@Earingsne1 wrote:
That makes sense, I feel like its a little weird seeing that a lot of people are still waiting as the IRS is still behind but, I get it.
I also have gotten no prewarning that this was going to be happening. The only emails that I have gotten from Turbo Tax were about updates about what's going on with the pandemic.
I even just went through my email just to verify that I haven't overlooked any by mistake and I don't have not even 1 notice, so.. that's weird.
Thank you, though. The wait continues.
The prewarrning is in the agreement at you accepted (probably without reading) when you asked for the fees to be deducted from your tax return.
The "convenience fee" for paying from your refund is not a TurboTax fee but a separate bank fee for making an unsecured loan to you to pay the TurboTax fees from your refund. That fee is from the Santa Barbara Tax Products Group (SBTPG)
Unsecured loan rates can be high because if you do not actually get the refund (the IRS denies it or there is a tax offset levied) then it can be difficult or impossible for the bank to get it's money back so the high fees reflect the risk involved.
Other payment methods such as a pre-paid credit card are usually much cheaper and does not delay the refund by being sent to the SBTPG bank first.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
