Filing your taxes can often bring the anticipation of a tax refund. If you’re looking to access those funds sooner, Turbo Tax Online offers a program known as Refund Advance. This article will detail everything you need to know about the Turbo Tax Online Refund Advance, helping you understand if it’s the right option for you to get your tax refund faster.
Understanding the Turbo Tax Online Refund Advance Program
The Refund Advance offered through Turbo Tax Online is essentially a loan, not your actual tax refund. It’s provided by financial institutions such as First Century Bank, N.A., or WebBank, which are not affiliated with MVB Bank, Inc., Member FDIC. It’s crucial to understand that this advance is based on your anticipated federal tax refund.
One of the most attractive features of the Refund Advance is its financial terms: it comes with 0% APR and $0 loan fees. This means you won’t incur extra charges for borrowing against your expected refund. However, it’s important to note that this offer is subject to availability and certain conditions.
Eligibility for the Refund Advance depends on satisfying identity verification, meeting specific security requirements, and adhering to certain eligibility criteria and underwriting standards. The program also has an expiration date, set for February 28, 2025, or earlier if the allocated funds are exhausted. It’s also important to be aware that the terms, eligibility, and availability of the Refund Advance are subject to change without prior notice.
While the Refund Advance itself has no loan fees, using Turbo Tax Online and choosing to pay for the service with your federal refund might involve separate fees. Paying with your refund is not a requirement to apply for the Refund Advance. Furthermore, selecting other optional products and services offered by Turbo Tax Online may also incur additional fees.
Who is NOT Eligible for a Turbo Tax Online Refund Advance?
There are specific conditions that will disqualify you from receiving a Refund Advance. You will not be eligible if:
- Your physical address is missing from your federal tax return.
- Your physical address is outside of the United States or a US territory, is a PO box, or a prison address.
- Your physical address is in Illinois, Connecticut, or North Carolina.
- You are under 18 years of age.
- You are filing a tax return on behalf of a deceased person.
- You are filing specific IRS forms such as 1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862.
- Your expected federal refund is less than $500.
- You did not receive Forms W-2 or 1099-R, or you are not reporting income on Schedule C.
In addition to these exclusions, there are also mandatory requirements to qualify. You must:
- E-file your federal tax return using Turbo Tax Online.
- Have or open a Credit Karma Money™ Spend (checking) account with MVB Bank, Inc., Member FDIC. Keep in mind that account openings are subject to eligibility and have maximum balance and transfer limits. You should review the Credit Karma Money Spend Account Terms and Disclosures for complete details.
Understanding the Loan Amounts and Process
Qualifying for a loan does not guarantee the maximum loan amount, and not all applicants will be approved. If your application is approved, the Refund Advance is available in ten different amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, or $4,000. The specific loan amount you are offered will be determined by your anticipated federal refund, up to a maximum of 50% of that refund amount.
It’s important to note that the final decision on your loan approval will only be made after the IRS accepts your e-filed federal tax return through Turbo Tax Online.
If approved, the funds from your Refund Advance will typically be deposited into your Credit Karma Money™ Spend (checking) account within approximately 15 minutes after the IRS accepts your e-file. You can then access these funds online via a virtual card. A physical Credit Karma Visa® Debit Card* will be mailed to you and should arrive within 7 to 14 days. *This card is issued by MVB Bank, Inc., Member FDIC, under a license from Visa U.S.A. Inc., and standard Visa terms and conditions apply. Other fees may be applicable, and more information is available at the provided Credit Karma support link.
Your tax refund, after deducting the Refund Advance loan amount and any applicable agreed-upon fees (if you chose to pay for Turbo Tax Online services with your refund), will be deposited into your Credit Karma Money™ Spend (checking) account. The IRS generally disburses tax refunds within 21 days of e-file acceptance. Even if you apply for a loan and are not approved after IRS acceptance, your tax refund, minus any applicable fees, will still be deposited into your Credit Karma Money™ Spend account.
In the event that your actual tax refund is not sufficient to fully repay the loan, you will not be obligated to repay the remaining balance. However, you might be contacted to remind you of the outstanding balance and provided with payment instructions should you choose to repay it. It is crucial to understand that if your loan is not fully repaid, you will not be eligible for a Refund Advance loan in the future with Turbo Tax Online.
Conclusion: Is Turbo Tax Online Refund Advance Right for You?
The Turbo Tax Online Refund Advance can be a helpful option for those needing quicker access to funds they anticipate receiving as a tax refund. With 0% APR and no loan fees, it presents an appealing short-term financial tool for eligible Turbo Tax Online users. However, it’s essential to carefully consider the eligibility requirements, understand the loan amounts, and be fully aware of the terms and conditions before applying. If you meet the criteria and need expedited access to a portion of your expected refund, the Refund Advance through Turbo Tax Online could be a valuable resource.
