Can I pay for TurboTax Full Service with my federal tax refund or get an advance on my refund?
by TurboTax•7• Updated 2 months ago
Yes, TurboTax offers the option to deduct your TurboTax Full Service fees from your federal (not state) refund. This option is called Pay With My Refund (also known as Refund Processing Service), and there’s a $40 processing fee charged by the third-party bank that handles the transaction.
We'll deduct your TurboTax fees, plus the processing fee, from your federal refund and send the balance to your bank account.
To qualify for this payment option:
- Your federal refund must be sufficient to cover your TurboTax fees
- You have accepted the data use agreement at the start of TurboTax
- You'll need to e-file, and all tax forms must be final and available for e-file
- Your address cannot be foreign
- You'll need to direct-deposit your refund into a single account, and the name on the bank account needs to match the name on the tax return
Get your refund quicker
When you file with TurboTax, you have two options to receive your refund early with a Credit Karma Money account: 5 Days Early or Refund Advance.
With 5 Days Early, you could get your refund up to five days early. For Refund Advance, you can apply for a loan based on your expected federal refund, up to $4,000.
5 Days Early:
When you open a Credit Karma Money checking or spending account, you can choose 5 Days Early for that account. Your tax refund will be deposited there.
With this option, TurboTax works with Credit Karma, and MVB Bank, Member FDIC, to get your account information to the IRS (and/or the State) so they can deposit your refund into your account.
Refund Advance:
If you apply for a Refund Advance loan and it’s approved, you’ll typically receive your Refund Advance within one hour of the IRS accepting your e-filed return.
You’ll receive your Refund Advance on a Credit Karma Visa® Debit Card that you can spend anywhere Visa is accepted. There are $0 loan fees and 0% APR on the Credit Karma Visa® Debit Card.
Provided by First Century Bank, N.A. Member FDIC, the loan will be equal to a portion of your anticipated refund in one of 10 amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, or $4,000. You’ll only receive part of your refund as a Refund Advance.
This offer is available until February 29, 2024.
More like this
- Can I pay for TurboTax with my state refund?by TurboTax•778•Updated 1 week ago
- What if my federal refund isn't enough to cover my TurboTax fees?by TurboTax•293•Updated 1 week ago
- I've already filed my return. Can I still get Refund Advance?by TurboTax•554•Updated June 18, 2024
- How do I remove Pay With My Refund fees in TurboTax Online and change my payment method?by TurboTax•13361•Updated July 26, 2024