Refund advance and credit karma 2021-2022

[Allygogo21]

I just want to give my persons opinion on the usage of credit karma teaming up with turbo tax this year. It’s the worst thing they have ever done. I have been doing taxes in turbo tax for 10 years now and have always got a refund advance when the irs accepts my return. This year it’s accepted my return on Friday 4:30 pm 1/21/22 and I did not receive the advance like I normally would within the hour or two. I called today 1/24/22 twenty times and got transferred back and forth between turbo tax and credit karma who both seems to have conflicted information on who approves or denies the refund advance. I was not only made to get a credit karma card when I already have the turbo tax card from previous years but a gentle man finally just told me I was denied… I asked the reasoning and he said he couldn’t tell me. He just doesn’t see the normal code for people who have received the advance today. Once again I have never been denied so I truly feel like it’s an error and something wrong with the credit karma and turbo tax deal. Not to mention I also called first century bank who told me I wasn’t denied … I still have no legit answer or reasoning to why I was denied after ten years of approval same job same situation higher credit score 

[RBBrittain]

It is indeed First Century Bank that approves or denies the Refund Advance loan. Perhaps part of the confusion is that the IRS wasn't supposed to officially accept returns till today, though it's normal for the IRS to approve certain early-filed TurboTax returns ahead of the official launch date.

The changeover is related to Intuit's purchase of Credit Karma, which occurred in late 2020 too late to be fully implemented last tax season. (That's also why CK Tax, which was sold to Square / Cash App then to gain antitrust approval for Intuit buying CK, wasn't rebranded Cash App Taxes till this year.) Though CK is now part of Intuit, it remains fully separate from TurboTax.

Also, TurboTax carried over its long-standing practice of requiring a new card for Refund Advance every year. Though that was appropriate for the Turbo Visa prepaid card (reloadable but commonly disposed of after the refund is spent), it's not really appropriate for CK Money Spend which is an online bank account similar to Chime or Varo. (Most tax debit cards are moving to online bank accounts this year for regulatory reasons as well as the likely future use of refund direct deposits for stimulus checks, advance CTC payments, etc. I believe Green Dot is even issuing new Turbo Visa Cards, which are still being offered to some non-Refund Advance customers, as online bank accounts instead of prepaid cards.)

[Critter-3]

Although you could be pre approved for the advance only the bank can actually approve it after you file the return ... read the details in the contract you signed ... note the term "typically" is used and it not a guarantee ...

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 (minus any stimulus payment credit, also known as Recovery Rebate Credit). 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 1 - 2 hours after the IRS acceptance of 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.

[Page31616]

Same here ive been using turbo tax for over 10 yrs to file my own as well as others and always get an advance as well except this yr.... I had an acct previously that has been closed by credit karma.. They do not will not can not according to them reopen an acct or open a new one ... Thanks turbo tax for screwing us yet again

[Critter-3]

@Page31616    Let me see if I understand you ... the program told you that a CK account was required and you had a CK account with them that they closed (not you closed) and you are upset at TT because CK will not allow you to open a new account?   And how is that possibly TT's fault ?   That is between you and CK. 

[Page31616]

No actually the program didnt tell me crap til I went to file... turbo has its own card so a good enough reason to switch companies would be what exactly... Did they not think to check their terms and conditions before switching companies.... This isnt the first time that loyal customers have been screwed by turbo tax but yet we still come back ...... Im sorry were u caught up im the first screw up ...  Are u one thats being screwed now because A u dont qualify or B cant open an acct because over half the people that were denied the advance have qualified for several years and all of a sudden arent...  

[Hazz90]

My refund was approved 2 days ago and still

no early refund on my card 

[ChondelLO]

If you choose to pay your tax preparation fee with TurboTax using your federal tax refund or if you choose to take the Refund Advance loan, you will not be eligible to receive your refund up to 5 days early. For more information please click the link below and scroll down to number 7.

What features does a Credit Karma Money Spend account offer?

[Tax023]

I see the disclosure regarding receiving the deposit of the tax return. How is the refund advance loan impacted if the TT fee was paid from the refund (if at all)? My tax return was accepted on 1/28. I am still waiting on a deposit of the refund loan to the CK account I created for that express purpose.  Will I be notified if denied? What is the best way to confirm if I am indeed receiving the refund loan?

[MichelleLO]

You should receive an email from Credit Karma regarding your approval and when your Refund Advance funds are available. Make sure to check your spam/junk folder as well. 

For additional questions regarding your Refund Advance status, please reach out to TurboTax Customer Service for further assistance.

What is the TurboTax phone number?

@Tax023

[Lennox09]

Quick question I also applied for the advance and have yet to receive it.

while completing your taxes does it ask for your personal bank account and routing number even after applying for the credit karma  advance??

[MichelleLO]

Has your return been accepted by the IRS?

There is an issue where some customers are experiencing a loop when filing for the Refund Advance. If this is what you are experiencing, you can sign up for updates on this issue in the link below.

Refund Advance loop when filing

@Lennox09

[Lennox09]

Hi read about the loop but it doesn’t say there’s anything I can do, the IRS app says my return has been received but not yet approved but on the turbo tax app it says my return was accepted by the IRS.

[HeatherPLO]

@Lennox09

Please sign up for updates on this in the Help Article MichelleLO referenced above. This would cover your experience as well. 

[Lennox09]

It says the refund advance loop was solved is that true ?