If you’ve e-filed your federal return with TurboTax this year, you can apply for a loan to receive money in as little as one minute after the IRS accepts your return*. This loan is known as a Refund Advance**. A Refund Advance gives you access to a portion of your return while you wait to receive the remainder.
You can only apply for the Refund Advance if your expected federal refund is more than $500. If you don't have a Credit Karma Money™ Spend account, you will need to open one. Refund Advance amounts will vary based on your federal return. The maximum Refund Advance loan is $4,000.
Learn more about the Refund Advance on TurboTax’s website. If approved, your Refund Advance will be deposited into your account, which you can spend via a Credit Karma Visa® Debit Card.***
When will I get my Refund Advance?
You could receive your Refund Advance funds in as little as one minute after the IRS accepts your e-filed federal tax return. If you filed your taxes with TurboTax, and opted into data sharing, you can track your federal refund using your Credit Karma account. Your refund tracker will appear shortly after you file your federal tax return.
Go to this section in Credit Karma: Refund tracker
You'll receive an email from Credit Karma when your Refund Advance funds are available to spend. You'll receive a physical card in the mail in 7-14 days.
Your remaining federal and entire state refund (minus any fees you agreed to pay to TurboTax) will be deposited to your Credit Karma Money Spend account when the IRS distributes your refund. The IRS issues more than 9 out of 10 refunds in less than 21 days, though it’s possible your tax return may require additional review and take longer to process.
How much money can I get with Refund Advance?
You could receive a $0 loan fee, 0% APR loan equal to a portion of your anticipated federal refund in one of ten amounts: $250, $500, $750, $1,000, $1,500, $2,000, $2,500, $3,000, $3,500, $4,000.
The amount of your Refund Advance will automatically be deducted from your federal tax refund when it is distributed by the IRS.
You should see the option to estimate your refund on the tax refund estimator. You can learn more here: What is the Tax Refund Estimator?
Are there any loan fees or interest charges for obtaining a Refund Advance?
There are $0 loan fees and 0% APR for obtaining a Refund Advance.
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.
Why am I receiving an error when verifying my personal info?
If you see an error when verifying your personal info, the information you entered when applying for a Refund Advance may not match your Credit Karma account information.
Double-check that information on your Credit Karma account matches your TurboTax return information. It is required that the TurboTax filer be the Credit Karma Money primary account holder. Make sure you are using your own Credit Karma account, or sign up for Credit Karma to open a Credit Karma Money Spend account and/or Save account. Then, try applying for a Refund Advance on TurboTax again.
If you continue to run into this issue, contact TurboTax at 1-800-446-8848 for assistance.
How will I know if I’ve been approved for a Refund Advance?
You should receive an email from Credit Karma when your Refund Advance funds are deposited.
If your Refund Advance is denied, you should receive an email from First Century Bank (the bank issuing the Refund Advance loans) letting you know.
Why haven’t I received my Credit Karma Debit Card yet?
It usually takes about 7-14 days from your Credit Karma Money Spend account opening until you receive your Credit Karma Visa® Debit Card in the mail. Even if you haven’t received your physical card in the mail, you can still access your Refund Advance through the Credit Karma mobile app using a digital card. See more on how to set up a digital debit card.
My question wasn’t answered.
If you couldn’t find an answer to your question regarding the Refund Advance, you might need some help from the experts at TurboTax. Visit the TurboTax website to learn more about Refund Advance and refer to offer details and disclosures for the Refund Advance program for further information.
For general assistance with TurboTax, visit the TurboTax Support Center or call 1-800-446-8848.
*IRS accepts returns starting late-Jan. Acceptance times vary and could take up to a day. Most receive funds within 15 minutes of acceptance.
**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, 2023, or the date that available funds have been exhausted, whichever comes first. Offer 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, NE, 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 or Sched C-EZ. 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 identity verification. Please see Credit Karma Money Spend Account Terms and Disclosures for details. NOTE: Due to system limitations, if you previously opened a Credit Karma Money™ Spend (checking) account and that account has been closed, you will not be eligible for a 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 15 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.
***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.