How To Get Cash Advance From Turbotax

How to Get a Cash Advance from TurboTax Right Now! (2023)

⚡ To get a cash advance from TurboTax, you need to choose 'Refund Advance' as your refund option before filing. Then, open a checking account with Credit Karma Money. If approved, your Refund Advance could be deposited into your account instantly after the IRS accepts your return.

Applying for a tax refund can sometimes feel like waiting for rain in the desert. I know the feeling, having twiddled my thumbs until discovering TurboTax’s Refund Advance program – a service offering instant access to your tax refund even before IRS approval.

This article will be your map through the process of getting a cash advance from TurboTax, so you no longer need to endure that agonizing wait. Ready to fast-track your finances? Let’s dive in!

📢 Key Takeaways
Short on time? Here’s what you need to understand from this article:
  • TurboTax Refund Advance is a tax time financial product that allows you to get your refund faster by giving you access to part of your anticipated refund before the IRS approves it.
  • To apply for TurboTax Refund Advance, you need to file your taxes with TurboTax and meet certain eligibility criteria, such as having a federal refund of $500 or more and being at least 18 years old.
  • TurboTax Refund Advance has no loan fees, no interest charges, and does not impact your credit score. It offers an efficient and convenient online application process with instant decision.

What is TurboTax Refund Advance?

What Is Turbotax Refund Advance?

TurboTax Refund Advance is a tax time financial product that allows you to get your refund faster. It’s an interest-free, 0% APR loan offered by Intuit TurboTax in partnership with First Century Bank, N.A., Member FDIC, and MVB Bank, Inc., Member FDIC.

Upon IRS return acceptance of your e-filed federal return, you can access part of your anticipated refund via this service. Unlike personal loans or peer-to-peer loans with credit score requirements and possible long-term debt implications, TurboTax Refund Advance offers a swift solution without any additional fees or interest charges.

Simply put: it’s an early bird option for those eager to tap into their tax refunds earlier than usual.

How TurboTax Refund Advance Works

When it comes to getting a cash advance on your tax refund, TurboTax Refund Advance makes the process simple and convenient. With a fully online application, you can easily apply for the advance and receive an instant decision.

Fully online application

Applying for a TurboTax Refund Advance can be handled entirely online, making it an immensely convenient tool compared to traditional cash advance methods. Here’s how:

  1. Visit the TurboTax website and select your desired tax return filing option.
  2. Confirm that you meet the eligibility requirements for the Refund Advance.
  3. Enter all necessary tax information accurately.
  4. E – file your federal return using TurboTax. Be sure to opt for the TurboTax Refund Advance in the refund options.
  5. Await IRS return acceptance – this typically happens within 48 hours of e-filing.
  6. Once approved, you’ll receive an email from TurboTax about your loan approval and amount that you are eligible for.
  7. Choose either direct deposit to your checking account or get access via physical or Virtual Debit Card – Credit Karma Visa® Debit Card.
  8. If opting for a debit card, activate it upon receipt and enjoy ATM transactions free of charges.

Instant advance option

Stepping into the world of TurboTax Refund Advance, you’d be thrilled to discover the instant advance option. This feature is designed with speed and convenience in mind to satisfy your financial needs promptly.

It’s as simple as selecting Refund Advance as your refund option during your tax filing process on TurboTax. But it doesn’t stop there; you also get an exclusive opportunity to open a checking account with Credit Karma Money™, from where you can manage and spend your funds almost instantly through a virtual debit card or the physical Credit Karma Visa® Debit Card.

Regardless of the amount—ranging between $250 up to $4,000—it’s all geared towards putting money back into your pocket without delay after loan approval.

TurboTax Refund Advance Costs

What Is Turbotax Refund Advance

TurboTax Refund Advance has no loan fees, no interest charges, and does not impact your credit score.

No loan fees

One great benefit of TurboTax Refund Advance is that there are no loan fees involved. That means you can get the cash advance you need without having to worry about paying any additional charges or hidden costs.

This makes it a convenient option for those who are looking for quick access to their refund without incurring any extra expenses. With TurboTax Refund Advance, you can enjoy the peace of mind knowing that there won’t be any unexpected fees eating into your anticipated tax refund amount.

So you can focus on using the funds for what’s important to you, whether it’s covering bills, making necessary purchases, or simply enjoying some financial flexibility.

No interest

One of the key advantages of TurboTax Refund Advance is that it does not charge any interest. This means that you won’t have to worry about accumulating additional costs or paying back more than what you borrowed.

Unlike traditional loans, TurboTax Refund Advance offers a straightforward and transparent borrowing option without the burden of interest fees. So when you receive your refund, you can rest assured knowing that you won’t be facing any unexpected charges or higher repayment amounts.

With TurboTax Refund Advance, it’s all about providing a seamless and affordable solution for accessing your cash advance without any added financial stress or complications.

