So I’m gonna file for taxes with TurboTax and I want to do the refund advance.I did the prequalify and said i didn’t get approved.But I still want the turbo card? Will I?

[DoninGA]

TurboTax will not be offering any type of tax refund advance for a 2020 federal tax refund until January 2021.  You will not be eligible to be offered a tax refund advance until the 2020 federal tax return has been completed, e-filed and accepted by the IRS.

Go to this TurboTax website for information on the tax refund advance - https://turbotax.intuit.com/refund-advance

[kdurbano12]

I see. So that’s why it said i wasn’t approved. Because IRS hasn’t started yet? Bc it’s not January?

[DoninGA]

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@kdurbano12 wrote:

I see. So that’s why it said i wasn’t approved. Because IRS hasn’t started yet? Bc it’s not January?

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Yes.  That is why.

[kdurbano12]

And on January I’ll be able to do the advance refund? Idc if I don’t get the loan, as long as I can get the turbo card instead of a check / bank deposit. So I’ll be able to get the card with advance refund correct? If I get the loan or not?

Ty for the help

[DoninGA]

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@kdurbano12 wrote:

And on January I’ll be able to do the advance refund? Idc if I don’t get the loan, as long as I can get the turbo card instead of a check / bank deposit. So I’ll be able to get the card with advance refund correct? If I get the loan or not?

Ty for the help

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You will only offered the tax refund advance if you are eligible, there is no applying for the advance.

You can get your tax refund on the Turbo® Visa® Debit Card without getting the tax refund advance.  This option will also be available in January.

See this TurboTax support FAQ - https://ttlc.intuit.com/community/refunds/help/how-to-get-your-tax-refund-on-a-turbo-prepaid-visa-ca...

[kdurbano12]

I see ok. I was wondering why I couldn’t get the turbo card option. So I’ll definitely be able to get the card option in January?

[Critter-3]

TurboTax will be offering a refund advance —but not until January.  And you do not get the money until the e-file has been ACCEPTED by the IRS  AND you are APPROVED for the loan ( just because you prequalify doesn’t mean the loan will be approved and issued after you file).   You also have to agree to receive your refund on the prepaid TurboTax Visa.  AND if you are not approved the method of receiving the refund cannot be changed … it will still be processed thru the third party bank and be funded on the prepaid Visa Card. 

https://turbotax.intuit.com/refund-advance/

Make sure to scroll down to read the fine print ... 

Offer details and disclosures for the Refund Advance program

• If you’re receiving a federal refund, you could be eligible for a Refund Advance on a Turbo® Visa® Debit Card issued by Green Dot Bank, Member FDIC. If approved, you will receive a virtual card for online use, which will arrive within a day of the IRS accepting your e-filed federal return. Use your virtual card until you activate your physical Turbo® Visa® Debit Card, which will arrive in 5 to 10 business days of IRS acceptance and loan approval. Your virtual card expires in four years or upon activating your physical Turbo® Visa® Debit Card. 0% APR & $0 loan fees. This offer is available until February 8, 2021, or until available funds have been exhausted, whichever comes first. Availability subject to change without further notice.

• Refund Advance is a loan based upon your anticipated refund and is not the refund itself. To apply for the Refund Advance, you must file your taxes with TurboTax. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. Refund Advance is provided by First Century Bank, N.A., Member FDIC, not affiliated with Intuit or Green Dot Bank, Member FDIC.

• Separate fees apply if you choose to pay with your federal refund. Paying with your federal refund is not required for the Refund Advance loan.

• Not all consumers will qualify for a loan or for the maximum loan amount. If approved, your loan will be for one of eight amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, or $3,000. Your loan amount will be based on a portion of your anticipated federal refund. You will not receive a final decision of whether you are approved for the loan until after you file your taxes. Loan repayment is deducted from your federal tax refund and reduces the subsequent refund amount paid directly to you.

• Fees may apply for other products and services.

