SoFi

The IRS says that if you file your return electronically and enroll in direct deposit, you can probably receive any refund you qualify for within three weeks. That speed can be a real upside of getting organized and filing early, especially if you have plans for the funds coming back to you (such as paying for summer vacation plane tickets).

Those who file a paper return, however, will likely have a longer wait. Read on to learn more and manage your expectations, including:

•   How long does it take to get my federal tax refund?

•   When will I get my tax refund?

•   What affects the time it takes to get a tax refund?

•   How can you check on where your tax refund is?

IRS Refund Schedule for Tax Year 2025

For those who are curious about when exactly a refund should arrive for the tax year 2025 (filed in 2026) or for tax year 2026 (filed in 2027), consider this information:

Federal Tax Refunds

In terms of when you will get your federal tax refund, here is a typical timeline of when refunds are issued after filing:

•   Up to 21 days for an e-filed return

•   4 weeks or more for amended returns and returns sent by mail

•   Longer if your return needs corrections or extra review

State Tax Refunds

When it comes to issuing refunds, each state handles things in their own way, on their own timeline, so it can be difficult to generalize.

Typically, a state tax refund can take anywhere from a few days to a few months for processing. If you filed a paper copy vs. electronically, that may lengthen the usual time for refund processing and the arrival of your funds.

Tax Return Extension

Sometimes, a taxpayer will not be able to file their return by the Tax Day deadline. Perhaps they are missing important tax documents, are experiencing a family or personal emergency, or maybe they just procrastinated. Whatever the case, there is a mechanism in place that allows for an extension.

The IRS allows people to file for a six-month tax extension for submitting their return. However, the extension request, plus any taxes owed, are still due on that April deadline (the 15th or slightly later if it falls on a weekend or holiday).

If you are due a refund, it will be delayed if you submit your tax return late. The volume of tax returns filed late can impact how soon you get your refund.

Form 4868

To request an extension, an individual should file IRS Form 4868. The form captures basic information about the taxpayer, such as name, address, Social Security number (SSN), and how much you believe you owe.

Anyone, regardless of income, can submit this form electronically as part of the IRS’ Free File program.

Recommended: What If I Miss the Tax Filing Deadline?

How Long Does the IRS Take to Process Your Taxes?

The IRS says that it issues more than nine out of 10 refunds in less than 21 days. That said, sometimes the processing of a return can take longer, even if a return was filed electronically.

If a return needs to be reviewed manually, it will likely take longer as well. Factors that can lead to a manual review include incorrect or missing information or identity theft situations. More detail is provided below.

Recommended: Steps to Prepare for Tax Season

Common Tax Refund Delays

If you’re wondering how long does it take to get a tax refund, know that there is not a single, specific timeframe for all taxpayers, and that delays can and do happen.

The IRS cautions visitors to its website not to expect their refund by a certain date. Though most taxpayers typically receive their refund within three weeks, and possibly in even less time if they e-file and choose direct deposit, there are several reasons why a payment might be delayed.

Here are some issues that could cause a holdup:

Filing a Paper Return

Under normal circumstances, the IRS says, it can take several weeks to process a paper Form 1040. Unlike returns that are filed electronically, paper returns must be manually entered into the IRS system.

•   Tax returns are opened in the order they’re received, so if your refund is taking longer than expected, the date you sent your return could be a factor as well.

•   The delivery option you choose for your refund also can affect how quickly you receive your funds. According to the IRS, the fastest way to receive your refund is to combine the direct deposit method with an electronically filed tax return. But taxpayers who prefer a paper return also may be able to speed things up a bit by choosing direct deposit for their refund instead of a paper check.

•   Note: If you e-file, direct deposit is again your fastest path to any refund that’s due (typically one to three weeks), as noted above. If you e-file but request a paper check, that will take a bit longer, often closer to one month.

Providing Incorrect or Incomplete Information

Did you or your spouse forget to sign your return, or did you type in the wrong Social Security number? Returns with missing information or errors can cause extra work for the IRS, which could hold up a refund.

