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The advance is based only on certain types of income---it is not based on EIC, child tax credit, etc. So even if you are getting a big refund, the advance may not be based on that big amount.
Refund Advance eligibility
Here are some of the eligibility requirements to qualify for a Refund Advance loan:
The refund loan will not be available until later in January when you can e-file your 2021 return. The money for the loan is not given to you until the IRS ACCEPTS your e-file. The IRS will not begin to accept e-files until January 24.
You cannot apply for the refund loan. It has to be offered to you, and you have to agree to the terms—-which have changed since last year——so read some information——and pay attention to the details in the fine print … https://turbotax.intuit.com/refund-advance/
I did not receive advance CTC payments and I received the correct Stimulus amounts so I’m not owed anything with those, so even with fees deducted from my refund amount, I’m looking at $10700, so again, $500 seems extremely low. Is there a possibility that I might actually be approved for more than the $500 I’m prequalified for once the IRS accepts my return?
No you will not receive more than you were approved for----and it is also possible to receive less. Sorry. We have no control over the determination of how much you get for the advance.
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