Applying for a Tax Refund Advance Loan from your tax preparation company is one option for getting your tax refund in advance.
Well, technically you’re not actually receiving your tax refund in advance, you are just borrowing against the amount you are expecting to get on your tax return.
What is a tax refund loan?
Tax refund loans are short term loans designed to provide taxpayers with cash in hand as they wait to receive their tax refund from the IRS. Tax preparation services will generally lend between $200 and $3,500.
Tax refund loans, also called “refund advances,” may appeal to early filers who claim the Earned Income Tax Credit or Additional Child Tax Credit. Many taxpayers in America who claim credits on their tax return count on their refunds for immediate expenses. Others take advantage of the extra cash to use it for a down-payment on a newer car or make other big ticket purchases. And due to the unexpected events that seem to appear from out of nowhere, some folks find themselves getting a tax refund cash advance emergency loan to cover hospital bills, travel expenses and the like.
Are tax refund loans free?
Generally, tax preparation companies will charge a rate or fee for a tax refund loan that’s automatically repaid when the tax refund is deposited.
If you are looking to get money now while you are waiting to receive your 2020 tax refund, some tax preparation services do offer 0% interest on tax refund loans. Jackson Hewitt, H&R Block, and Intuit Turbo Tax are among the options for getting a tax refund loan.
How long does it take to get my tax refund loan?
Tax refunds loans are basically short-term cash advances that are paid back upon receiving your tax refund. Just like traditional cash advances, borrowers can receive access to money within 24 hours.
Do I have to have a bank account to get a tax refund loan?
Some tax preparation services will provide you with a tax refund loan even if you do not have a bank account. This is usually done by having your funds added to a debt card account managed by the bank funding the loan.
Who offers tax refund loans?
Tax refund loans are generally funded by banks or lending institutions. But it has become popular for tax preparation companies to offer tax refund loans, streamlining the process and making it easier for taxpayers to manage. To be eligible for tax refund loans offered by tax preparation services, you must have your taxes prepared by the company offering the service.
Intuit TurboTax Refund Advance Online
Intuit TurboTax’s online refund advance loan is funded by First Century Bank and is deposited to a Turbo Visa Debt Card account within 2 days of IRS approval.
To receive this loan, your tax refund amount must be at least $500. You may apply for loan amounts of $250, $500, $750, $1,000, $1,500 or $2,000. If approved, you can get access to your money in as little as 2 days but you will not receive the physical Turbo Visa Debt Card until 5 to 10 business days after approval.
How do I get a TurboTax Refund Advance?
To be eligible for the refund advance loan you must file your taxes online with TurboTax. Tax returns filed for Illinois, Rhode Island, North Carolina or Vermont are not eligible for a TurboTax Refund Advance. For a limited time you can get up to $20 off your TurboTax filing fees by going to turbotax.intuit.com.
Is there a credit check?
Yes. To be approved, you must meet credit and underwriting requirements.
Are there any tax preparation fees?
Maybe. TurboTax fees range from free to $90 depending on the TurboTax product that you choose.
When can I apply for the Intuit TurboTax Refund Advance?
The TurboTax Refund Advance is offered until 8 Feb 2021.
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