Your federal tax refund is important! And we want to make sure you get it as soon as possible — and are savvy about the way you use it. To get a speedy tax refund for the 2022 tax season, the IRS recommends you e-file and choose direct deposit. When you e-file with a direct deposit to your primary account, you could get your refund in 21 days or less. Here’s how.
Table of Contents
- Try our Tax Calculator
- What’s the fastest way to get your tax refund in 2022?
- How to get your tax refund up to two days early1
- Already have a RoarMoney account?
- Savvy ways to use your tax refund
- Stash your cash for a rainy day
- Pay off high-interest credit cards
- Get current on past-due debts
- Donate to a cause that’s close to your heart
Try our Tax Calculator
What’s the fastest way to get your tax refund in 2022?
The tax deadline for 2022 is Monday, April 18. To speed up your refund, the IRS strongly suggests you e-file and choose direct deposit. With a direct deposit to your primary account, you could get your refund in 21 days or less. Here are some tips from the IRS to help you prepare.
How to get your tax refund up to two days early1
You could get your tax refund up to 2 days early1 (AND your paycheck too!) with a RoarMoneySM account from MoneyLion — all for just $1/month.
- Download the MoneyLion mobile app
- Sign up for a RoarMoney account
- Link your direct deposit to get your tax return up to two days early!1
If you file your taxes directly with the IRS, just add your RoarMoney account and routing number. MoneyLion will let you know as soon as your tax refund hits your RoarMoney account! Did you know? With recurring direct deposits to RoarMoney, you can enjoy banking with a Safety Net. Safety Net unlocks access up to $1,000 InstacashSM advances at 0% APR — so you can cover unexpected expenses every paycheck period.
Already have a RoarMoney account?
Here’s how to set up a direct deposit on the MoneyLion app.
- To update your direct deposits when you file with the IRS, go to your MoneyLion app, view your RoarMoney account and tap on “View account & routing numbers.”
- You can also direct deposit a paycheck or any other eligible recurring check — such as unemployment, benefits checks, pension, alimony — and get access to them up to two days early with RoarMoney.1
If you’re struggling to find the direct deposit form for your employer, MoneyLion has you covered with a direct deposit form you can print, fill out, and bring to your work’s human resources department. You can also use the MoneyLion app to set up direct deposits. Open the RoarMoney account menu, tap on More and you’ll find “Manage direct deposit” in the Account options.
Savvy ways to use your tax refund
While you wait for your refund to hit your account, it’s never too soon to start brainstorming ways to put the funds to good use. A few savvy suggestions:
Stash your cash for a rainy day
With so much uncertainty lingering, it’s not a bad idea to tuck some or all of your refund away. Find a savings account with a decent rate of return or, better yet, build good investing habits by using your refund check to build wealth. Use it to get ahead on debt, make a payment on a new home, take a vacation.
After answering a few questions to determine your risk preferences, MoneyLion will manage a personalized investment mix that works for you based on your preferences. Just set it and forget it. And you can keep investing effortlessly over time with auto-investing.
It’s easy to open a MoneyLion Investment Account and create goals for things like:
☂️ Rainy-day fund
?Invest for kids
? Special occasion
? New car
Open your Investment Account. Then, to add a Goal, open the MoneyLion app, go to your Investment Account and tap the green Goals banner.
Pay off high-interest credit cards
Did the pandemic push you to use your credit cards more than you’d like? You’re not alone. If you have a steady source of income and a cash stash, try paying off a small total on a high-interest credit card.
This prevents you from throwing away money on interest every month, and your credit score can benefit because your utilization is lower. Just don’t forget to use and pay off the card on occasion so the credit card issuer doesn’t close the account.
Get current on past-due debts
Were you dealing with past-due debts before the COVID-19 crisis?
If you’ve already called the creditors, and they won’t allow you to participate in a relief program, use a portion of your tax refund to bring your accounts current. This prevents the accounts from going into collections and could save you a bundle on late fees and penalties that can continue to rack up.
Donate to a cause that’s close to your heart
Contribute to the charity of your choice. Look into local charities or even a family in your area that could use some help. A couple of hundred dollars could go a long way when used to feed the needy or provide supplies to the low-income, underserved and homeless populations.
Take a small step into Crypto
Have you been looking for the right time to get started with Crypto? If you have wanted to start buying cryptocurrencies like Bitcoin or Ethereum you could start now. Think about using a very small portion of your tax return to purchase your first cryptocurrencies. A good rule of thumb for exploring this emerging asset class responsibly could be to only use 5% or less of the funds that you had available to invest to buy crypto. Starting small allows you to learn about the crypto space hands-on without too much exposure.
Keep more of what you earn
We’re here to help! Check out these two tax-season resources that can help you:
Wishing you a happy tax season!