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TurboTax Offers Refund Advance to Taxpayers

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Last tax season more than 75% percent of taxpayers received a tax refund, and the average federal tax refund was about $2,766. 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. 

TurboTax Refund Advance

It can take up to 21 days to get your refund from the IRS. With Refund Advance get $250 – $4,000 in as little as 1 hour from IRS e-file acceptance of your return. In fact, 41% of customers receive funds within 30 minutes, and 99% receive it within a day.

TurboTax Refund Advance has no hidden fees — there are $0 loan fees and 0% APR — and you can spend your funds anywhere Visa is accepted. With Refund Advance, TurboTax helps put financial empowerment at your fingertips by putting money in your pocket when you need it the most.

Here’s how it works:

If you file with TurboTax Online by February 15, 2022, and have a Federal refund of at least $500 (excluding any recovery rebate credit), you may be able to get a Refund Advance in as little as 1 hour of IRS e-file acceptance (est.late-Jan). To ensure you can get the money you need when you need it most, the maximum Refund Advance amount available this year is $4,000.

New this year, TurboTax has joined forces with Credit Karma to help you get access to your funds through the Credit Karma Visa®️ Debit Card. There are no withdrawal fees, no overdraft fees, no minimum account balances, and no ATM fees at 55,000 Allpoint® locations nationwide*. Learn more about Credit Karma Money.

Here’s how to sign up for the TurboTax Refund Advance:

  • Before you file, choose Refund Advance for your refund option.
  • Open a checking account with Credit Karma Money**. If approved, your Refund Advance could be deposited into your checking account in as little as 1 hour after the IRS accepts your return1. You may access the funds online through a virtual card. Your physical Credit Karma Visa®️ Debit Card should arrive in 7-14 days. TurboTax Refund Advance is available in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, and $4,000. And, know that your credit will not be affected if you choose to use the Refund Advance.
  • 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 checking account with Credit Karma Money  – this is usually 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 using your virtual card or mobile wallet where Visa® is accepted. 

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

*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. Third party fees may apply. Free withdrawals available at ATMs in the Allpoint® network. Fees may apply for ATM transactions outside this network. 

**For Credit Karma Money Spend (checking) account: Banking services provided by MVB Bank, Inc., Member FDIC. Maximum balance and transfer limits apply. Refund Advance is a loan provided by First Century Bank, N.A., Member FDIC, not affiliated with MVB Bank, Inc., Member FDIC.

† Loan details and disclosures for the Refund Advance program:

If you are receiving a federal refund of $500 or more, you could be eligible for a Refund Advance, a loan provided by First Century Bank, N.A., Member FDIC, not affiliated with MVB Bank, Inc., Member FDIC. Refund Advance is a loan based upon your anticipated refund (minus any stimulus payment credit, also known as a Recovery Rebate Credit) 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 February 15, 2022, or until available funds have been exhausted, whichever comes first. Offer and availability subject to change without further notice.

Refund Advance is facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. 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.

You will not be eligible for the loan if: (1) your physical residence is located outside of the United States, a US territory, a PO box or a prison address, (2) your physical residence is in one of the following states: IL, CT, or NC, (3) you are less than 18 years old, (4) the tax return filed is on behalf of a deceased person, (5) you are filing certain IRS Forms (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (6) your expected refund amount (minus any stimulus payment credit, also known as Recovery Rebate Credit) is less than $500, or (7) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C or Sched C-EZ. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) 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 identity verification. 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 a portion of your anticipated federal refund to a maximum of 50% of that refund amount (minus any stimulus payment credit, also known as Recovery Rebate Credit). You will not receive a final decision of whether you are approved for the loan until after you file your taxes. Loan repayment is deducted from your federal tax refund and reduces the subsequent refund amount paid directly to you.

If approved, your Refund Advance could be deposited into your Credit Karma Money TM Spend (checking) account, typically within 1-2 hours after the IRS acceptance of your e-filed federal 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. Third party fees may apply.

If you are approved for a loan, your tax refund after deducting the amount of your loan and minus any agreed-upon fees will be placed in your Credit Karma Money Spend (checking) account. If you apply for a loan and are not approved, your tax refund minus any agreed-upon fees will be placed in your Credit Karma Money Spend (checking) account.

¹ Most customers receive funds for Refund Advance within 1-2 hours after IRS E-file acceptance. Estimated IRS acceptance begins late-January.

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