Question

[MsGamekilla]

So I did the credit karma 5 days early thing. The IRS website says, Your tax refund is scheduled to be sent to your bank by February 26, 2025.  You think I'll get it today?

[CatinaT1]

For more information click on the link below

5 Days Early Option

If you don't get your deposit, there is a few reasons why that might happen.

• Your refund was offset or differed from their estimated refund amount, bringing the refund amount below the minimum threshold or above the maximum. What is a refund offset?
• Your bank wouldn't accept RTP (Real Time Payments) or Same Day ACH deposits, preventing Intuit from depositing your refund 5 days ahead of when the IRS would have deposited your refund.
• The IRS didn't give Intuit 5 or more days of notice in advance. This stopped Intuit from meeting the 5 days early expectations.

If TurboTax is unable to deliver the refund 5 days early, your order will be canceled and you won't be charged the 5-Day Early fee. You will receive a follow-up email with a refund and timing update, and if any cancellation is applicable. 

If you don’t receive an update email or an automatic refund (if applicable) within a few days, you can contact TurboTax Customer Support by clicking the link below.
 

TurboTax Phone Number

[jysanders21]

I asked the same question to TT and have gotten absolutely no valid information. And the response they gave you is the typical jargon which still doesn't answer the question.

[CatinaT1]

In the community, we do not have access to tell you anything about your refund status and have no control over the timing or funding of a deposit.

[Opus 17]

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@jysanders21 wrote:

I asked the same question to TT and have gotten absolutely no valid information. And the response they gave you is the typical jargon which still doesn't answer the question.

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No one know the answer to your specific question in your specific case (or the specific case for any taxpayer) because we don't know your name, your social security number, your bank account number (and don't post them), and we can't get information about you from either the bank or the IRS because of privacy laws.  

Here's how it works: You agreed that your refund from the IRS would be intercepted by a third party bank (SBTPG).  If the IRS provides proper advance notice of the refund and if your bank accepts the deposit, SBTPG will send a deposit in the amount of the noticed refund minus $25 to your bank 5 days early.  Then when the IRS deposits the refund to SBTPG, they keep it, making a $25 profit (about 60% interest, given the average refund of $3000).  If the IRS does not provide notice or if your bank will not accept the deposit, your refund will go to SBTPG whenever the IRS pays it, and SBTPG will then forward it to your bank.  This can incur a delay of 1-3 additional business days, depending on your bank's policy about direct deposits.  

Putting another bank between you and the IRS has so many drawbacks, I have never been convinced it was a good idea in any of the schemes that tax preparers use (pay fees from refund, advance refund, etc.).