Lay the fitted sheet flat on a bed with the elastic openings facing up (or toward you).
Grab one corner pocket and turn it inside out so the pocket opening faces the center.
Insert your hand into the turned pocket and grab the second corner pocket.
Pull the second corner pocket through the first so both corners are nested together.
Tuck the remaining two corners into the bundle formed by the nested corners.
Smooth the sheet down so no corners escape.
Fold the sheet inward over itself to form a compact rectangle or square, tucking edges as needed.
If needed, finish by folding once more to make it fit your drawer or storage bag.