Hey there! Ever found yourself staring at your tax return, knowing a refund is on its way, but wishing you could get your hands on that money right now? You're not alone! Many people feel that way, and that's where the idea of a TurboTax Refund Advance comes in. While it might seem like a straightforward solution, there are some important things to understand, especially if you've already filed your taxes.
Let's dive in and clarify how this works and what your options are.
How to Get a TurboTax Advance After Filing: The Reality Check
First, let's address the elephant in the room: can you get a TurboTax Refund Advance after you've already filed your taxes?
The short answer is: No, not typically.
The TurboTax Refund Advance is a loan based on your anticipated federal tax refund, offered by a partner bank (like First Century Bank, N.A., through Credit Karma Money). This loan option is presented to you during the filing process with TurboTax, specifically when you're choosing how you want to receive your refund. It's not something you can apply for as a separate product after your return has been submitted to the IRS.
Think of it like this: the Refund Advance is an integrated feature of the TurboTax filing experience, designed to give you early access to a portion of your refund. Once your return is filed, that window of opportunity for the advance usually closes.
However, understanding why you can't get it after filing is important, along with knowing what to do if you were expecting it or need funds quickly.
Step 1: Understanding the "Why Not After Filing?"
The Advance is Part of the Filing Process: When you prepare your federal tax return with TurboTax, and if you meet the eligibility criteria (which we'll discuss), you'll be presented with the Refund Advance as a refund option. You choose this option before you e-file your return.
Approval is Linked to IRS Acceptance: The loan approval and disbursement are contingent on the IRS accepting your e-filed return. The partner bank needs that confirmation to process the advance. If you've already filed, that decision point has passed for the Refund Advance.
It's a Specific Loan Product: It's not a general cash advance you can request from TurboTax at any time. It's a structured loan tied to your tax refund.
So, what does this mean for you if you've already clicked "file"? It means you'll need to wait for your regular federal tax refund to be processed and issued by the IRS.
Step 2: Confirming Your Filing Status and Refund Method
Since you've already filed, your primary focus should be on tracking your regular federal tax refund.
Sub-heading: Checking Your TurboTax Account
Log in to your TurboTax account. This is your central hub for information about your filed return.
Locate your federal return status. TurboTax will show you whether your return has been transmitted, accepted by the IRS, or is still pending.
Verify your chosen refund method. If you didn't select the Refund Advance during filing, you would have chosen either direct deposit to your bank account or a paper check. This is crucial for knowing where to expect your funds.
Sub-heading: Using the IRS "Where's My Refund?" Tool
This is your most reliable source for federal refund status.
Go to the official IRS "Where's My Refund?" tool (irs.gov/refunds).
You'll need three pieces of information:
Your Social Security Number (SSN) or ITIN
Your filing status (Single, Married Filing Jointly, etc.)
The exact refund amount from your tax return. Be careful here! Don't include any state refund or combined amounts. Use the federal refund amount from your Form 1040.
The IRS tool will provide you with updates, including when your refund has been received, approved, and when your refund is scheduled to be sent.
Step 3: Understanding the TurboTax Refund Advance (for Future Reference)
While you can't get it after filing this year, it's good to understand how it works for potential future tax seasons.
Sub-heading: Eligibility Requirements
To qualify for a TurboTax Refund Advance (during the filing process), you typically need to meet several criteria, which can vary slightly year to year but generally include:
You must be 18 or older.
Your expected federal refund amount must meet a minimum threshold (e.g., $500 or more).
You must e-file your federal tax return with TurboTax.
Your physical address must be listed on your tax return (P.O. boxes or prison addresses are usually not eligible).
You might be required to open or have an existing Credit Karma Money checking account, as the advance is often disbursed to this account.
Certain tax forms or filing situations might disqualify you (e.g., filing for a deceased taxpayer, specific complex forms like 1040X, etc.).
You usually cannot be a resident of certain states (e.g., North Carolina, Connecticut, Illinois have been excluded in the past).
Sub-heading: How it Works (When Available During Filing)
File with TurboTax: You prepare your federal tax return using TurboTax's online software.
Select Refund Advance: If eligible, the option for a Refund Advance will appear when you're choosing how to receive your refund.
Application Process: You'll complete a brief application for the loan. This often involves a "soft pull" on your credit, which does not impact your credit score.
IRS Acceptance: Once the IRS accepts your e-filed return, the partner bank reviews your application.
Disbursement: If approved, a portion of your expected federal refund (the "advance") is typically deposited into a Credit Karma Money checking account. This can happen relatively quickly, sometimes within an hour of IRS acceptance. You might also receive a temporary virtual card to use for online purchases.
Full Refund Arrival: When your full federal tax refund is processed and sent by the IRS, the loan amount is automatically repaid from your refund, and the remaining balance is deposited into your Credit Karma Money account.
