TurboTax Enables Refund Advance to Taxpayers

Last tax season, close to 64% percent of taxpayers received a tax refund, and the average federal tax refund was over $3,000. For many, their refund could be the biggest lump sum of money they receive all year, and with the holidays, those funds could be a great way to pay off that extra spending. 

Refund Advance through TurboTax

Waiting for a tax refund is never fun and TurboTax wants to help relieve the stress of waiting. With Refund Advance^† you could get $250 – $4,000 instantly after the IRS accepts your return. In fact, 70% of our customers receive funds within 60 seconds of IRS e-file acceptance¹.

And we’ve got your back, Refund Advance has no loan fees, no credit score impact, and 0% APR. With Refund Advance, TurboTax helps put financial empowerment at your fingertips by putting money in your pocket when you need it the most.

Refund Advance loans may be issued by First Century Bank, N.A. or WebBank.

Here’s how it works:

If you file with TurboTax Online, while Refund Advance is still available, and have a Federal refund of at least $500 and meet other eligibility requirements, you may be able to get a Refund Advance instantly after IRS e-file acceptance¹. This year you can get up to $4,000 with $0 loan fees and 0% APR. 

You may be wondering, how can Refund Advance be offered with no fees attached? Simply put, Refund Advance is just one of the many perks TurboTax enables exclusively to our customers. Furthermore, TurboTax has joined forces with our partner, Credit Karma, so that your Refund Advance is quickly delivered into a free-to-open, Credit Karma Money™ checking account² that comes with many benefits including, access to your paycheck up to 2 days early, plus government benefits up to 5 days early³, no ATM fees at 55,000 Allpoint® locations worldwide⁴, quickly move funds where and when you need them with Instant Transfer⁵, and more. Learn more about Credit Karma Money™.

Here’s how to apply for Refund Advance:

• Before you finish filing, choose Refund Advance^† for your refund option.
• Simply open a checking account with Credit Karma Money™ in TurboTax. If approved, your Refund Advance could be deposited into your checking account instantly after the IRS accepts your return¹. You may access the funds immediately online through a virtual Credit Karma Visa^® debit card⁶ after you add it to your mobile wallet. Your physical debit card with Credit Karma Money™ should arrive in 7-14 days. 
• Once the IRS processes your return, the remainder of your refund (minus the Refund Advance loan amount and any TurboTax fees, if applicable) will be loaded into your Credit Karma Money™ checking account  – this is typically within 21 days.

How spending online works:

Once you’re approved for Refund Advance, and the funds have been deposited in your checking account with Credit Karma Money™, you can start spending right away wherever Visa^® is accepted by adding your virtual debit card to your mobile wallet. 

So please — sit back, relax and enjoy the season knowing that your Refund Advance is at your fingertips with TurboTax.

Disclosures:

1 – IRS accepts returns starting late-Jan. Acceptance times vary. You could get funds in seconds, most customers receive funds within 15 minutes of acceptance.

2 – Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Refund Advance is a loan issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC.

3 – Early access to paycheck is compared to standard payroll electronic deposit and is dependent on and subject to payor submitting payroll information to the bank before release date. Payor may not submit paycheck early

4 –  Free withdrawals available at ATMs in the Allpoint® network. Credit Karma charges a $2.50 fee for each ATM withdrawal outside this network. This fee is waived with direct deposits of at least $750 into your Credit Karma Money Spend account per calendar month. Other third party fees may apply for ATM transactions outside this network.

5 – Typically deposited within 30 mins. Subject to 1.75% fee, with a $0.25 minimum. Transactions monitored and may be held, delayed or blocked for risk or other reasons. Limits and terms apply. For full terms see Deposit Account Agreement.re increases over 619, you may no longer see these prompts.

6 – Credit Karma Visa® Debit Card issued by MVB Bank, Inc., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa terms and conditions apply.

† Loan details and disclosures for the Refund Advance program:

If you expect to receive a federal refund of $500 or more, you could be eligible for a Refund Advance loan. Refund Advance loans may be issued by First Century Bank, N.A. or WebBank, neither of which are affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund and is not the refund itself. 0% APR and $0 loan fees. Availability of the Refund Advance is subject to satisfaction of identity verification, certain security requirements, eligibility criteria, and underwriting standards. This Refund Advance offer expires on February 28, 2025, or the date that available funds have been exhausted, whichever comes first. Offer, eligibility, and availability subject to change without further notice.

Refund Advance loans issued by First Century Bank, N.A. are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. Although there are no loan fees associated with the Refund Advance loan, separate fees may apply if you choose to pay for TurboTax with your federal refund. Paying with your federal refund is not required for the Refund Advance loan. Additional fees may apply for other products and services that you choose.

You will not be eligible for the loan if: (1) your physical address is not included on your federal tax return, (2) your physical address is located outside of the United States or a US territory, is a PO box or is a prison address, (3) your physical address is in one of the following states: IL, CT, or NC, (4) you are less than 18 years old, (5) the tax return filed is on behalf of a deceased person, (6) you are filing certain IRS Forms (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (7) your expected refund amount is less than $500, or (8) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) currently have or open a Credit Karma Money™ Spend (checking) account with MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Opening a Credit Karma Money™ Spend (checking) account is subject to eligibility. Please see Credit Karma Money Spend Account Terms and Disclosures for details. 

Not all consumers will qualify for a loan or for the maximum loan amount. If approved, your loan will be for one of ten amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, or $4,000. Your loan amount will be based on your anticipated federal refund to a maximum of 50% of that refund amount. You will not receive a final decision of whether you are approved for the loan until after the IRS accepts your e-filed federal tax return. Loan repayment is deducted from your federal tax refund and reduces the subsequent refund amount paid directly to you.

If approved, your Refund Advance will be deposited into your Credit Karma Money™ Spend (checking) account typically within 15 minutes after the IRS accepts your e-filed federal tax return and you may access your funds online through a virtual card. Your physical Credit Karma Visa Debit Card* should arrive in 7 – 14 days. *Card issued by MVB Bank, Inc., Member FDIC pursuant to a license from Visa U.S.A. Inc.; Visa terms and conditions apply. Other fees may apply. For more information, please visit: https://support.creditkarma.com/s/article/Are-there-fees-with-a-Credit-Karma-Money-Spend-account.

If you are approved for a loan, your tax refund after deducting the amount of your loan and agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account. Tax refund funds are disbursed by the IRS typically within 21 days of e-file acceptance. If you apply for a loan and are not approved after the IRS accepts your e-filed federal tax return, your tax refund minus any agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account.

If your tax refund amounts are insufficient to pay what you owe on your loan, you will not be required to repay any remaining balance. However, you may be contacted to remind you of the remaining balance and provide payment instructions to you if you choose to repay that balance. If your loan is not paid in full, you will not be eligible to receive a Refund Advance loan in the future.