Use the Venmo app or Cash? You can get your tax refund 2 days earlier. here’s how

Get your tax refund faster using Venmo.

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This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file quickly, accurately and on time.

get your tax refund return days earlier than expected is a good surprise when you declare your taxes. But is it possible if you don’t have a bank account? Yes – using a money transfer app like Venmo, Cash App or PayPal, you can create an account to have your refund money sent to you.

The IRS urges taxpayers to file electronically and set up direct deposit to collect their refund faster since the backlog of tax returns has extended into 2022. (According to the IRS, eight out of 10 taxpayers already do this.) This is especially important if there are other funds on the table, like your last child tax credit payment.

Here’s how to set up direct deposit with Venmo, Cash App, or Paypal to get your refund faster. To find out more, here seven ways to avoid an IRS tax audit.

How can I get my tax refund faster through Venmo and other payment apps?

Unlike most banks, money transfer apps can make your deposits available to you as soon as they are received. This means you can collect your refund up to two days sooner because you wouldn’t have to wait for your bank to process the deposit, which could take up to a week.

How to get your refund through Venmo

Creating a Venmo account takes less than 5 minutes. Here’s how.

1. Download the Venmo app on your mobile phone and create an account or log in.

2. Select the profile icon at the bottom right of the screen.

3. Scroll down and tap Direct deposit.

4. Select “View Account Number” to access your Venmo account details.

5. When you file your tax return, enter your Venmo routing and account number. After your taxes are processed by the IRS, your refund will be sent to your Venmo account.

Mobile payment app like Venmo and Cash App

Your refund can arrive up to two days early via a money transfer app.

James Martin/CNET

How to get your cashback via Cash App

If you want to set up direct deposit with Cash App, here’s how.

1. Download the Cash App on your mobile phone and create an account or login.

2. Press the Banking tab at the bottom left of your screen. It is the one that has the shape of a building.

3. Scroll down and select Direct deposit. It will note that you can get your money two days faster.

4. Next, you will need to create a free Cash Card. Faucet Get a free payment card and follow the on-screen prompts.

5. Once you are done, you can return to the Direct deposit and copy your routing and account numbers. Use them when you file your taxes.

Get your tax refund via PayPal

Just like Venmo (owned by PayPal) and Cash App, you can get your money back two days earlier with PayPal. Here’s how.

1. Download PayPal to your mobile device and sign in or create an account.

2. Scroll through the top menu options and select Set up direct deposit.

3. Faucet To start. You will need to read the terms and conditions and then select Continue.

4. Confirm your information with PayPal and select TP submit.

5. Then you will need to upload a photo ID or your Social Security document or ITIN.

6. Once you are done, you will be able to access your routing and account information in your PayPal wallet.

For more information, here how to track your tax refund. Also, these 10 tax changes could impact the size of your tax return.

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