: Does turbotax offer a prepaid card
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TurboTax says IRS has correct bank account info for stimulus checks; doesn't expect another issue
As the Internal Revenue Service begins to disburse the third economic impact payments, the agency says it has fixed an account mishap that delayed the second stimulus deposits for millions of households.
Stimulus checks for millions of customers of tax preparation companies including TurboTax, H&R Block, Jackson Hewitt, TaxAct and others were deposited into the wrong bank accounts by the IRS earlier this year. The agency erroneously deposited the payments into temporary "pass-through" accounts the tax prep companies set up in previous years that their customers no longer had access to.
That frustrated many Americans, who had to wait several days — and in some cases, weeks — for money they were relying on to pay their rent, car payment or other bills to be redirected to their actual bank accounts.
Now, TurboTax and the IRS have confirmed that they worked together to ensure the agency has the correct bank account information for customers for the third stimulus payments. IRS officials also said that the agency put a new system into place to more quickly correct errors when they occur, but it did not provide details.
H&R Block, which was affected by the same account mishap earlier this year, also said that it worked directly with the IRS to confirm account information.
Some taxpayers have already received their third deposits. The IRS will continue sending the payments out in batches over the next few weeks. Most people will receive the payment via direct deposit, though the IRS is also issuing paper checks and pre-paid debit cards for some.
Running into issues receiving your stimulus check? Email money reporter Alicia Adamczyk at [email protected] with questions.
Check out: Use this calculator to see exactly how much your third coronavirus stimulus check could be worth
TurboTax Stimulus Update As Users Report Issues With Receiving Checks
Users of Intuit's TurboTax, the tax-filing software, have reported issues with receiving their second stimulus checks, with the IRS warning some payments may have been sent to bank accounts that are no longer valid.
In a statement Monday, the IRS said: "Payments started going out last week and will continue through mid-January. Direct deposit payments are being made first to those that have valid routing and account information on file for direct deposit purposes.
"Because of the speed at which [the] IRS issued this second round of payments, some payments may have been sent to an account that may be closed or no longer active. By law, the financial institution must return the payment to the IRS, they cannot hold and amazon piggy bank for adults the payment to an individual when the account is no longer active," the IRS said.
Several users took to social media to voice their concerns. Adaora Okoli, an internal medicine resident physician at Tulane University, tweeted: "Apparently, the IRS screwed up stimulus deposits for people who filed with TurboTax and got their filing payment deducted from their tax return."
User @meaganrosae, a freelance writer, tweeted: "If you used Turbo Tax or HR Block and had your filing fees deducted from your return, the IRS probably sent your $600 to them instead. Why this happened when the IRS had most DD [direct debit] info on file, I have no idea."
"Apparently HR Block/Turbo Tax create a temp bank account to process your fees from your return, I think. So the IRS sent your stimulus there. Lots of folks seeing bank account numbers they don't recognize on the IRS site — this is why," the user added.
What TurboTax says
Speaking to Newsweek, a spokesperson for Intuit said: "The IRS is does turbotax offer a prepaid card sole party with the ability to determine eligibility and distribute stimulus payments. As part of the income tax filing, the IRS receives accurate banking information for all TurboTax filers who receive a tax refund, which the IRS can use to deposit stimulus payments.
"While the IRS is exploring options to correct their issue, they have stated that this may cause a delay in stimulus payments for some.
"We know how important these funds are for so many Americans and that everyone is anxious to get their money. We are partnering with the IRS to help taxpayers receive their payments as quickly as possible," the spokesperson added.
What to do if you're affected
The Intuit website notes: "For those eligible [for the second stimulus check] but who don't receive the payment for any reason, it can be claimed by filing a 2020 tax return in 2021."
The IRS also said in its Monday statement: "While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.
"The credit is figured like the Economic Impact Payment, except that the credit eligibility and the credit amount are based on the 2020 tax year information, including income.
"For people who received a partial Economic Impact Payment, they can take the Recovery Rebate Credit for any remaining amount they're eligible for by completing line 30 of the 2020 Form 1040 or 1040-SR."
Both the IRS and Intuit advise that customers should check the Get My Payment tool on the IRS website to verify where their stimulus check was deposited or mailed.
The IRS is unable to change any user's payment details, including bank account or mailing information.
"If your payment was delivered to a prepaid Turbo VisaDebit Card and you no longer have it, we'll help you get a replacement card at no cost," Intuit adds.
Those who are told they are not receiving a payment or that their payment status is unavailable when accessing the Get My Payment tool can check their eligibility using the 2020-2021 Stimulus Check Calculator found at the Intuit website or see the IRS website for more information on eligibility.
Avoid The Prepaid Tax Refund Debit Cards
Because the current economy has made our paychecks smaller and our budget tighter, we want to get that refund check as soon as possible and companies in the tax business know what you're thinking. Even the IRS knows how badly we want that refund check. Previously, the IRS piloted a program that gave more than 800,000 low-income Americans the opportunity to get their refund in the form of a season 10 cast married at first sight debit card.
