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Level 2
posted Jan 25, 2022 9:19:09 AM

Is it true that if you are claiming the CTC, you won't qualify for the refund advance?

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1 Best answer
Level 15
Jan 25, 2022 9:20:27 AM

No that does not disqualify you, but it cannot be the only source of your refund.

 

Refund Advance eligibility

 

Here are some of the eligibility requirements to qualify for a Refund Advance loan:

  • You’re 18 or older
  • You’re not a resident of North Carolina, Connecticut, or Illinois
  • You’re e-filing your federal tax return with TurboTax
  • Your physical address is listed on your tax return. Your address must be located in one of the eligible states and can’t be a PO box or prison address
  • You’re not filing one of these tax forms: 1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862
  • You aren’t filing on behalf of a deceased taxpayer

  • You must report income on a Form W-2, 1099-R , Sched C, or Sched CEZ

 

 

 

 

The refund loan will not be available until later in January when you can e-file your 2021 return.   The money for the loan is not given to you until the IRS ACCEPTS your e-file.  The IRS will not begin to accept e-files until January 24.

 

You cannot apply for the refund loan.  It has to be offered to you, and you have to agree to the terms—-which have changed since last year——so read some information——and pay attention to the details in the fine print …  https://turbotax.intuit.com/refund-advance/

2 Replies
Level 15
Jan 25, 2022 9:20:27 AM

No that does not disqualify you, but it cannot be the only source of your refund.

 

Refund Advance eligibility

 

Here are some of the eligibility requirements to qualify for a Refund Advance loan:

  • You’re 18 or older
  • You’re not a resident of North Carolina, Connecticut, or Illinois
  • You’re e-filing your federal tax return with TurboTax
  • Your physical address is listed on your tax return. Your address must be located in one of the eligible states and can’t be a PO box or prison address
  • You’re not filing one of these tax forms: 1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862
  • You aren’t filing on behalf of a deceased taxpayer

  • You must report income on a Form W-2, 1099-R , Sched C, or Sched CEZ

 

 

 

 

The refund loan will not be available until later in January when you can e-file your 2021 return.   The money for the loan is not given to you until the IRS ACCEPTS your e-file.  The IRS will not begin to accept e-files until January 24.

 

You cannot apply for the refund loan.  It has to be offered to you, and you have to agree to the terms—-which have changed since last year——so read some information——and pay attention to the details in the fine print …  https://turbotax.intuit.com/refund-advance/

Level 2
Jan 25, 2022 10:04:29 AM

@xmasbaby0 Thank you for this info. I spoke to a Turbo Tax Agent and she told me the complete opposite. I applied and was approved for the RAL. Of course, as you mentioned, it depends on IF the IRS accepts your return.