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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
I see. So that’s why it said i wasn’t approved. Because IRS hasn’t started yet? Bc it’s not January?
@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?
Yes. That is why.
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
@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
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...
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?
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
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
@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
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.
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?
@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?
Yes. Correct.
@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?
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.
I only got approved for 1,200
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