Refund Advance Loan Questions!?

[Meggybabyemma]

1. If I receive a Refund Advance does that mean my refund is pretty much going to be approved? 

2. What happened if I receive a refund advance but my tax refund doesnt get approved by IRS?

3. What are the chances of being approved for a Refund Advance if I "Pre-qualified"?

[xmasbaby0]

No. that does not mean your refund is "pretty much going to be approved."  ONLY the IRS approves of a refund.

If your refund is not approved you have to re-pay the loan to TurboTax.

Not sure what you mean by "pre-qualifed"  -- TurboTax does not say that to you.

REFUND ADVANCE

Last year for 2018 returns, certain qualified users were offered refund advance amounts on prepaid Visas at the time of e-filing, predicated on the amount of the refund and their returns being accepted by the IRS.  But it had to be offered--there was no way to opt in by request. If they offer a similar program for 2019 returns, do not expect to see it until January.  Since a return cannot be e-filed and accepted until the end of January, you could not receive a loan until early February at best.

https://ttlc.intuit.com/community/refunds/help/about-refund-advance/00/27333#sh-collapse1

[Meggybabyemma]

Actually, YES, Turbo tax DID say I was PRE QUALIFIED for up to $750 Refund Advance. 

I already E-filed, I file the same every year and receive my refund usually the first or 2nd week of FEB. 

When I filed, it offered me to apply for the Refund Advance. When I did, it said I PRE-QUALIFIED for up to $750 and I would get the final approval or denial as soon as the IRS accepts the return (January 27th). 

My boyfriend on the other hand got denied instantly.

[xmasbaby0]

Approval of your REFUND does not come from TurboTax.  It comes from the IRS.  The IRS will not begin to accept returns until January 27, so you will still have to wait and watch your email for the acceptance of your return. (or rejection)  After the IRS accepts your return, the IRS still has to review the return and process it.  If you are getting earned income credit or the additional tax credit your refund cannot be issued by the IRS until mid-February, which means you can receive it by the end of February/early March.

About the refund loan:

https://ttlc.intuit.com/community/refunds/help/about-refund-advance/00/27333#sh-collapse1

[leslienm1519]

mine also said pre qualified. I thought it said you get your approval or denial after the IRS accepts your return.

[xmasbaby0]

Sounds like you need to read through all of this to understand how the advance works. Click the links one by one and read them.

https://ttlc.intuit.com/community/refunds/help/about-refund-advance/00/27333#sh-collapse1

[msharper27]

I also efiled today and  pre-qualified for $1500. Just waiting for an email telling me its on the card from turbo tax, but its Saturday and Monday is a holiday. Guess i will wait till Tuesday for an email.

[xmasbaby0]

You do not get the loan until the IRS accepts your return.  The IRS is not accepting returns until January 27 at the earliest

https://www.irs.gov/newsroom/irs-opens-2020-filing-season-for-individual-filers-on-jan-27

Please read this thoroughly and click on the relevant links:

https://ttlc.intuit.com/community/refunds/help/about-refund-advance/00/27333#sh-collapse1

[Beasley0308]

I'm sorry but you are wrong turbo tax, I personally know someone who filed and was accepted already and had their loan deposited to them already so that's not right, then on the other hand you got me, who has also been accepted but loan denied before acceptance.

[Steph08]

@Beasley0308 - did you get an email about the denial or was that during the app process?

[CarissaM]

You will be notified via email if you have not been approved, this will include a reason for the denial. 

You can read more information about the application process by clicking here. 

[Steph08]

@CarissaM can you provide more information? I read through all of the online info on the TT site. I can't seem to find any information as to who sends the approval or denial emails. 

A little background, I filed my return 1/16 was accepted 1/21. I have received emails about setting up my turbo card and have since completed that and have the physical card that is now activated. The account balance is zero, I haven't received an email saying if my advance was approved or denied as of yet. The verbiage on TT indicated you will see an acceptance or denial email within an hour of your refund being approved and if approved your advance on your card within 48 hours. I haven't seen any correspondence at all. I have checked both my Spam and typical inbox. 

As many times as people have asked questions in this forum, there have been no direct answers on who we can reach out to about loan status or who the email sender would be. It's pretty frustrating and absurd that we would have to pay an extra fee to talk to a live person just to ask a question not related to filing our taxes. 

[CarissaM]

When you filed your tax return, did you choose the Turbo Visa Debit card or Refund Advance? If you did not select refund advance then you did not apply for the refund advance. The Turbo Visa Debit Card is different and this card will only be loaded with the money once your return has finished, normally within 21 days after acceptance. 

If you did choose the refund advance, You’ll receive your Refund Advance within 48 hours of the IRS accepting your e-filed return. This differs from 48 hours from when you e-filed your taxes through TurboTax or selected that you wanted Refund Advance. The IRS usually begins processing and accepting e-filed returns in late January.

[msharper27]

Its not worth speaking to a live person cause half the time i speak to them they dont understand what im asking and have given me the wrong info on several occasions and i pay for all the extras. Last year none of my federal updated on any websites i just waited till the money was on my card. This year im waiting on the advance so its frustrating that it all still says pending.

[missrhyde93]

I am experiencing the same thing. I filed on 1/16/20 and it still hasn’t been received by IRS. And I’m curious to know how this damm refund advance works because I already got a turbo Visa card in the mail