Eligibility Criteria for TurboTax Refund Advance

To be eligible for TurboTax Refund Advance, there are certain requirements you need to meet. Here’s what you need to know:

  • You must have a federal refund of $500 or more.
  • You need to file your taxes with TurboTax.
  • You must be at least 18 years old.
  • You should not be filing certain specific forms that may affect eligibility.

Benefits of TurboTax Refund Advance

Benefits Of Turbotax Refund Advance

Get your cash faster with TurboTax Refund Advance, no credit impact and skip the wait for your refund. Read more to learn how you can benefit from this convenient option.

No credit impact

Getting a cash advance from TurboTax Refund Advance won’t have any negative impact on your credit. This means you can apply for the advance without worrying about it affecting your credit score or future financial decisions.

With TurboTax Refund Advance, you can get the funds you need without any unnecessary complications or concerns about your creditworthiness. It’s a hassle-free way to access the cash you’re owed from your tax refund, while keeping your credit in good standing.

Skip the wait for refund

Are you tired of waiting weeks or even months for your tax refund to arrive? With TurboTax Refund Advance, you can skip the wait and get your money sooner. This program allows you to receive an advance on your tax refund, so you don’t have to sit around wondering when it will finally show up in your bank account.

The best part is that there are no loan fees, credit impacts, or interest charges associated with Refund Advance. You simply choose Refund Advance as your refund option when filing with TurboTax, open a checking account with Credit Karma Money™, and complete the tax filing process.

Once approved, the amount you can receive through Refund Advance is based on factors like your federal refund amount and other personal information.

How to Apply for TurboTax Refund Advance

To apply for TurboTax Refund Advance and get fast access to your cash advance, follow these simple steps:

  1. Choose TurboTax Refund Advance as your refund option when filing your taxes with TurboTax.
  2. Open a checking account with Credit Karma Money, a partner of TurboTax, if you don’t already have one.
  3. Finish filing your taxes and submit your e – filed federal return to the IRS.
  4. Wait for IRS return acceptance. Once accepted, you’ll be notified if you’re eligible for a Refund Advance.
  5. If approved for TurboTax Refund Advance, the loan amount will be determined based on your federal refund amount, personal information, tax information, and other third-party data.
  6. Access the funds through your Credit Karma Money virtual debit card immediately after approval.
  7. The remaining amount of your refund, after deducting the TurboTax Refund Advance and any other TurboTax fees, will be deposited into your Credit Karma Money checking account.

TurboTax Refund Advance Reviews and Complaints

As a cash advance user considering TurboTax Refund Advance, it’s crucial to know what others have experienced with this service. Overall, customer reviews of TurboTax Refund Advance have been highly positive.

Many users praise the ease and convenience of accessing their tax refund earlier than expected, without any additional loan fees or interest charges. The collaboration between TurboTax and Credit Karma Money in offering Refund Advance has also received favorable feedback from customers.

However, as with any financial product or service, there are always some complaints that should be considered. Some users have expressed frustration regarding the eligibility requirements for Refund Advance, finding them too restrictive and limiting their ability to access an advance on their refund.

It’s important to carefully review these eligibility criteria before applying for a Refund Advance.

It’s worth noting that numerous individuals who’ve used TurboTax Refund Advance report high satisfaction with both the application process and the speed at which they receive their funds. With no added costs involved and the option to use a virtual debit card for immediate spending, many cash advance users find TurboTax Refund Advance to be an appealing choice when seeking early access to their tax refund without incurring unnecessary fees or interest charges.

Alternatives to TurboTax Refund Advance

If TurboTax Refund Advance isn’t the right option for you, there are alternatives to consider, such as obtaining a personal loan, filing your taxes quickly to get your refund sooner, or adjusting your tax withholding throughout the year.

Personal Loan

If you’re looking for an alternative to TurboTax Refund Advance, a personal loan can be a great option. With a personal loan, you can borrow money upfront and use it for any purpose, including covering your immediate cash needs.

Unlike TurboTax Refund Advance, which is tied to your tax refund, a personal loan provides flexibility in how you spend the funds.

Personal loans are typically unsecured, meaning they don’t require collateral. This makes them accessible to a wide range of borrowers. The loan amount and terms will depend on factors such as your credit score, income, and financial history.

Personal loans often have fixed interest rates and monthly payments that make budgeting easier. They also offer longer repayment terms compared to the shorter timeframe of TurboTax Refund Advance.

It’s important to note that while TurboTax Refund Advance is only available during tax season and requires filing through TurboTax software, personal loans can be obtained at any time of year from various lenders.

Additionally, with a personal loan, there are no restrictions on the types or amounts of tax forms filed – making it suitable for individuals who may not meet all the eligibility criteria set by TurboTax Refund Advance.

