Refund Advance Loan Questions!?

Forum|Forum|6 years ago
January 8, 2020
2 replies
0 views

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

Level 15

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

MeggybabyemmaAuthor

Level 2

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

Level 15

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.

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

sarahlshover

Level 2

It will "pre qualify" us for the loan and I guess let us know if we get it once the irs accepts it, which they start accepting refund Feb 12th. So you wouldn't see any money until the IRS accept your refund.

CarissaM

Level 15

Correct. The refund advance cannot be approved until after the IRS accepts the return. Currently any return submitted is sitting in line waiting on the IRS to open their doors.

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