What’s more, the IRS is strengthening its screening process to help fight identity theft, so even the smallest mistake — such as using a different name than what’s on your Social Security card or misreporting what is W-2 income — could slow things down. If the information you provide is wrong or something is missing, you can expect the IRS to contact you for additional documentation or to correct the error.

Claiming Certain Tax Credits

If you’re claiming the additional child tax credit (ACTC) or the earned income tax credit (EITC), the IRS won’t issue your refund before mid-February. A federal law that took effect in 2017 gives the IRS extra time to review those returns, check employers and other information, and detect any possible fraud.

Filing an Amended Return

You may have to amend your return if you find you made an error or there’s a change that affects your income, your income tax bracket, and/or your deductions — and that could delay your refund by several weeks. According to the IRS, it can take up to 20 weeks to process an amended return — even if it was filed electronically.

You can check your return and refund status daily with the IRS’s Where’s My Amended Return tracking tool .

Tax Fraud

A missing refund could be a sign that someone used your personal information to file a fraudulent tax return in your name. If you suspect you may be the victim of tax fraud, the IRS lists several recommendations for what to do next on its Taxpayer Guide to Identity Theft web page, and the agency advises potential victims to report their concerns to the Federal Trade Commission.

Existing Government Debt

If you have certain kinds of delinquent debt owed to the federal government, what is known as tax refund offset may occur. This means that an individual’s refund may be partially or completely withheld to satisfy the debt.

You will generally be notified if your refund is being reduced or withheld in this way, and you can dispute the payment with the agency that received it. And if there’s any money left after the offset, you’ll receive it by direct deposit or in a check, depending on what you requested on your tax return.

To ask questions about delinquent debt, you can contact the Treasury Department at 800-304-3107.

Your Refund Went Missing

If you e-filed with third-party tax software or the IRS’s Free File system, you likely received confirmation that your return was received and accepted. If you don’t remember getting a confirmation notice or if you’re concerned because you haven’t heard anything since then, you can check your status with the agency’s Where’s My Refund tool. Some next steps:

•   If the IRS’s Where’s My Refund tool says your refund check was mailed but 28 days or more have passed and you haven’t seen it, you can file a claim online to receive a replacement. (The Where’s My Refund site will show you how.)

•   Even if you opted for direct deposit, it still could take a few days for the money to show up in your account.

•   If you think your refund has gone missing, you may want to call your bank about tracking the deposit, then move on to contacting your tax preparer or the IRS for help.

•   The IRS won’t accept responsibility if it sent a refund but you or your tax preparer wrote the wrong account number on your return. If the IRS notices an error or if your bank rejects the deposit and returns the money to the IRS, the IRS still may end up sending you a check (instead of using a direct deposit).

•   If you entered an account or routing number that belongs to someone else and the financial institution accepted the deposit, you’ll probably have to work with a bank representative to recover the money. The IRS cannot compel the bank to return the refund.

Tracking Your Tax Refund Process

If you are eagerly awaiting your income tax refund, a wise move can be to track its status on the IRS website or through the IRS2GO app.

You can begin checking your refund’s progress as soon as 24 hours after the IRS receives your e-filed return or four weeks after mailing a paper return. And, if everything goes smoothly, you can use the Where’s My Refund tracking tool daily to watch your tax return make progress.

•   To use the Where’s My Refund tracking tool, all you need is your Social Security number, your filing status (single, married filing jointly, etc.), and the exact dollar amount of your expected refund.

•   You may not get all the information you wanted about your refund, but it’s a start. If you can’t get enough intel there, your local IRS office may be able to help.

Tax Refund Mistakes

What about the scenario in which a tax refund arrives but it’s for less than you expected? Consider a couple of possibilities:

•   Your tax return could have contained an error, leading you to think you were due more money than you actually are.

•   You might have had your refund lowered by the Treasury’s Offset Program mentioned above.

In the situation of your refund being less than anticipated, there is likely an explanation provided from the IRS as to why. If you are not satisfied, you can use the methods outlined above to contact the IRS and gain more insight.

