No W2 until the 17th. My paycheck has detailed every cent and even my withholdings on my paycheck stubs. Would this be enough to go through with a RAL?

Forum|Forum|2 years ago
January 1, 2024
3 replies
35 views

I'm wanting to do the RAL Loan today if possible.

TurboTax Live Deluxe Online

DoninGA

Level 15

You will need your W-2 to enter on the federal tax return. You cannot be eligible for a refund advance until the federal tax return with a federal tax refund has been completed and ready to be e-filed. And you will be offered the refund advance if eligible, you cannot apply.

Then you will have to wait for the IRS to either Accept or Reject the tax return. The IRS will not start accepting any tax returns until mid to late January.

See this TurboTax support FAQ for a refund advance - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-refund/offer-details-disclosures-refund-advance-program/L4ljXp6TI_US_en_US?uid=lqviiu3z

xmasbaby0

Level 15

No. You cannot e-file yet. And...you might think your paystub will match your W-2, but it most likely will NOT match.

Refund advance loans are not available from TurboTax at this time. TurboTax’s loan program typically starts in January and ends in mid-February. Your tax return cannot be filed until later in January. One of the options you can select when you are ready to file is to get a refund advance loan, You do not receive any money until your e-file has been accepted by the IRS—-and the IRS will not begin to accept e-files until at least mid to late January.

And…..do not try to prepare a tax return without ALL of your income documents; you must include every 2023 W-2 on the same tax return. Employers have until the end of January to issue W-2’s. Wait until you have all of your W-2’s. Clients, schools, banks and other financial institutions may not have tax documents available until early February. ALL of your tax documents must be entered on the same Form 1040; do not file unless you have entered everything.

**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.**

xmasbaby0

Level 15

CAN I USE MY PAY STUB TO PREPARE MY TAX RETURN?

Please do not try to use your pay stub to prepare your tax return. It will not match the W-2 that you will get from your employer in just a few short weeks. Your employer has until the end of January to give you your W-2. By waiting for your W-2 you will be able to file accurately. If you try to guess what goes in the W-2 “boxes” and mess up your return, you will need to amend. It takes about 6 - 9 months to amend a tax return. The IRS will not be accepting 2023 returns until late in January — so you can wait for your W-2. If you are hoping to get a quick tax refund by filing early, using your pay stub might have the opposite result. Your tax return will not match the W-2 reported to the IRS by your employer; this may result in rejection of your return — or if accepted, could actually delay your refund for months. And, if you are hoping to get EIC or the child tax credit, your refund will not be released until late February anyhow due to the PATH act. It is much wiser to wait for your W-2 and file correctly.

And….remember….ALL of your 2023 W-2’s go on the SAME tax return.

Another important point----when you file during the first possible days--your return just sits on a server. It goes nowhere until later in the month of January when the IRS begins to accept/reject returns. Meanwhile, if you discover that you made a mistake or left out income, etc., you cannot do anything to fix your mistake and add anything to your return that is just stuck sitting on that server. You cannot change it while it is pending on the server.