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TurboTax refund advance is basically a short term loan that is funded with your expected tax refund in mind. Sometimes people refer to it as instant refunds; this loan is repaid after the IRS has processed your actual tax. Moreover, this amount varies from $ 200 to $ 3,500 depending on one the tax amount. So, this is the time to answer how you will get this TurboTax refund advance and how this process works. Follow the entire article and get answers to all your related queries.
How does TurboTax’s tax refund advance work?
The very basic process starts with the e-filling of the tax with TurboTax; you will receive your advance on a prepaid debit card. This will be mailed to you within five to ten days; simultaneously, you will receive an email from Intuit within 48 hours. Now your refund is processed by IRS and loaded onto your debit card minus the tax preparation fee and advance you already received. However, the amount you get is based on the size of your expected federal refund.
So, what are the requirements for a TurboTax advance refund? Below we have mentioned some of the basic requirements that you need to prove your eligibility for TurboTax refund advance.
- Federal refund with amount of at least $500
- E-filing your federal tax return using theTurboTax software
- Your age should be at least 18
- File your taxes before the due date
- Not filing an Illinois, North Carolina, Rhode Island, or Vermont state tax return
- Not filing a 1310, 1040SS, 1040PR, 1040X, 8888 or 8862 form
Adding to this, TurboTax offers its refund through Green Dot Bank. Now, this may have some additional requirements as well. So it would be better that you check for this also to avoid any issue in the process. So after this, you need some documents for taxation and refund, check the below section for that.
- W-2: This is required to prove your salary information; if you have a regular day job, then you need to have W-2.
- Schedule C: This form will help to report your income if you are a business owner, so you need to have this.
- 1099s: If you are earning from unconventional ways or as a side hustle, then you need to have this form, which will prove your income.
- 1098: If you own a home and paid mortgage interest this year, then you need to report that.
- Personal information: You need to have this as it includes some banking information and social security information.
- Quarterly tax record: You need to have this form in your tax filing document if you’ve paid quarterly tax.
These are some vital documents that you need to have for a TurboTax advance refund. Now along with these documents, you may need to show some more documents as well. This varies from situation to situation, and you need to be prepared for this. So, now you have your documents and eligibility, then it is time to file tax and apply for a refund.
Apply for Refund
Although you can apply for tax alone, it would be better if you take the help of software like TurboTax. It is because the form provided by the IRS is a bit complex and can become a hectic job to complete. Whereas using software for this purpose helps to ease and shorten the time taken to complete the process. The TurboTax refund advance reviews are best, and this software is known for its efficient work.
So to apply for the tax, you need to work with a tax service that provides tax refund advances. So you just need to file your tax using software and then wait for the IRS to accept your tax return. Once it is accepted, you will get the funds within 48 hours and be available on your Turbo Visa Debit card. So, this all for TurboTax refund advance; go through the entire article and know more.