC and 1099-NEC report total earnings for independent contractors who worked for companies like Uber, DoorDash, InstaCart, etc. In 2021. You may receive multiple income documents depending on how many companies you worked for over the year.
- Unemployment Income needs to be reported on your 2021 tax return. You will need to save Form 1099-G to report unemployment compensation and withholdings on your 2021 tax return. You can access your 1099-G form at the South Carolina Department of Employment and Workforce (SCDEW) site HERE.
- Letter 6475 (Stimulus Payment) will report your compensation for the third stimulus payment issued in 2021. You need to save this form to determine if you should claim the Recovery Rebate Credit during this tax season. If you believe you did not receive the correct amount in the most recent Economic Impact Payment you may be eligible to claim the Recovery Rebate Credit. Learn more about claiming the Recovery Rebate Credit on your 2021 tax return HERE.
- Letter 6419 (2021 Advance Child Tax Credit) reports the advance Child Tax Credit payments that were dispersed to you in 2021. If you received half of your Child Tax Credit in advance payments, you would need to save Letter 6419 to claim the other half of your credit on your 2021 tax return. You can make sure that the IRS has your most updated personal information and review advance payments using the IRS Child Tax Credit Update Portal HERE.
2. File on time when the IRS is accepting returns
The IRS will accept your 2021 tax return from January 24, 2022, through April 18, 2022. It is important to file your tax return during this period to avoid submission delays or extra fees. Filing with SC Thrive using Thrive Hub allows you to submit your return only during the official tax season announced by the IRS. When you file before the deadline with SC Thrive, you increase your chances of receiving your maximum tax refund faster.
3. Choose how you will receive your payment
The way you choose to receive your tax refund also influences how fast you may get your payment back. Here is a quick breakdown of the different methods you can use to receive your payment.
- Direct Deposit is the quickest and most secure way to receive your tax refund. You will be able to use your tax refund the same day it is issued to your bank account. Submit accurate banking information on your 2021 tax return if you would like a direct deposit.
- Other Methods include a paper check, pre-paid card, or savings bonds. If you choose any of these other options for receiving your refund, you will likely wait longer to receive your payment. Once you have selected your tax refund option, you can review the status of your return from the IRS HERE.
Ready to start free tax filing?
File your federal and state taxes on time this season with SC Thrive to receive your maximum refund. If your Adjusted Gross income (AGI) is $73,000 or less per year, you may qualify for free tax filing through Thrive Hub. If you are ready to prepare your return and file your 2021 taxes with SC Thrive, get started HERE.