This, according to the IRS, would save a portion of the expense that comes with cashing an IRS refund check. For those without a bank account, check cashing fees can be as much as 3% of the amount making a $3,000 refund check worth only $2,910. Although the program was open to a large number of Americans, according to the IRS, only 6,000 card were issued, leading to the cancellation of the program for the 2011 tax year.
How About a Prepaid Card?
If you don't have a bank account or you want to keep your refund separate from your other assets, companies like TurboTax, H&R Block, Jackson Hewitt, and TaxAct all have prepaid cards available, but is it a sound financial move to get your refund on a card, instead of a check or direct deposit?
According to the proponents of these cards, there are plenty of advantages. First, according to Creditcards.com, you may get your refund up to 10 days sooner than if you wait for the check or does turbotax offer a prepaid card deposit. Next, you avoid the potential problems that may come with waiting for a check does turbotax offer a prepaid card arrive. If you recently moved, the check could be sent to your old address, further adding to the amount of time you have to wait. During tax time, thieves know to search through mailboxes looking for refund checks and because of that, the IRS has to reissue checks. Finally, just as the IRS attempted with their program, prepaid cards can eliminate most of the check-cashing fees that lower-income consumers often incur.
Of course, convenience doesn't come without a cost and it's those costs that have some consumer advocates crying foul. Prepaid cards of any type often come with plenty of fees. The TurboTax prepaid card has a $5.95 per month maintenance fee if you have less than $50 on the card, and after your does turbotax offer a prepaid card free ATM withdrawal, each subsequent withdrawal will cost you $2.50. The TaxAct prepaid card has a monthly fee of $2.50, an activation fee of $16.95, and fees for speaking to a customer service agent. These fees can quickly add up to more than you would have paid to cash the check.
If your refund is coming on one of these prepaid cards, there are a few ways to minimize the fees. First, understand the fee structure. Before using the card, make sure to read about the fees so you know how to avoid them. If you plan to use the card for an extended period of time, consider having your paycheck deposited onto the card. This will eliminate the fees for depositing money onto the card at retailers.
Second, get cash back. Instead of paying the ATM fee, ask for cash back when you use the card. Get enough cash to last you until you use the card again and avoid the ATM as much as possible. Finally, consider starting a savings account for your refund instead of a prepaid card. Savings accounts at local credit unions often come with low minimum balances and will pay you a small amount of interest. When you have an account at a bank, they won't charge you to deposit the check and you can make withdrawals without any transaction fees.
The Bottom Line
Getting your refund check quickly may be important to you, but don't pay unnecessary fees that may come with prepaid cards. Read the fee structure on the card or start a savings account so you can keep most of your refund check.
Should You Get Your Tax Refund on a Prepaid Debit Card?
Earlier this week, we looked at whether it’s ever a good idea to get your tax refund in the form of an Amazon gift card (my verdict, for what it’s worth, is no).
But what if your tax preparer offers to put your tax refund on a prepaid debit card? Is that a smart move?
Many major tax-prep companies, including H&R Block, TaxAct, and TurboTax, give you the option of putting your tax refund on a prepaid debit card. These cards are a little more flexible than the Amazon gift card option, in the sense that you can spend your tax refund anywhere that accepts debit, but you’re still locked into spending your tax refund.
That said, there are a few advantages to getting your refund on a prepaid debit card. If you need your refund as soon as possible, it’ll often arrive more quickly via a tax preparer’s co-branded debit card; they’ll generally give you the money as soon as the IRS approves your return, and you won’t have to wait for the feds to mail or direct-deposit a check. Some tax preparers offer bonuses if people online bank accounts uk best to put their refunds on debit cards—so if every dollar counts, you might be able to get a few extra ones by agreeing to put your refund on debit.
Plus, as NerdWallet reminds us, prepaid debit cards can be good financial tools for people who don’t have checking or savings accounts:
If you don’t have or can’t get a bank account, a prepaid debit card is a solid option. For a fee, you’ll be able to access your funds easily and won’t have to worry about finding a place that will cash a large tax refund.
It’s that whole “for a fee” thing that cost of garnier bb cream the biggest disadvantage to loading your tax refund onto prepaid debit; most of these cards come with ATM fees (which apply either to all ATMs or just to out-of-network ATMS, depending on the card), and some cards charge additional fees.
The H&R Block Emerald Card, for example, charges $0.95 per transaction if you use your Emerald Card to pay bills through H&R Block’s bill pay service, and the fees go up if you need expedited bill payment. If you want to reload cash onto your Emerald Card, “fees of up to $4.95 may apply.” The American Express Serve Free Reloads card, does turbotax offer a prepaid card TaxAct offers, lets you make as many free reloads as you want but charges a $6.95 monthly fee (unless you live in Texas, New York, or Vermont).
So should you get your refund on a prepaid debit card? I’m leaning towards no, unless you need the cash right away or don’t have a bank account—but I’m curious about your experiences with prepaid debit tax refunds and does turbotax offer a prepaid card you’d recommend them.
Why is my Turbo Card closed?
Why is my Turbo Card closed?
If you no longer have access to your Turbo Visa Debit Card, don’t worry. If does turbotax offer a prepaid card have registered your card and know your login credentials, you can request a replacement card by signing in to your Turbo Visa Debit Card account here: TurboTax Debit Card Report Lost or Stolen.
