I e-filed with TurboTax and I’m pretty sure I meet all the qualifications for the refund advance but it wasn’t offered to me and I’d really like to know why
We have no access to that information here.
TurboTax is offering refund advance loans to those who qualify. If you qualify the loan is offered at the time that you file your tax return.
You do not get the money until the 2020 e-file has been ACCEPTED by the IRS.You also have to agree to receive your refund on a new prepaid TurboTax Visa.
The IRS will begin to accept/reject 2020 returns on February 12, 2021.
It is too late to get the loan after you e-file. If the loan was offered and you did not accept it, you cannot change your mind after you e-file.
Refund Advance eligibility
The Refund Advance won’t impact your credit at all. Here are the eligibility requirements to qualify for Refund Advance loan.
- Your federal refund is $500 or more (excluding any Recovery Rebate Credit).
- You are 18 or older.
- You cannot be a resident of North Carolina or Illinois
- You are e-filing your federal tax return with TurboTax
- Your physical address is the address listed on your tax return. It cannot be a P.O. Box or a prison address. Your address must be located in the United States and be from the eligible list of states for the Refund Advance program.
- You are not filing one of these tax forms: 1310, 1040SS, 1040PR, 1040X, 8888, or 8862
- You can’t file on behalf of a deceased taxpayer.
- You also must be approved for a Turbo® Visa® Debit Card by Green Dot Bank, Member FDIC, the issuer of the card
- You must report income on a Form W-2, 1099-R , Sched C, or Sched CEZ.
@Mimi3586 Then---sorry... you will have to wait for your tax refund. You cannot get the refund loan after you file.
Did you e-file? Did you click that big orange button that said “Transmit my returns now?” If so, your return is now in “pending” on a server. Do not try to change anything while your return is in pending.
First your e-file is going to sit on the server until Friday February 12, 2021 when the IRS begins to accept/reject 2020 returns. Watch your emails so you will know by then if your return is accepted or rejected. If accepted, they try to process it within three weeks but it can be longer. if you have earned income credit or additional child tax credit, it will be at least the end of February before you see your refund, due to the PATH act that requires that they hold your refund longer.
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 34of your 2020 Form 1040) of your federal refund to track your Federal refund:
To track your state refund:
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing.
Please see this Turbo Tax FAQ regarding the Refund Advance. Click on How do I know if I'm eligible for Refund Advance?
**Mark the post that answers your question by clicking on "Mark as Best Answer"