Quick tax filing

When it comes to getting a cash advance with TurboTax Refund Advance, one of the key benefits is the quick tax filing process. With TurboTax, you can easily file your taxes online, eliminating the need for complicated paperwork and time-consuming visits to tax offices.

This means that you can complete your tax return in a matter of minutes from the comfort of your own home. By using TurboTax’s user-friendly platform, you can ensure that your tax filing is accurate and efficient.

So if you’re looking for a fast and convenient way to get your cash advance, consider using TurboTax for quick and hassle-free tax filing.

Adjusting tax withholding

If you’re considering getting a cash advance from TurboTax, another option to explore is adjusting your tax withholding. By adjusting the amount of money withheld from your paycheck for taxes, you can potentially increase your take-home pay throughout the year.

This means you won’t have to wait until tax season to get access to that extra cash. Adjusting your tax withholding is a simple process that involves filling out a new W-4 form with your employer and indicating the desired changes in your withholdings.

Whether you want to receive more money in each paycheck or reduce the amount of taxes owed at the end of the year, adjusting your tax withholding can be an effective way to manage your finances and avoid having to rely on cash advances come tax season.

Our Takeaway

In conclusion, getting a cash advance from TurboTax is a simple and convenient way to access your tax refund early. With TurboTax Refund Advance, you can receive the cash instantly, without any loan fees or interest charges.

By choosing Refund Advance as your refund option and opening a checking account with Credit Karma Money, you can skip the wait and have immediate access to your funds through a virtual debit card.

Don’t let waiting for your refund hold you back – get the financial support you need with TurboTax Refund Advance today!

Article Sources & Helpful Links

Here are some helpful links that may help you learn more:

  1. TurboTax Official Website – The official website of TurboTax, a tax preparation software.
  2. TurboTax Online – TurboTax’s online tax preparation services.
  3. TurboTax CD/Download – Information about TurboTax’s CD/downloadable tax preparation software.
  4. TurboTax Mobile Apps – TurboTax’s mobile applications for tax preparation on the go.
  5. Compare TurboTax Products – A comparison of different TurboTax products to help users choose the right one.
  6. TurboTax Free Edition – Information about TurboTax’s free edition for simple tax returns.

Please note that I was unable to find any .gov or .edu links related to TurboTax or cash advances.

How to Get Cash Advance from Turbotax (FAQs)

How can I get a cash advance from Turbotax?

To get a cash advance from Turbotax, you can apply for a refund advance loan, also known as a tax refund advance. This will allow you to access a portion of your anticipated federal refund before the IRS accepts your return.

What is a refund advance loan?

A refund advance loan is a loan provided by a financial institution, such as Turbotax, that allows you to access a portion of your expected federal refund before it is processed by the IRS. It is a way to receive your tax refund early.

How do I qualify for a refund advance loan?

To qualify for a refund advance loan, you typically need to have a source of income, file your taxes electronically, and meet the lender’s eligibility criteria. The size of your federal refund and your tax information will determine the maximum refund advance amount you may be eligible for.

Are there any fees associated with a refund advance loan?

Yes, fees may apply when taking out a refund advance loan. These fees are usually deducted from your federal tax refund, meaning you will receive a slightly smaller refund after the IRS processes your return.

How long does it take to receive a refund advance?

Once your refund advance application is approved, you can typically expect to receive the funds within 15 minutes of acceptance. However, it is important to note that the timeframe may vary depending on the lender and other factors.

What happens if my expected federal refund is lower than the refund advance?

If your expected federal refund is lower than the refund advance you received, you may be responsible for repaying the difference. It is essential to carefully consider the loan amount and the anticipated federal refund before applying.

Can I get a cash advance on my state refund?

The availability of a cash advance on a state refund may vary depending on the tax preparation service or financial institution. It is best to check with Turbotax or your tax preparer for any options regarding state refund advances.

Can I receive my refund advance via direct deposit?

Yes, once your refund advance is approved, the funds can be deposited directly into your bank account or onto a prepaid debit card issued by a partnering bank. Turbotax offers a debit card option for accessing your refund advance.

Will a refund advance affect the size of my federal refund?

Yes, a refund advance will be deducted from your federal refund after the IRS accepts your return. This means that the amount of your federal refund may be smaller than anticipated due to the loan amount being withheld.

Do I need a credit karma account to apply for a refund advance?

No, you do not necessarily need a Credit Karma account to apply for a refund advance. However, if you open a Credit Karma Money™ Spend account, you may have the option to receive your refund advance into that account.

James Allen, a finance enthusiast with 10+ years of experience, founded Billpin in 2020 to demystify personal finance. Inspired by his mother’s frugality and his own financial expertise, James aims to transform people’s relationship with money. Through this site, he provides easy-to-understand guides, empowering individuals to manage their finances effectively and take control of their financial future.

Content Disclaimer: Opinions expressed here are the authors alone, not those of any companies mentioned, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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