TurboTax is one of the leading tax preparation software programs in the US that allows you to e-file your taxes online. That said, you don’t have to visit the Income Tax office and stand in long queues waiting for your turn to file the state or federal taxes. Besides, it offers you an excellent opportunity to avail no-interest refund advance loans before the initiation of the tax season. Depending on your expected federal tax refund, the amount of TurboTax refund advance ranges from $250 to $2,000. In addition, there are many other useful features of TurboTax which most of the users are still unaware of.
Carefully read this webpage to get answers to some of the most common queries related to TurboTax refund advance and keep yourself prepared for availing all the required benefits of TurboTax for the days to come.
What is TurboTax’s Tax Refund Advance?
TurboTax tax refund advance is a useful feature that allows you to avail a refund advance in the form of a loan. To be eligible for this, you must use TurboTax to e-file your tax returns. Once you raise a request for TurboTax advance refund and the request is approved, the eligible loan amount along with a deduction of any applicable fees will be deposited to your TurboTax Prepaid Visa Card.
Eligibility Criteria For Advance Tax Refund:
To be eligible for TurboTax early refund advance, you need to meet the below-mentioned criteria:
- You are 18 years or older
- You aren’t a resident of Connecticut, Illinois, or North Carolina.
- You must e-file your federal taxes using TurboTax.
- Your mailing address is mentioned on the tax return.
- The address should be on the list of eligible states and not a PO box or prison’s address.
- You aren’t filing any of these tax forms: 4852, 4868, 1310, 1040 SS, 140X, 1040 PR, 4684, 8862, or 8888
- You aren’t filing the taxes on behalf of a deceased taxpayer
- You need to report your income on a Form W-2, 1099-R, Sched C, or Sched CEZ
How To Apply Tax Refund Advance with TurboTax?
Applying for an advance refund TurboTax requires you to first e-file your federal taxes using TurboTax. If you’ve decided to apply for a refund advance in TurboTax, you will be prompted to choose which refund method you prefer. You can also wait for the IRS to process your tax return. Once the TurboTax advance refund is credited to your Visa Debit Card, you don’t have to do anything extra to repay your loan. The TurboTax refund advance loan will be automatically paid back once the refund is processed by the IRS.
How Does Turbotax Tax Refund Advance Work?
With the advance refund TurboTax in place, instead of filling out a separate application, you can request an advance refund when you e-file your taxes using TurboTax. Once the request for refund advance from TurboTax is processed, you will receive the advance refund credited to your prepaid debit card, also known as the TurboTax Visa Debit Card. You can receive this card within five to 10 working days.
When Does TurboTax Refund Advance Start?
Once you raise the request for tax refund advance TurboTax, the refund gets issued in a maximum of 21 days. Upon e-filing your taxes, you can check the refund status within 24 hours. Choosing direct deposit and e-filing are among some of the fastest ways to get the refund.
When Can I File For TurboTax Refund Advance?
Most of the American taxpayers pay their state or federal taxes by April 15 every year, you can file for TurboTax refund advance earlier. In most cases, the IRS starts accepting electronic returns from Jan 15 to Feb 1 every year. Once your refund advance is accepted, you will get the amount credited to your Visa Debit card in 21 days.
How To Get A Refund Advance From TurboTax?
To get a refund advance from TurboTax, you need to first e-file your taxes and wait for the IRS to accept the request. Once the IRS accepts the request, you will be notified by email. Further, the refund amount minus the refund advance amount along with any TurboTax charges will get credited into your TurboTax Prepaid Visa Debit Card in a maximum of 21 business days.
How is My Tax Refund Advance Amount Determined?
The tax refund advance amount depends on the federal amount, which doesn’t include the Recovery Rebate Credit, your tax information, and a few other factors. The IRS might not give you the maximum refund advance amount if any of these factors fail to meet the qualifying terms and conditions of the lender.
Does TurboTax Refund Advance Cost Me?
No. TurboTax doesn’t charge you a single penny for the refund advance amount. However, an annual rate of 35.9% is chargeable for the early refund advance loan of TurboTax. The early tax refund advance loan TurboTax is available starting on December 13, 2022 until January 16, 2023 and the loan amounts are between $500-$3,500. The amount of loan is deducted from the tax refunds minus the amount paid to you.
What Are TurboTax Refund Advance Loan Requirements?
If you have the TurboTax program installed on your desktop computer or a laptop, you might be wondering about the TurboTax refund advance loan requirements to fulfill your financial objectives. To be eligible for this, you must have your tax preparation software installed on your computer which can be used for filing your state or federal taxes. The advance refund loans aren’t available to taxpayers who use IRS Free File or anyone who files their returns through papers. It is a mandate that you use a paid e-file tax preparation software like TurboTax to be eligible for TurboTax advance loan.
With TurboTax, the tax preparation software in place, you can now avail TurboTax refund advance by following some simple steps. The eligibility criteria for availing this service is that you must use TurboTax to E-file your state or federal taxes. Once you raise a request for advance refund in TurboTax and your request is approved, your refund amount will be credited to a prepaid Visa debit card in 21 business days. You can go through all the answers to some of the most common TurboTax advance refund-related queries as mentioned here and ensure the fulfillment of your unique financial goals in the days to come.
