I’m expecting an $11,000 refund yet I was only prequalified for a $500 refund advance, and no, this is not my first year using TurboTax. Any idea why it’s so low?

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:

• You’re 18 or older
• You’re not a resident of North Carolina, Connecticut, or Illinois
• You’re e-filing your federal tax return with TurboTax
• Your physical address is listed on your tax return. Your address must be located in one of the eligible states and can’t be a PO box or prison address
• You’re not filing one of these tax forms: 1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862
• You aren’t filing on behalf of a deceased taxpayer

• You must report income on a Form W-2, 1099-R , Sched C, or Sched CEZ

 

 

 

 

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.