![]() ![]() You apply for a refund advance loan and get approved for $1,500. Here's an example: You file your taxes and the tax preparer estimates your refund will be $3,000. When the IRS or your state tax agency distributes your refund, the lender will automatically be repaid the amount you borrowed and the remaining money will be sent to you. You can typically get up to half your refund amount early. If you're approved, you can get a lump sum loaded onto a debit card or deposited in your bank account, usually the same day. A few popular online tax preparers can help you get access to part of your tax refund on the same day you file.Ī tax refund advance is a short-term loan that gives you access to your cash sooner than the IRS or your state tax agency can get it to you. Luckily there's an option for anyone who's expecting a refund and doesn't want to wait. Specifically, taxpayers who claim the Earned Income Tax Credit or Additional Child Tax Credit can't expect their refunds before mid-February, no matter how soon they file. The IRS warns that while it expects to pay most refunds within 21 days, certain refunds are likely to take longer. In recent years, the pandemic upended normal operating procedures, pushing both the tax deadline and overall refund payout schedule back several months. The IRS generally delivers tax refunds speedily, paying out nine in 10 refunds within three weeks of receiving an electronic tax return (paper returns can take up to six weeks). ![]() They will automatically receive notices and checks by mail.By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our Under the agreement, Intuit will provide restitution to consumers who used the commercial TurboTax Free Edition for tax years 2016 through 2018 and were told they had to pay to file even though they were eligible for the version of TurboTax offered as part of the IRS Free File program.Ĭonsumers are expected to receive a direct payment of approximately $30 for each year that they were deceived into paying for filing services, James said. The paper return system needs an overhaul. IRS BACKLOG: IRS backlog won't end after tax deadline. “Customers are getting upset.”ĬRYPTO SCAM: Woman swindled out of $390,000 in crypto scam by man she met on dating app “The website lists Free, Free, Free and the customers are assuming their return will be free,” an internal company PowerPoint presentation said. The company also offers a commercial product called “TurboTax Free Edition” that is only for taxpayers with “simple returns,” as defined by Intuit.Īccording to documents obtained by ProPublica, Intuit executives knew they were deceiving customers by advertising free services that were not free to everyone. Intuit withdrew from the program in July 2021, saying in a blog post that the company could provide more benefits without the program's limitations. ![]() One was through its participation in the IRS Free File Program, geared toward taxpayers earning roughly $34,000 and members of the military. Until last year, Intuit offered two free versions of TurboTax. Representatives for Intuit said in a blog post Wednesday that “Intuit already adheres to most of these advertising practices and expects minimal impact to its business from implementing the remaining changes going forward." "This agreement should serve as a reminder to companies large and small that engaging in these deceptive marketing ploys is illegal." Today, every state in the nation is holding Intuit accountable for scamming millions of taxpayers, and we’re putting millions of dollars back into the pockets of impacted Americans," James said in a statement. "For years, Intuit misled the most vulnerable among us to make a profit. Intuit will pay for 'Scamming millions of taxpayers' WHERE'S MY REFUND TOOL: Taxpayers waiting for refunds find little help from IRS 'Where's My Refund' tool TWO-YEAR WAIT: We fought the IRS, sort of, and finally got someone to answer the phone The Fed announced these aggressive moves to fight it INFLATION FIGHT: Inflation is at a 40-year high. James said her investigation into Intuit was sparked by a ProPublica report in 2019 that found the company used deceptive tactics to steer low-income tax filers away from the federally supported free services for which they qualified – and toward Intuit's own commercial products. Under the terms of a settlement signed by the attorneys general of all 50 states, Mountain View, California-based Intuit will suspend TurboTax’s “free, free, free” ad campaign and pay restitution to nearly 4.4 million taxpayers, New York Attorney General Letitia James said. NEW YORK – The company behind the TurboTax tax-filing program will pay $141 million to customers deceived by misleading promises of free tax-filing services, New York's attorney general announced Wednesday. ![]()
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