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Can I pay for TurboTax Full Service with my federal tax refund or get an advance on my refund?

by TurboTax•60• Updated 1 month 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've 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 can't 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 money fast

When you file with TurboTax, you have two options to receive money fast with a Credit Karma MoneyTM1 account: Up to 5 Days Early2 or Refund Advance.

With 5 Days Early, you could get your refund up to 5 days early. For Refund Advance, you can apply for a loan based on your expected federal refund, up to $4,000.

Up to 5 Days Early

When you open or deposit your refund into a checking account with Credit Karma MoneyTM, you could get your federal refund delivered up to 5 days early. Your tax refund will be deposited there.

With this option, TurboTax works with Credit Karma and a partner bank to get your account information to the IRS (and/or the State) so they can deposit your refund into your account.

For those that don’t need a new bank account, you can get your federal refund delivered 5 days early*, guaranteed** in a customer’s own bank account for a fee. Terms apply. 

The 5 Days Early program may change or discontinue at any time.

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 can access your Refund Advance with a Credit Karma Visa® debit card23 that you can spend anywhere Visa is accepted. Refund Advance has $0 loan fees and 0% APR.

Issued by First Century Bank, N.A. or WebBank, 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 estimated refund amount as a Refund Advance loan.

This offer is available until February 28, 2025.

1For Credit Karma Money Spend (checking) account: Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. 

Refund Advance is a loan issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC.

2If 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. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may not submit refund information early.

3Credit Karma Visa® Debit Card issued by MVB Bank, Inc., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa terms and conditions apply.

*5 Days Early to Your Bank Account: Personal taxes only. Your federal tax refund will be deposited to your selected bank account 5 days before the refund settlement date provided by the IRS (the date your refund would have arrived if sent from the IRS directly). The receipt of your refund 5 Days Early is subject to IRS submitting refund information to us at least 5 days before the refund settlement date. IRS does not always provide refund settlement information 5 days early. You will not be eligible to receive your refund 5 Days Early if (1) you take a Refund Advance loan, (2) IRS delays payment of your refund, or (3) your bank’s policies do not allow for same-day payment processing. 5 Days Early fee will be deducted directly from your refund prior to being deposited to your bank account. If your refund cannot be delivered 5 Days Early, you will not be charged the 5 Days Early fee. 5 Days Early program may change or be discontinued at any time. 

**If your federal refund is deposited into your selected bank account less than 5 days before the IRS refund settlement date (the date it would have arrived if sent from the IRS directly), then you will not pay the 5 Days Early fee. See Terms of Service for more details.

Loan details and disclosures for the Refund Advance program:

If you expect to receive a federal refund of $500 or more, you could be eligible for a Refund Advance loan. Refund Advance loans may be issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund and is not the refund itself. 0% APR and $0 loan fees. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. This Refund Advance offer expires on February 28, 2025, or the date that available funds have been exhausted, whichever comes first. Offer, eligibility, and availability subject to change without further notice.

Refund Advance loans issued by First Century Bank, N.A. are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. Although there are no loan fees associated with the Refund Advance loan, separate fees may apply if you choose to pay for TurboTax with your federal refund. Paying with your federal refund is not required for the Refund Advance loan. Additional fees may apply for other products and services that you choose.

You will not be eligible for the loan if: (1) your physical address is not included on your federal tax return, (2) your physical address is located outside of the United States or a US territory, is a PO box or is a prison address, (3) your physical address is in one of the following states: IL, CT, or NC, (4) you are less than 18 years old, (5) the tax return filed is on behalf of a deceased person, (6) you are filing certain IRS Forms (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (7) your expected refund amount is less than $500, or (8) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) currently have or open a Credit Karma Money™ Spend (checking) account with MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Opening a Credit Karma Money™ Spend (checking) account is subject to eligibility. Please see Credit Karma Money Spend Account Terms and Disclosures for details.

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 your anticipated federal refund to a maximum of 50% of that refund amount. You will not receive a final decision of whether you are approved for the loan until after the IRS accepts your e-filed federal tax return. 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 15 minutes after the IRS accepts your e-filed federal tax 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. Other fees may apply. For more information, please visit: https://support.creditkarma.com/s/article/Are-there-fees-with-a-Credit-Karma-Money-Spend-account.

If you are approved for a loan, your tax refund after deducting the amount of your loan and agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account. Tax refund funds are disbursed by the IRS typically within 21 days of e-file acceptance. If you apply for a loan and are not approved after the IRS accepts your e-filed federal tax return, your tax refund minus any agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account.

If your tax refund amounts are insufficient to pay what you owe on your loan, you will not be required to repay any remaining balance. However, you may be contacted to remind you of the remaining balance and provide payment instructions to you if you choose to repay that balance. If your loan is not paid in full, you will not be eligible to receive a Refund Advance loan in the future.