What is TurboTax Refund Advance?
Original Publication: Dec 20 2021 | Last Updated: Jan 6 2023
If you’ve e-filed your federal return with TurboTax this year, you can apply for a loan to receive money in as little as one minute the IRS accepts your return*, while you wait to receive the rest of your return–known as a Refund Advance**.
You can only apply for the Refund Advance if your expected federal refund is more than $500. If you don't have a Credit Karma Money™ Spend account, you will need to open one. Refund Advance amounts will vary based on your federal return. The maximum Refund Advance loan is $4,000.
Learn more about the Refund Advance on TurboTax’s website. If approved, your Refund Advance will be deposited into your account, which you can spend via a Credit Karma Visa® Debit Card.***
*IRS accepts returns starting late-Jan. Acceptance times vary and could take up to a day. Most receive funds within 15 minutes of acceptance.
**Loan details and disclosures for the Refund Advance program:
If you are receiving a federal refund of $500 or more, you could be eligible for a Refund Advance, a loan provided by First Century Bank, N.A., Member FDIC, not affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund and is not the refund itself. 0% APR and $0 loan fees. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. This Refund Advance offer expires on February 15, 2023, or the date that available funds have been exhausted, whichever comes first. Offer and availability subject to change without further notice.
Refund Advance is facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Separate fees may apply if you choose to pay for TurboTax with your federal refund. Paying with your federal refund is not required for the Refund Advance loan. Additional fees may apply for other products and services.
You will not be eligible for the loan 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, CT, 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 (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (6) your expected refund amount is less than $500, or (7) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C or Sched C-EZ. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) open a Credit Karma Money Spend (checking) account with MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Opening a Credit Karma Money™ Spend (checking) account is subject to identity verification. Please see Credit Karma Money Spend Account Terms and Disclosures for details. NOTE: Due to system limitations, if you previously opened a Credit Karma Money™ Spend (checking) account and that account has been closed, you will not be eligible for a Refund Advance.
Not all consumers will qualify for a loan or for the maximum loan amount. If approved, your loan will be for one of ten amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, or $4,000. Your loan amount will be based on a portion of your anticipated federal refund to a maximum of 50% of that refund amount. 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.
If approved, your Refund Advance will be deposited into your Credit Karma Money™ Spend (checking) account, typically within 15 minutes after the IRS accepts your e-filed federal return and you may access your funds online through a virtual card. Your physical Credit Karma Visa Debit Card* should arrive in 7 - 14 days. *Card issued by MVB Bank, Inc., Member FDIC pursuant to a license from Visa U.S.A. Inc.; Visa terms and conditions apply. Third party fees may apply.
If you are approved for a loan, your tax refund after deducting the amount of your loan and agreed-upon fees (if applicable), will be placed in your Credit Karma Money Spend (checking) account. Any remaining balance of the funds will be placed in the same Credit Karma Money Spend (checking) account once the funds are disbursed by the IRS, which is typically within 21 days of e-file acceptance. If you apply for a loan and are not approved, your tax refund minus any agreed-upon fees (if applicable), will be placed in your Credit Karma Money Spend (checking) account.
***Credit Karma Visa® Debit Card issued by MVB Bank, Inc., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa terms and conditions apply.
The refund advance loans are only given during tax season in January to mid-February. You cannot "opt in." The loan has to be offered to you as you complete the FILE tab and the funds are only released to you after the IRS accepts your e-filed return.
If you weren't offered the Refund Advance see,
Advance Details and Disclosures
https://ttlc.intuit.com/community/refunds/help/important-offer-details-and-disclosures-about-refund-...
https://blog.turbotax.intuit.com/tax-planning-2/turbotax-offers-refund-advance-to-taxpayers-for-2019...