Where is my turbo card?
There is no way to track your card. It can take up to 10 business days excluding holidays to receive your card in the mail. Visit TurboDebitCard.com or call us toll-free at (888) 285-4169 to check the address we have for you, update your address, or have a new card sent to you if it’s been longer than 10 business days.
Can I transfer money from Turbo Card to bank account?
Can I transfer money from my turbo tax prepaid card to my bank account. The Turbo Visa Debit Card is issued by Green Dot Bank. You are not able to transfer money from your card account to an outside bank account.
What bank does turbo card use?
Green Dot Bank
Can I overdraft my turbo card at ATM?
Yes. The Turbo Prepaid Card’s website states “In certain instances, because of the way transactions are processed, your transaction could have gone through even though you did not have enough money on your card. As a result, your balance would be negative.
How much can I withdraw from my turbo card?
How do I withdraw money from my turbo card?
With your Turbo Visa Debit Card, you can withdraw your money at more than 19,000 fee-free ATMs across all 50 states. You can also request a check for the money on your Turbo Visa Debit Card by calling Green Dot at 888-285-4169 and speaking to a customer service specialist.
Can you withdraw money from a turbo prepaid Visa card?
Can i go to bank and take out my whole refund at one time with turbo prepaid card? Yes, if your refund is equal to or less than the maximum withdrawal per day. Use your personalized card at a bank teller to withdraw cash.
How much can I withdraw from Turbo Card?
You may withdraw up to a maximum of $3,000 per calendar month from ATMs and up to a maximum of $3,000 per calendar month from teller transactions, unless otherwise indicated.
Which bank does TurboTax use for refunds?
Santa Barbara Tax Products Group, LLC
How do you get your refund from TurboTax?
Checking your tax refund status online If you e-filed your tax return using TurboTax, you can check your e-file status online, to ensure it was accepted by the IRS. You’ll also receive an e-mail confirmation directly from the IRS.
Does TurboTax tell you when my refund is deposited?
If you requested a direct deposit of your tax refund, the IRS will not send you a notification at the time of delivery, so your deposit may already be in your account.
How long does it take TurboTax to release funds?
Can you see pending deposits on TurboTax card?
No one at TurboTax can tell you if you have a pending deposit on your card. Your Turbo Visa card is issued by Green Dot Bank, not TurboTax.
How long after refund is sent is it deposited?
Tax refund process
|Delivery type||Delivery time (date filed – receipt of tax refund)|
|E-file with direct deposit||1-3 weeks|
|Paper file with direct deposit||3 weeks|
|E-file with refund check in the mail||6-8 weeks|
|Paper file with refund check in the mail||6-8 weeks|
What qualifies you for a refund advance?
To be eligible for a tax refund loan, you must have your taxes prepared by the company offering the loan, and that might mean you’ll pay a tax preparation fee. There’s a minimum amount your expected refund can be to qualify, which varies by company, and you may get only part of your expected refund in advance.
Why would you be denied a refund advance?
You did not agree to all the Refund Advance terms and conditions. You owed the U.S. Government or your State. You had debt enforced by a State such as, but not limited to, child support obligations, past student loans, tax liens, and any other payments owed to a Federal or State agency.
Can I get a tax refund advance with bad credit?
If you have bad credit but need the money, you may be able to get a refund anticipation loan. There are some companies that claim to give anticipation loans without a credit check, though others will require credit checks. Some will acknowledge your bad credit but may charge higher fees as a result.
Can I do H&R Block refund advance online?
Fact – You can get a refund anticipation loan online remotely with a Refund Advance. Instead of working with one of our tax pros in an office, you can use our Digital Drop-Off service, work with your tax pro from home and apply for your tax refund loan online virtually.
Can you apply for H&R Block refund advance online?
To apply for an H&R Block Refund Advance, you’ll first have to make an appointment at a local H&R Block office. You can do this online. In the meantime, you can apply for prequalification online. You’ll need your Social Security number, last year’s tax refund amount and personal contact information.
Can you get H&R Block refund advance online?
“The Refund Advance available at H&R Block gives qualifying clients money sooner – up to $3,000 on the day they file. Now, taxpayers can learn earlier if they prequalify to apply for the Refund Advance.” In addition to making appointments, taxpayers can experience the Refund Advance prequalification process online.
Can I borrow money against my tax return?
You can get a loan against your tax wells fargo bank anchorage hours if a “tax advance refund” is offered by the tax preparation service you choose. Tax preparation companies don’t lend you the money directly. Once you receive your tax refund, that amount or a portion of it goes to the bank to pay off the loan.
Does TurboTax do advance refunds?
With a TurboTax Refund Advance loan, you may be able to access your tax refund early without paying interest — as long as you use the TurboTax software to e-file your federal tax return. But it won’t be available after early February and the maximum amount you can receive is $2,000.
Does TurboTax card deposit early?
You could get paid early by direct depositing your government benefits, such as SSA, SSI or Unemployment, or payroll to your Turbo Card account. Find more info about Does turbotax offer a prepaid card Direct Deposit™.