• Your loan proceeds will be available on a Turbo® Visa® Debit Card issued by Green Dot Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Turbo Visa Debit Card opening is subject to identity verification. Visa is a registered trademark of Visa International Service Association. Green Dot Bank operates under the following registered trade names: GoBank, Green Dot Bank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage. Green Dot is a registered trademark of Green Dot Corporation. You may access your loan proceeds by multiple methods without paying additional fees. Other fees apply to the card, which are viewable prior to applying. Please see Deposit Account Agreement for details.

• You will not be eligible for the offer if: (1) your physical residence is located outside of the United States, a US territory, a PO box or a prison address, (2) your physical residence is in one of the following states: IL, or NC (3) you are less than 18 years old, (4) the tax return filed is on behalf of a deceased person, (5) you are filing certain IRS Forms, (6) your expected refund amount is less than $500, or (7) you are using any of our tax products where a professional is completing your taxes. You also must be approved by Green Dot Bank, Member FDIC to receive a Turbo® Visa® Debit Card.

• If you are approved for a loan, your tax refund after deducting the amount of your loan and minus any agreed-upon fees will be placed on a Turbo® Visa® Debit Card. If you apply for a loan and are not approved your tax refund will be placed on a Turbo® Visa® Debit Card minus any agreed-upon fees. Approved pending confirmation of loan tier amounts in contract and state licenses approved.

• Refund Advance is a service offered by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc.

[kdurbano12]

So in January if I don’t get approved for the loan, the other option for the turbo card will be available in January? I’m curious as to why that option isn’t available now and will be in January 

[Opus 17]

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@kdurbano12 wrote:

And on January I’ll be able to do the advance refund? Idc if I don’t get the loan, as long as I can get the turbo card instead of a check / bank deposit. So I’ll be able to get the card with advance refund correct? If I get the loan or not?

Ty for the help

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Anyone can get their federal refund applied to a debit card instead of getting a check or direct deposit to a regular bank account.  There is no fee for this service if you pay the program fees up front.  If you also have your turbotax filing fees deducted from your refund, there is an additional $40 service charge.

Separately, some taxpayers will qualify to have part of their refund deposited to their debit card before the IRS pays the refund.  This is the "refund advance."  The program is not offered in certain states, and the amount of the advance is dependent on the amount of the expected federal refund.  (For example, if you are expecting a $1000 refund, the maximum advance will be $250.)  There may also be a credit check, although I'm not sure about that.

[kdurbano12]

Yeah that’s what I want, the prepaid turbo tax card. But it didn’t give me the option. So I have to wait until January correct?

[DoninGA]

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@kdurbano12 wrote:

Yeah that’s what I want, the prepaid turbo tax card. But it didn’t give me the option. So I have to wait until January correct?

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Yes.  Correct.

[Opus 17]

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@kdurbano12 wrote:

Yeah that’s what I want, the prepaid turbo tax card. But it didn’t give me the option. So I have to wait until January correct?

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Let me ask this question, why?

Consider the following.  Your state tax return can't be deposited on the Turbo prepaid card, so if you don't have a regular bank account, it will come by check.  The Turbo brand card has a $4.95 monthly fee, unless you deposit at least $1000 of cash on the card, but depositing cash has a fee of up to $5.95 for each transaction (except for direct deposit from your employer).  You are limited to cash withdrawals of $3000 per month, so if you have more money that that on the card, it might be stuck there for awhile.

https://turbodebitcard.intuit.com/assets/docs/GD-Bank-Cardholder-Agreement-(Intuit).pdf

Finally, you are putting an extra bank in between you and the IRS.  The refund goes to SBT bank, which has to move it to your card.  That takes a couple extra days, and sometimes (1 in 100?  1 in 1000? Who knows) there is a problem or extra delay.

Suppose instead you buy your own pre-paid debit card.  You can get one anywhere.  Here is one list of "6 best" cards.

https://www.nerdwallet.com/article/banking/best-prepaid-debit-cards

If you get your own prepaid debit card, it will have an account number and routing number that you can use for direct deposit of your refund for both IRS and state tax refunds.  You can shop for a a card with lower fees or better ATMs or any other features you prefer, even cash back rewards for spending.  There's no middle man, the IRS and state deposit the refund directly to your bank account as accessed by the card.

The Turbo card is convenient.  It may not be the best choice however. 

[kdurbano12]

I only got approved for 1,200