TurboTax is a software used for tax preparation and allows you to file your tax returns from the comfort of your home. You can also get an interest-free refund for advance loans at the start of a tax year. TurboTax refund advance loans can range between $250 to $2000, and these loans are dependent on your federal tax refund expectation. About 80% of taxpayers get their taxes refunded each year. To most taxpayers, their tax refund could be the largest single sum of money they could get all year round. Having a tax refund advance loan is an excellent way to pay off expenses incurred, especially for the holidays.
Does TurboTax offer tax refund loans?
TurboTax offers tax refund loans, which means that you can spend your tax refund even before it gets to you through the tax refund loan option on TurboTax. TurboTax helps you submit your return as soon as the IRS begins accepting offers for tax returns, which usually starts towards the end of January. You may be able to set up your Turbo Card account and shop online anytime and anywhere you like.
According to the IRS, you may get your tax refund within 21 days, but you can get to spend your refund much earlier than the scheduled date with the TurboTax refund loan. However, you have only a brief window period to apply for the TurboTax refund loan, and it is only available through Feb 8 next year (2021). There is also a possibility that you may not get the loan if funds run out before that window period. You don’t have to bother about the impact of the advanced Refund Program on your credit score because it does not affect it.
What are the requirements for TurboTax Refund Loan?
To be eligible to request TurboTax Refund loans, you must have to meet the following requirements.
- You have to be not less than 18 years to qualify for a TurboTax refund loan.
- To request a TurboTax refund loan, you must make use of TurboTax to file your federal tax return online.
- Your federal tax return should not be less than $500.
- Residents of Illinois and North Carolina are exempted from TurboTax refund loans.
- You must have a physical address in the United States, and it should be on the list of those eligible states that can qualify for the Advance Refund Program.
- You must have gotten approval for the Turbo Visa Card.
- You cannot be able to file on behalf of a deceased taxpayer.
- Your federal refund should not be less than $500.