Last tax season, close to 70% 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. 

TurboTax Refund Advance

Waiting for a tax refund is never fun. TurboTax wants to help relieve the stress of waiting and 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 30 seconds of IRS e-file acceptance1.

And we’ve got your back, TurboTax 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.

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 TurboTax do this at no-cost? Simply put, this is just one of the many perks TurboTax offers 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, no minimum account balance fees3, no ATM fees at 55,000 Allpoint® locations nationwide4, Credit Builder5 for low credit score customers, and more. Learn more about Credit Karma Money.

Here’s how to apply for the TurboTax 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 card6 after you add it to your mobile wallet and 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(R) 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.

1 – IRS accepts returns starting late-Jan. Acceptance times vary. You could get funds in seconds, most customers receive funds within 4 minutes of acceptance.

2 – 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.

3 – Third-party fees may apply. Please see Credit Karma Money Spend Account Terms & Disclosures for more information.

4 –  Fees may apply for ATM transactions outside this network.

5 – Connecting a paycheck or direct depositing a one time total of at least $750 in a single calendar month is required for activation. Your connected paycheck or direct deposit(s) must be received in the 2 calendar months prior to application or within a calendar month 90 days after application submission to activate your plan. Credit Builder plan requires you to open a line of credit and a savings account, both provided by Cross River Bank, Member FDIC. Credit Builder is serviced by Credit Karma Credit Builder. Members with a TransUnion credit score is 619 or below at the time of application may be promoted to apply for Credit Builder. If your score 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.

For direct deposit: Direct deposit(s) are electronic deposits of compensation for services (such as payroll, salary, or government benefits) made into your Credit Karma Money Spend account. Person to person transfers, transfers from one account to another or from other financial institutions, tax refunds and Instant Transfers (including Instant Transfers for Earned Wage Access) are not considered direct deposits.

† 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 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 15, 2024, or the date that available funds have been exhausted, whichever comes first. Offer, eligibility, 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 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. 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 eligibility. Please see Credit Karma Money Spend Account Terms and Disclosures for details. NOTE: If you previously opened a Credit Karma Money™ Spend (checking) account and that account has been closed, you will not be eligible for Refund Advance. 

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. 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 will be deposited into your Credit Karma Money™ Spend (checking) account, typically within 4 minutes after the IRS accepts 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 agreed-upon fees (if applicable), will be placed in your Credit Karma Money Spend (checking) account. Any remaining balance of the funds will be placed in the same Credit Karma Money Spend (checking) account once the funds are disbursed by the IRS, which is typically within 21 days of e-file acceptance. If you apply for a loan and are not approved, 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 may be contacted no more than once 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.

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