How to Get a TurboTax Advance Payment for Your Tax Refund

Are you expecting a large tax refund this year? If so, you may be eligible for an advance payment from TurboTax. This innovative service allows you to receive part of your expected federal refund before your taxes are even processed by the IRS. Here's what you need to know about getting a TurboTax advance payment.

Eligibility Requirements

To qualify for a tax refund advance from Intuit TurboTax, you must meet certain requirements. Your address must be located in one of the eligible states and cannot be a PO box or prison address. Additionally, your physical address must match the one listed on your tax return. You can only e-file your federal tax return with TurboTax to be considered for this offer.

Other Requirements

You also need to meet certain additional requirements to qualify for a TurboTax advance payment. Firstly, you cannot be a resident of North Carolina, Connecticut, or Illinois. Secondly, your expected federal refund amount must be $500 or more. Finally, you must file your federal tax return through TurboTax by February 29, 2024.

How the Advance Payment Works

Once you've met all the eligibility requirements, you can select a refund advance as your refund option when you e-file with TurboTax. You'll receive an email with temporary card information within 48 hours of being approved by the IRS. The rest of your funds will be deposited into a Credit Karma Money checking account minus any taxes owed and your tax preparation fee.

The Refund Advance Card

You'll receive your advance on a prepaid debit card, the Credit Karma Visa Debit Card, which will be mailed to you within five to 10 business days. You can use this card to withdraw cash at no cost from any of the 55,000 ATMs in TurboTax's network. Alternatively, you can have the fee taken out of your refund after the IRS processes it.

No Interest Charges

Unlike other financial institutions, Intuit TurboTax doesn't charge interest on your refund advance. However, you may need to pay a tax preparation fee to file through TurboTax.

How Much You Can Receive

The amount you're able to receive is based on the size of your expected federal refund. The rest of your funds will be deposited into your Credit Karma Money checking account minus any taxes owed and your tax preparation fee.

Getting an advance payment from TurboTax can help you get access to your tax refund faster. By selecting this option, you can receive part of your refund before the IRS processes it. Just make sure you meet all the eligibility requirements and follow the necessary steps to apply. With TurboTax's innovative refund advance service, you can start enjoying your hard-earned money sooner rather than later.

Turbotax advance payment