Close to 80 percent of taxpayers receive a tax refund each year, and last tax season the average tax refund was about $3,267. For many taxpayers, their refund could be the biggest lump sum of money they receive all year, and with the events that have occurred this year and the holidays, those funds could be a great way to pay off any of those expenses you may have incurred. You know your personal finances better than anyone, but sometimes the unexpected can still happen.
TurboTax Refund Advance
To help you with expected or unexpected expenses in the new year, TurboTax is offering a Refund Advance. With Refund Advance, TurboTax Online customers who file before February 8, 2021, and have a minimum expected Federal refund of $500 may be able to get a Refund Advance in less than one day of IRS e-file acceptance (est. late-Jan). To ensure you can get the money you need when you need it most, TurboTax has also increased the maximum Refund Advance amount available from $2,000 to $3,000 this year.
The IRS typically starts accepting tax returns in late January, and the IRS states that they will issue nine out of 10 tax refunds within 21 days after acceptance if you e-file with direct deposit. However, with TurboTax Refund Advance, you may be able to get $250-$3,000 (depending on your expected Federal refund amount) within a day once the IRS accepts your tax return. In fact, most recipients are typically able to receive funds in less than three hours after IRS acceptance.
The great part is, 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.
If you are eligible and choose a TurboTax Refund Advance, there are 3 easy steps to follow:
- Right before you file, choose Refund Advance for your refund option.
- If approved, you can usually start spending online within one hour with your virtual card. Your physical Turbo® Visa® Debit Card will arrive in 5-10 business days. Visa® is accepted in the U.S., and TurboTax Refund Advance is available in amounts of $250, $500, $750, $1,000, $1,500, $2,000, $2,500, and $3,000. 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 amount) will be loaded onto your Turbo Visa Debit Card – this is usually within 21 days.
How spending online works:
Once your Refund Advance is approved, you’ll receive an email with instructions to set up your account. Then, when your account is set up, you can start spending online with your Turbo® Visa® Debit Card information anywhere Visa is accepted in the U.S. You can also withdraw your refund cash at more than 19,000 surcharge-free ATMs across all 50 states.
So please — sit back, relax and enjoy the season knowing that your refund is at your fingertips with TurboTax.