Tips for Getting Your Tax Refund Faster

If you’re hoping to get your next refund faster, here are a few steps that might help:

Filing Electronically

As mentioned above, filing electronically vs. filing a paper return can speed up your refund. It can typically shave a week or two off of getting your money back via direct deposit and a month off the time for a refund check to be issued.

Choosing Direct Deposit

The IRS says refunds will generally be received by taxpayers sooner if they have e-filed and selected direct deposit. Even if you prefer mailing in a paper return, you can choose to have your refund deposited into your account.

Providing Accurate Information

Pay attention to every detail as you prepare your taxes. Don’t let a little mistake or an omission of data cause a long delay.

Filing Early

By filing as soon as possible during tax season, you’ll be able to position your return at the front of the line for processing. And by starting early, you’ll give yourself plenty of time to research any tax help you may need along with tips that might apply to you, your business, and your family.

Just remember the point above about returns claiming the ACTC or EITC not being processed until mid-February at the earliest.

The Takeaway

Most tax refunds are issued within one to three weeks if you file electronically and opt for direct deposit of your refund. If you file a paper return or opt for a refund check to be mailed to you, it can lengthen the timeline. In any scenario, the IRS provides tools that can help you track your refund and know where your return is in terms of processing.

If you are due a refund and need a great place to deposit it, you may want to make sure your account offers minimal or zero account fees and a competitive annual percentage rate (APR).

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

When will I get my tax refund for 2025?

Your tax refund arrival will depend on when you filed your return, how you filed it, and how you indicated you’d receive your tax refund. Typically, filing electronically with direct deposit is quickest, with the refund arriving within three weeks. If you file electronically with a paper check as the refund, that could take longer since the check has to be mailed. Paper returns can take several weeks, with those requesting refunds via paper check requiring still longer.

What is the 2025 IRS tax refund schedule?

Filing for the 2025 tax year begins around January 26, 2026, and the deadline is April 15, 2026. Tax refunds are issued at varying speeds, depending on whether you file electronically or with a paper return, and whether you request your refund be direct-deposited or sent as a check. The fastest option is to file electronically and have the refund direct-deposited. This typically takes three weeks or less.

How long does it take to get your tax refund through direct deposit?

How long it takes to get your refund through direct deposit will vary depending on whether you filed an electronic or paper return. The majority of electronic returns are processed in three weeks or less, with direct deposit happening very soon thereafter. Paper returns, however, can take several weeks or longer, with refunds taking at least that long to hit a taxpayer’s bank account.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOBK0224001
CN-Q425-3236452-146

Yes, it’s that time again: Tax Day is approaching. When April 15th rolls around, it’s the deadline for filing returns.

This isn’t a task you want to leave for the night before. Taxes can be complex, and it can be time-consuming to complete even a fairly simple return. Preparing in advance can be an excellent idea.

Whether you plan to file on your own or use a professional tax service, you will need to gather a number of forms and documents. This checklist will help you pull together the information and paperwork you need to make the process go that much more smoothly.

The Basics of Filing Taxes

In a nutshell, filing your taxes tracks your income, taxes already deducted during the year, any credits and deductions, and other factors that impact what you may owe.

Below, you’ll learn about what documents you need to file your income taxes. The Internal Revenue Service (IRS) collects taxes from any business or individual that receives a regular monthly income. There are currently seven different tax brackets that divide individuals according to their annual earnings.

Of course, each person’s situation is unique, with different earnings, deductions, and circumstances that may impact how much they owe (or get refunded, in some cases). You can explore an in-depth guide to the 2025 tax season for more details, but now, consider the information you’ll need to collect before you can finalize your return.

Personal Information

First on your tax prep checklist is to gather some basic information about yourself and (if applicable) your spouse and children. This includes:

•   Your Social Security or tax ID number

•   Your spouse’s Social Security or tax ID number and birthdate

•   Any identity protection PINs issued to you or family members by the IRS

•   Your bank account number and routing number for the deposit of any refund you may be due or payment you owe, it you choose to pay that way

•   Any foreign residency and reporting details, if that applies to you.

