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Cc801
New Member

Why is my advance so low first year I got $4000 last year I got $2000 this year $1000 and this year my refund is bigger. Is there any way It could change the amount.

 
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1 Reply
MonikaK1
Employee Tax Expert

Why is my advance so low first year I got $4000 last year I got $2000 this year $1000 and this year my refund is bigger. Is there any way It could change the amount.

There may be a number of reasons that your refund advance is different this year. Th amount of the loan depends on the amount of your Federal refund and is limited to 50% of that amount. If you had higher income for 2024 than you did for last year, or lower deductions and credits, this would affect the amount of your refund as well as the maximum refund advance you can receive. If you already submitted your application for the maximum amount for which you are eligible this year, it can't be increased.

 

Refund Advance loans will be equal to a portion of your anticipated refund in one of ten amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, $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. The remaining balance of your federal and state refunds, if applicable, will be deposited later. 

 

You can apply for up to $4,000 based on the size of your federal refund with a Refund Advance loan. Refund Advance has $0 loan fees, 0% APR, and no impact to your credit score. If approved, you’ll typically receive your Refund Advance within 15 minutes of the IRS accepting your e-filed return.

 

For more information about refund advances, please see this TurboTax help article and these Refund Advance FAQs.

 

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