It's important to note that the TurboTax Refund Advance is advertised as a $0 loan fee, 0% APR loan. However, you are still responsible for any TurboTax preparation fees, which may be deducted from your refund.
Step 4: What if You Need Money Urgently Now?
If you've already filed and realize you needed funds sooner, exploring other options might be necessary.
Sub-heading: Personal Loans or Lines of Credit
Consider a personal loan from a bank or credit union. These are standard loans that can be used for various purposes. Interest rates and approval depend on your creditworthiness.
Explore a credit card cash advance. Be extremely cautious with this option, as cash advances often come with high fees and immediate, high interest rates.
Look into a secured loan. If you have collateral (like a car title or savings account), you might qualify for a secured loan with better terms.
Sub-heading: Other Short-Term Solutions (Use with Caution!)
Borrow from friends or family. This can be a good option if available, as it avoids interest and fees.
Employer payroll advance. Some employers offer the option to get a portion of your upcoming paycheck early.
Gig work or selling items. Consider temporary work or selling unused items to generate quick cash.
Avoid predatory loans like payday loans, which often have exorbitant interest rates and can trap you in a cycle of debt.
Step 5: Preparing for Next Tax Season
If getting an early advance is important to you, plan ahead for next year.
Sub-heading: File Early
The earlier you file your taxes, the sooner the IRS processes your return and issues your refund. This also opens up the possibility for a Refund Advance if you meet the criteria and choose that option.
Sub-heading: Understand Eligibility
Familiarize yourself with TurboTax's Refund Advance eligibility requirements before tax season begins. These can sometimes change.
Sub-heading: Consider Credit Karma Money
Since the Refund Advance is typically disbursed to a Credit Karma Money account, having one set up in advance can streamline the process if you choose the advance option next year.
10 Related FAQ Questions
Here are 10 related FAQ questions with quick answers to help you navigate TurboTax Refund Advances and your tax refund:
How to check my TurboTax Refund Advance status after filing?
You don't track the "advance" status separately after filing, as the option is presented during filing. Instead, you'll track your federal refund status via the IRS "Where's My Refund?" tool, as the advance is contingent on IRS acceptance. If approved, you'd typically receive an email confirmation from the partner bank (First Century Bank) and Credit Karma.
How to get my full refund after receiving a TurboTax Advance?
Once your full federal refund is processed and released by the IRS, the loan amount of the advance will be automatically repaid from your refund. The remaining balance of your refund will then be deposited into your Credit Karma Money checking account.
How to contact TurboTax about my Refund Advance?
For questions about your Refund Advance, you'll generally need to contact the partner bank (First Century Bank, often through Credit Karma) that provides the loan. TurboTax support can guide you on your tax return status, but for loan-specific inquiries, direct communication with the bank or Credit Karma is usually required. You can also find general support contact information on the Intuit website.
How to qualify for a TurboTax Refund Advance next year?
To qualify, you typically need an expected federal refund of $500+, e-file your federal return with TurboTax, be 18+, have a physical address (not a P.O. box) in an eligible state (some states like NC, CT, IL are often excluded), report income on W-2/1099-R/Sched C, and often need a Credit Karma Money checking account.
How to get money quickly if I missed the TurboTax Refund Advance?
If you've already filed and missed the advance, you'll need to wait for your regular federal refund. For urgent needs, consider personal loans from banks/credit unions, borrowing from family/friends, or exploring short-term income generation (e.g., gig work). Avoid high-interest payday loans.
How to know if I was approved for the TurboTax Refund Advance?
If you applied for the advance during filing, you should receive an email confirmation of approval (or denial) shortly after the IRS accepts your federal tax return. Funds are typically disbursed to your Credit Karma Money account shortly after approval.
How to differentiate between TurboTax Refund Advance and "5-Day Early Refund"?
The Refund Advance is a loan based on your anticipated refund. The "5-Day Early Refund" is a separate TurboTax feature that aims to get your actual refund into your bank account up to 5 days earlier than the IRS scheduled date, depending on your bank and when the IRS provides information. You typically cannot choose both.
How to avoid issues with TurboTax Refund Advance?
Ensure you meet all eligibility criteria, accurately provide all necessary information during filing, and select the Refund Advance option clearly. Verify your Credit Karma Money account is set up correctly for disbursement. Glitches can occur, so monitor your status.
How to check my IRS refund status after filing with TurboTax?
You can check your IRS refund status directly on the official IRS "Where's My Refund?" tool (irs.gov/refunds). You'll need your SSN, filing status, and the exact federal refund amount.
How to use the Credit Karma Money account for the Refund Advance?
If approved for the Refund Advance, the funds are typically deposited into your Credit Karma Money checking account. You can then use the linked debit card for purchases or withdraw cash. Your remaining refund will also go to this account once released by the IRS.