Dependents’ Information

If you have dependents, you’ll want to gather similar details about them, as above. The IRS defines a dependent as a qualifying child (who is either under age 19 or under age 24 if they’re a full-time student), or could be any age if considered to be permanently disabled. A qualifying relative can be a relative (say, a sibling or parent) who, if they have income, does not provide more than half of their own annual support. (One note: A spouse cannot be claimed as a dependent.)

In addition to dates of birth and Social Security or tax ID numbers, you will need records of child care expenses (and providers’ tax ID numbers), if applicable; details of earnings of dependents; and potentially form 8332 relating to custodial agreements for children, as needed. (You’ll learn a bit more about possible family-related tax deductions and credits below.)

Sources of Income

Next on the tax preparation checklist is to gather paperwork about your sources of income. Typically, this means W-2 and/or 1099 tax forms.

•   For full-time employees, this will often be a W-2 form.

•   For those who are self-employed (such as freelance and contract workers), 1099s will be needed. These are forms that document payment of funds from different entities.

•   If you received payments for goods and services from an app or online platform, you might receive a 1099-K form if your earnings cross a certain threshold.

•   If you received unemployment compensation (or any state or local income tax refunds), you’ll want to make sure you have a 1099-G reflecting these earnings.

•   If you’ve earned interest or dividends, or sold investments, you will want to collect your 1099 forms that track these amounts.

•   You will also need to pull together any 1099 forms that document Social Security or income from a pension, IRA, or annuity.

•   Other forms of income will need to be accounted for as well, including jury duty, pay, prizes, awards, gambling winnings, trust income, passive income (such as earnings on a rental property you own), and royalties, among others.

Types of Deductions

Now that you’ve covered what you earned on the tax document checklist, it’s important to track possible deductions, which can lower your tax burden. Essentially, when you take a deduction, you lower the amount of income that will be taxed.

Many of these deductions will involve 1098 documents. Here are some of the more common tax deductions possible:

•   Medical expenses: You may be able to deduct some medical expenses, so it’s wise to gather records of how much you paid. If your medical bills exceed 7.5% of your adjusted gross income, and you choose to itemize your deductions (rather than take the standard deduction), you may be able to deduct some of these expenses.

•   IRA contributions: You may be able to deduct your contributions to a traditional individual retirement account (IRA). However, the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds a certain level.

•   Mortgage and property Taxes: You may be able to deduct your property taxes and the interest you paid on your mortgage if you itemize, so be sure to gather your paperwork related to homeownership.

•   Charitable donations: If you itemize, you may be able to deduct any money or items you donated to a charity from your taxable income.

•   Car expenses: If you’re self-employed and use your car exclusively or partially for work, you may be able to write off all or some of your car expenses.

•   Educational expenses: Student loan interest (up to $2,500) is tax deductible. If you are self-employed, you may be able to deduct education expenses, provided the education improves your business or is required by law.

•   Home office costs: If you’re self-employed, you may be able to deduct expenses related to maintaining a home office.

•   State, local, and sales taxes: If you itemize, you may be able to deduct the state and local general sales tax you paid during the year, or the state and local income tax you paid during the year.

Tax Credits

Before you wrap up your tax prep checklist, you’ll want to collect any paperwork that could help you snag tax credits. As for deductions vs. tax credits, a deduction lowers your taxable income, while a credit gives you a dollar-for-dollar deduction in your tax liability. So if you can claim a $2,500 credit, that means your taxes owed are reduced by $2,500.

Here’s a look at some credits that can help you save on your taxes.

Student Credits

You may want to look into the following:

•   American opportunity tax credit: You may be able to receive up to $2,500 as a credit for qualifying educational expenses during the first four years of higher education.

•   Lifetime learning credit: You may be able to receive up to $2,000 per year as a credit for qualifying tuition and expenses.

Family and Dependent Credits

Consider whether you are eligible for the:

•   Child tax credit: This is worth up to $2,200 per qualifying child under age 17 for tax years 2025 and 2026.

•   Child and dependent care credit: If you needed child or dependent care in order to work, you may be able to get back some of your expenses with this credit.

•   Earned income tax credit (EITC): For low- to middle-income workers, the EITC could be up to $8,046 for 2025, and up to $8,231 for 2026, depending on qualifying factors.

