If you are filing your taxes using the TurboTax app this year, you would be overjoyed to hear that you can get some tax refund loans quickly. This does require the IRS to approve your loan application, but it doesn't require processing like in the regular process.
Though this TurboTax 2023 loan option is available only to TurboTax customers, if approved, you can qualify for $250-4,000 based on your credentials. So what is it in detail, and how can you benefit from it? Let's find out.
What Exactly is TurboTax Refund Advance?
TurboTax services have secured loan approval for their customers against their yearly expected federal tax refund that you can use in time of need. It requires that the IRS has to accept your application and allow the parent app to dispense this. Typically, you get this money into an account associated with the app serving as a 3rd party called Credit Karma, and the amount will be available in that wallet.
Here is a table that shows how much loan you can expect to get, which is usually half of the expected Federal Refund from Turbot ax.
ANTICIPATED FEDERAL REFUND | MAXIMUM TURBOTAX REFUND ADVANCE |
$500 – $999 | $250 |
$1,000 – $1,499 | $500 |
$1,500 – $1,999 | $750 |
$2,000 – $2,999 | $1,000 |
$3,000 – $3,999 | $1,500 |
$4,000 – $4,999 | $2,000 |
$5,000 – $5,999 | $2,500 |
$6,000 – $6,999 | $3,000 |
$7,000 – $7,999 | $3,500 |
$8,000 and up | $4,000 |
According to the Turbot ax website, not every applicant may get this loan approved.
How Does This Refund Advance From TurboTax work?
The first requirement is you must be a user of the Turbo tax app and at least once have filed your taxes for this year through their app. If you fulfill these conditions, you go to the software and the filing your returns menu. Once they select the Refund Advance option, you either have to open a new Credit Karma Money Spend account or link your Turbo tax.
Fill in all your details in the app and wait for the IRS to accept your application. The typical time for approval may take up to 48 hours. The complete approval process can take up to 2-4 weeks, but upon initial approval, you immediately get funds in your Credit Karma Money Spend account wallet.
This loan you receive is a good initiative by TurboTax 2023 and is funded by Century Bank, who will receive the amount later on your behalf from the Federal Funds. But the good thing is that you get this fee-free loan without any markup, plus you don’t need to worry as it will not affect your credit in any way.
Who Are Eligible for TurboTax 2023?
Here are the requirements if you want to avail of this Advance Refund option.
- The applicant must be 18 years or older.
- They should have an active social security number.
- They have at least filed their taxes once through the TurboTax software, and that too for a living person.
- The expected Federal Refund on their name should be more than $500.
- The applicant should have declared their income on the following forms.
- W-2
- Schedule C
- Form 1099-R
- Schedule C-EZ
- When filling out the application, the applicant has shared an address that is also written on their tax return.
Is The Refund Advance from TurboTax Worth It?
The TurboTax Refund Advance can be a valuable option in specific situations. If you require funds urgently and can't afford to wait for the IRS's standard 21-day approval period, this advance offers a quicker solution. It's worth noting that some other services also provide Advance Refunds but often charge a fee for this service. Additionally, certain services may limit eligibility for the refund advance to their Pro version subscribers.
However, if you're eligible for the Advance Refund through TurboTax without incurring any extra fees, it presents an excellent opportunity. You can use the advanced amount for pressing financial needs, making it a convenient and beneficial choice in such circumstances.
General FAQs
Is the Advance Offered for 2022?
The advance options for 2022 were available until February 15, 2023. However, if there are any remaining funds, you may still have a chance to get your loan approved. If not, you'll need to wait until the next year for this opportunity to become available again.
Can I Get a Refund Advance for 2023?
As of now, it's not possible to obtain a Refund Advance for the year 2023. The application window for this won't become available until April 2024 for the 2023 tax year. It's also important to note that the IRS won't begin accepting tax returns for the 2023 tax year until January 2024. Therefore, you'll need to wait until these specific dates to apply for a Refund Advance for the 2023 tax year.
How Does the App Offer This Refund at No Cost?
The campaign is funded by not just the Century Bank but many other financial institutions. The app has also worked with Credit Karma, Member FDIC, MVB Bank, etc., to bring its customers these fantastic features.
Conclusion
This is a fantastic opportunity for many tax filers who want to get a loan and may be deterred due to the lengthy process. So those individuals who have been regular TurboTax customers can avail of this amazing feature and ease their financial worries.
