@destinymcdonald1974 wrote: Having the IRS direct deposit and or paying for TurboTax 5-day early is it the same deposit time
To me I feel like it is an unnecessary fee please give me some clarification on this matter
I'm a fellow user, not a TurboTax employee. So this is my opinion.
That "Up to 5 days early" option does not speed up any processing time at the IRS. It only kicks in once the IRS is ready to release your refund. Here's some info on it:
The "Up to 5 day early" offer has a $35 fee if you choose to have it sent to your own bank account. There is no fee if you choose the "Up to 5 days early" offer deposited to a Credit Karma Money checking account. So they are hoping to entice folks to open a Credit Karma Money account.
Since it says "Up to 5 days", that means it might come 1, 2, 3, 4, or 5 days early. TurboTax says if it doesn't come at least 1 day earlier than it would have if it had come directly from the IRS, then they will not charge the $35 fee. In my opinion, it is not worth $35 if you might only get it 1 day early. You'll have to decide if it's worth it to you to get it 1-5 days early.
Plus that offer uses a third-party bank to handle the funds. Whenever there's a third party bank in an add-on option, that's an extra step where things could go wrong. Here's a FAQ with complete details:
FAQ: "Up to 5 days early" offer
https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund-advance/turbotaxs-five-days-e...
NOTE: Also be aware you will save money if you pay any TurboTax fees upfront with credit/debit card. If you choose to pay fees out of your refund, that also involved a third-party bank to receive the funds, and there is an extra $40 service fee for that option ($45 for California filers) and again is an extra step that can cause problems if anything goes wrong.