•   Adoption credit: If an adoption was finalized in 2025, the adoptive parents may be eligible for a federal tax credit of up to $17,280. For adoptions finalized in 2026, the adoptive parents may be eligible for a federal tax credit of up to $17,670.

Homeowner Credits

•   Home energy tax credits: For tax year 2025, you might be able to take a credit of up to 30% on the costs of clean, renewable energy systems/equipment for your home, up to a limit. Most home energy tax credits will not be available for the 2026 tax year (with a few exceptions), under the One Big Beautiful Bill.

Missed Deadline Penalties

Here’s another reason to prioritize this tax preparation checklist: If you don’t have your documents gathered and your return prepared, you might file late…or not be filing at all.

There are various penalties involved if you don’t make the filing deadline and/or you don’t pay the taxes you owe on time. Here’s how they break down:

•   If you owe taxes and don’t file on time, the penalty is 5% of taxes owed for every month your return is late. The penalty won’t exceed 25% of your unpaid taxes.

•   If you file more than 60 days after the filing due date, the minimum penalty is $525 (for 2025 tax returns filed in 2026) or 100% of your unpaid tax, whichever is less.

•   If you file your taxes (or request an extension) on time but don’t pay the taxes you owe, the late payment penalty is 0.5% of taxes owed for every month the payment is late. The penalty won’t exceed 25% of your unpaid taxes.

•   For any months in which both the late-payment and late-filing penalties apply, the late-filing penalty is reduced by 0.5% to 4.5%.

Interest also accrues on unpaid taxes, adding to the cost. Since all of this can cost you money and create considerable stress, it’s a good idea to get a head start so you have your tax prep documents together and can file on time.

The Takeaway

Filing taxes can be complicated and require gathering various forms and figures. It’s wise to start early and collect information related to your income, dependents, and possible deductions and credits.

Additionally, being prepared in advance to receive any refunds or make any potential subsequent tax payments is important. It can be wise to have a checking and savings account that earns you interest while making it simple to track your cash.

​​

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Photo credit: iStock/simpson33

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBNK-Q125-004
CN-Q425-3236452-142

Filing taxes as a beginner can be intimidating, but once you’ve done it a couple of times, it can get easier. You’ll know the process and just which documents and numbers you’ll need to complete your forms. That applies whether you file on your own or work with a tax preparer.

So, here’s a great starting point for learning how to file taxes when you aren’t so familiar with the procedure.

What Do You Need to File Your Taxes?

If this is your first time filing, it’s a good idea to gather everything you need before you sit down at a computer or with an accountant. Here’s what you’ll need:

•   Social Security number: If you aren’t sure, ask your parents or legal guardians. Once you start filing taxes, it’s a good idea for you to keep your Social Security card and other important documents, like your birth certificate, instead of leaving them at your parents’ house.

•   Wage and income information: For most first-time filers, this will simply be a W-2 form from your employer.

◦   If you did any freelance or contacted work, you should receive 1099 forms from each entity that paid you.

◦   If you have a bank account or investments that earned interest, and you will have received forms for those, typically a 1099-INT or 1099-DIV.

•   Documentation for tax credits and deductions: When doing your taxes at a young age, it is unlikely that you will qualify for many tax credits and deductions, if any at all. And because the standard deduction has increased significantly over the years, you will likely take the standard deduction (instead of itemized), for which you won’t need any documentation.

◦   If you’re a student, also look for the form 1098-T from your school, which details tuition payments you have made and funds received (such as grants), to help you identify whether you are eligible for any deductions. In addition, be aware that some college scholarships or grants may be considered taxable income.

•   Bank account info: If you expect to receive a refund and want the money electronically deposited into your bank account, you need to have your account number and routing number at the ready. If you owe money, you can pay from your bank account, a credit or debit card, or a paper check or money order.

The IRS also advises checking with parents before filing to see if they are claiming you as a dependent.

Where Can You Fill Out Your Taxes?

When learning how to do taxes for the first time, one big question is exactly where to get this done. The IRS allows you to fill out your taxes in several ways, either on paper or electronically.

