What is TurboTax Tax Refund Advance 2022 ?
- kevinmrgn1
- Dec 28, 2021
- 3 min read
TurboTax is a tax preparation software that will help you to file a tax return online. It comprises of no interest refund advance loans at the beginning of tax season. Loans will range from $250 to $2000 based on expected federal tax refund.
You will have to use TurboTax to smoothly e-file the federal tax return. If you want to expect a federal refund while filing the tax with TurboTax, you can smoothly apply for a TurboTax refund advance. And if it gets approved, your loan amount minus the applicable fees will be deducted directly, and the remaining amount will be deposited onto a prepaid Visa card.
Keep reading the guide to know about tax refund advance TurboTax loan and how it works properly.
How to Access Part of Tax Refund Early?
TurboTax will submit a return once the IRS starts accepting the tax returns. If approved, your account can be used to your Turbo Card information to shop online as Visa is accepted. But you need to wait for 5-10 business days for the card to arrive in the mail.
What’s the advantage of this? If you are owed a refund, the IRS says that it can be deposited directly into the bank account within 21 days, so the refund advance loan from TurboTax. TurboTax provides the possibility of giving money quickly.
How to Apply for TurboTax Refund Advance?
To apply for a TurboTax refund advance start, you will have to e-file your federal taxes with TurboTax. If you decide that you want to apply for a refund advance, then you will have the advantage of which method to prefer for a refund. Keep in mind that you will have to apply for a refund in advance. Along with it, you can wait for IRS to process the tax return.
You don’t have to invest anything extra to repay your loan as it will be automatically paid back once the TurboTax refund is processed by IRS. If there is some remaining amount left, then it will be placed onto your prepaid card.
How Loan Funds Deposits onto Prepaid Visa Card?
If you are approved for a TurboTax refund advance loan, the money will not be directly deposited into your bank account. Instead, it will be directly transferred onto a Turbo Visa debit card. The same thing goes for the remaining refund; you get owed once IRS issues the funds.
It’s amazing to spend the tax refund early; a prepaid card will not give the flexibility that you need. For example, if you want to withdraw cash from ATM and can’t find a surcharge-free machine, you need to pay a fee to withdraw money.
Things to Keep in Mind for TurboTax Refund Advance Loans
If you are thinking of TurboTax refund advance loan, then here are a few things that you need to keep in mind:
Not Available in States: you are not eligible for a loan if you are filing a Vermont, North Carolina state return.
Certain Forms Make Ineligible: if you have to file forms 1310, 8888, or 8862, then you won’t be eligible.
You can Mail Prepaid Cards: when you start to spend prepaid visa cards, your physical card will take 5-10 business days to arrive in the mail.
No Credit Impact: Applying for a TurboTax refund advance loan will not hurt credit scores. The eligibility depends on the anticipated refund amount and other non-credit factors.
Why is TurboTax Refund Advance Loan Good For?
If you are planning to use TurboTax to e-file the federal taxes, you can consider a refund advance loan. But depending on the plan to spend your refund, it is good if you wait till IRS deposits the entire refund into your bank account as you won’t have much flexibility with the prepaid card.
Check out the guide properly and know about the steps for a TurboTax refund advance loan. If you want to know about how TurboTax’s tax refund advance work, then check out the steps mentioned in the guide properly to know the step-by-step instructions. Along with it, check how TurboTax refund advance start and how it will work. Follow the steps properly and accordingly follow the steps.
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