Filing Online

You can file online directly through the IRS website with a tool called IRS Free File. And if your adjusted gross income (AGI) is $84,000 or less, the IRS currently offers free guided tax preparation software. Even if you brought in more than $84,000, the IRS makes its tax forms available for e-file free of charge. Check the IRS website for updates regarding this program for each calendar year.

However, navigating tax forms can be overwhelming. Purchased tax software comes with educational resources and interactive platforms that prompt you for the correct information. Using tax software could help filers avoid math errors and find deductions and tax credits they may not have otherwise known about.

As a filer, it’s up to you to research popular tax software solutions (such as TurboTax, H&R Block, TaxSlayer, and TaxAct) and find the option that suits you best. Prices can range from about $40 to $125 or more and up.

Filing Manually

The old method of filing by hand with pen and paper is still possible, though these returns may take longer to process.

Because pen and paper can potentially lead to errors, it is a good idea for first-time and veteran filers to utilize free or purchased online software or even a tax professional.

Recommended: How Long Does It Take for the IRS to Mail Tax Refund Checks?

Filing With a Professional

Tax professionals can file manually and online, but the IRS encourages all accountants to utilize the online option. For a speedy return and fewer errors, most tax professionals will likely file electronically for you.

As a first-time filer, your tax situation will not likely be complex enough to warrant a tax professional. But as your finances become more complicated — with investments, real estate, small business ownership, and more — a tax accountant may make sense.

Another benefit of working with an accountant can be their training and knowledge. A professional may be able to help you find (legal) ways to pay less taxes.

How Do You Pay Your Taxes?

When filing taxes for the first time, there’s a good chance you will not owe anything. In the event that you do owe the government money, however, you have multiple options for paying your taxes:

•   IRS Direct Pay: The amount owed will be debited from a checking or savings account.

•   Credit or debit card: You can pay your outstanding tax balance with a debit or credit card online. This is a nice option if you have cash back rewards, but you will typically be paying a high interest rate if you carry a balance.

•   Check or money order: The IRS still accepts checks in the mail, as well as money orders.

•   Installment agreement: If you cannot afford your tax bill all at once, you can use the IRS Online Payment Agreement tool to apply for an installment plan.

Filing Tips for First-Timers

Feeling nervous about doing taxes for the first time? Here are some tips for making the experience easier; consider them steps for how beginners can file taxes.

1. Watch Your Income

To determine if you need to file, you can watch your income throughout the year. Once you pass a certain threshold, you will be required to file. This filing threshold can vary depending on your situation, so you’ll need to check out the IRS filing requirements .

If you know that you will make enough money to pay taxes, it’s a good idea to ensure your employer is withholding the proper amount of money from each paycheck for federal, state, city, and even school district taxes. If you believe your employer is not withholding enough (or is withholding too much), the IRS recommends filling out a Form W-4 to change your withholding.

Recommended: What Tax Bracket Am I In?

2. Gather All Necessary Documents

Tax documents will start arriving in the mail or digitally early in the new year, typically near the end of January or in early February. As these documents come in, it’s wise to store them in a safe place, like a manila folder in a fire safe or an encrypted folder on your computer. When it’s time to file, you’ll be able to access all your tax forms quickly and easily, rather than hunting all over for them. Being organized this way can also help you be aware of any missing tax documents.

If your tax situation is more complex — for instance, if you are self-employed, receive student loans, or make charitable donations — it’s a good idea to hold on to relevant forms throughout the year. Self-employed individuals, for example, may want to save receipts for business expenses incurred throughout the year. These can help you claim tax deductions for freelancers.

3. Learn About Potential Credits

When filing taxes for the first time, you may not be eligible for many tax credits. Tax preparation software, a tax professional, or even the IRS’s guided filing tool may be able to help you find out which credits you qualify for.

Before filing on your own, it could be wise to review the IRS list of tax credits for individuals to see if any apply to you.

4. Understand Potential Deductions

Similarly, most first-time filers will want to take the standard deduction instead of itemizing because it may offer the larger discount. However, the IRS does offer itemized deductions for student loan interest and for work expenses, if you are self-employed.

You can familiarize yourself with IRS deductions, including tax deductions for college students (if that applies) before filing to determine if itemizing deductions is right for you.

5. Hit Your Deadlines

Tax Day in the United States is traditionally April 15, but if that date falls on a Saturday, Sunday, or legal holiday, the tax deadline moves out to the next business day.

If you owe estimated taxes each quarter (say, if you are self-employed), you will need to pay taxes four times a year. Working with a tax accountant may be in your best interest. Members of the Armed Forces may have special rules governing the due date of their taxes.

Individuals can also apply for a tax extension; this extends the due date of filing, but not the due date of payment. That means you might get a six-month extension to file the paperwork, but if you have not paid what you owe by April 15, you could be subject to late penalties.

Do You Need to File Taxes Every Year?

Not everyone is required to file tax returns every year. It all comes down to your unique tax situation and how much you earned. However, if you earn income throughout the year, there is a good chance you will need to file. It’s a good idea to review the IRS filing requirements or speak with an accountant if you are not sure.

Tax Filing Mistakes to Avoid

Working with tax preparation software or an accountant can help avoid some common mistakes when filing taxes, but familiarizing yourself with some of the most common errors can be helpful, no matter how you’re filing:

•   Forgetting about state and city. We often think about federal income taxes, but your city and state (and maybe even school district) could also have their own taxes that you are required to pay.

•   Not filing. Income thresholds can change each year. It’s always a good idea to check whether you are required to file taxes for a given year even if you didn’t have to for the previous year.

•   Not checking with parents. If you are filing taxes for the first time, your parents are likely used to claiming you as a dependent. Talking with them about dependent status before filing could be a smart move.

•   Filing without all your forms. Getting taxes over with early can relieve a lot of stress (and means you can get your tax refund early), but if you have any tax form stragglers, like a 1099, that appear in the mail after you’ve completed your taxes, you might land in trouble with the IRS.

•   Entering in the wrong info. Tax preparation is not something to speed through. Even though e-filing helps avoid simple pen-and-paper mistakes, it’s still possible to incorrectly enter things like your birth date or Social Security number. Slow and steady — with lots of double- and triple-checking — wins the race.

The Takeaway

Filing taxes as a beginner can be intimidating, but if you put some time and organizational effort into the process, it can go smoothly. You’ll also be better prepared for next year’s Tax Day once you’ve filed. Whether you do your own taxes or work with a tax professional, it’s wise to gather the necessary paperwork, understand your potential credits and deductions, and file on time and precisely.

The fastest way to get a tax refund, if you’re due one, is a direct deposit into your bank account. If you’re a first-time filer, it’s wise to have an account ready to receive any funds heading your way.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What happens if you make an error on your taxes?

As soon as you realize you have made a mistake on your taxes, you can amend it with Form 1040-X or by calling the IRS at 800-829-1040. In general, the IRS does not consider mistakes to be tax fraud, though you may end up paying late penalties. If you have intentionally made errors and the IRS catches you, you could be charged with a tax crime.

How much income do I need to make in order to pay taxes?

The amount of income that you need to make to pay taxes can fluctuate each year and depends on your filing status (single; head of household; married, filing jointly; married, filing separately; qualifying widow/widower). For the 2025 tax year, a single filer under 65 needed to make $15,750 or more to file. For the 2026 tax year, a single filer under age 65 needs to make $16,100 or more to file.

What is the deadline for filing taxes?

In general, the tax deadline in the U.S. is April 15. If this date falls on a weekend or legal holiday, the deadline shifts to the next business day. Members of the military may have special rules affecting their deadline, and self-employed individuals typically must pay quarterly estimated taxes throughout the year.

How can I avoid tax scams?

The best way to avoid tax scams is to educate yourself on what they look like. The most common tax scams are email phishing scams and phone scams. Remember that the IRS will never email you requesting personal or financial information nor will the IRS call you and threaten legal action or leave pre-recorded, urgent messages.

Photo credit: iStock/PeopleImages

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOBNK-Q425-021
CN-Q425-3236452-147