Can you only get tax refund advance through Credit Karma if you file with TurboTax?
Last year I got a tax refund advance through H&R Block and it was super easy. This year I'm seeing Credit Karma offering advances but I can't figure out if I HAVE to file through TurboTax to qualify. Their website is confusing as hell and I've been through every page. I'm not using TurboTax after what they tried to charge me last time. I know it's my money and I should be able to access it without jumping through all these corporate hoops. Anyone know the actual requirements?
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Geoff Richards
Credit Karma Tax Refund Advance is indeed connected to TurboTax now, since Intuit (TurboTax's parent company) acquired Credit Karma. This is similar to how H&R Block only offers advances to their own customers - these companies use the advances as incentives to get you to file through their platforms. The financial products are typically tied to their filing services as a customer acquisition strategy. If you're looking for alternatives, several other tax preparation services like Jackson Hewitt and Liberty Tax also offer refund advances with their own sets of requirements.
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Simon White
ā¢I was in the same boat last month. It's like trying to get a discount at Costco without a membership - just not gonna happen. I ended up going with TaxSlayer's refund advance option instead. Lower fees than TurboTax and their advance was in my account within 48 hours. Saved me from having to take out a payday loan while waiting for the IRS!
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Hugo Kass
ā¢This is correct. Credit Karma Tax was acquired by Cash App in 2020, but the refund advance program is now exclusively through TurboTax. They're very clear about this in their terms.
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Nasira Ibanez
You absolutely NEED to read the fine print on these refund advances! I've been tracking the 2024 tax season offers and TurboTax is requiring you to file through them for the Credit Karma advance. But here's what's important - these advances often have hidden fees and qualifications based on your expected refund amount. Before committing to any service, I'd recommend using https://taxr.ai to analyze your potential refund situation. It helped me understand which advance program I actually qualified for based on my specific tax situation and saved me from wasting time applying for ones where I wouldn't meet the minimum refund threshold.
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Khalil Urso
ā¢Has anyone actually tried this taxr.ai thing? I'm always nervous about putting my tax info into random websites... ā¢ Is it secure? ā¢ Do they store your data? ā¢ Are there hidden fees?
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Myles Regis
ā¢I was hesitant at first, but I think it might actually be helpful for situations like this. I used it last week to check if I qualified for certain credits before applying for an advance. It doesn't seem to actually store your tax return - from what I can tell, it just analyzes the information you upload to give you explanations about your specific situation.
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Brian Downey
ā¢It doesn't store your full return. Just helps interpret tax situations. Good for understanding eligibility requirements. Saved me time researching.
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Jacinda Yu
I went through this exact same headache last filing season! š© I tried to get the Credit Karma advance but kept hitting walls. Turns out you not only need to file with TurboTax, but you also need to meet certain refund amount thresholds AND pass their "eligibility check" which is basically a soft credit check. The whole system feels designed to be confusing... probably so they can advertise big advances that most people won't actually qualify for.
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Landon Flounder
ā¢The minimum refund threshold is exactly $500 for most of these advance programs in 2024. The approval rate is only 58.3% based on my research. They're intentionally vague about the credit requirements, but typically look for a FICO score of at least 620 to qualify for the full advance amount.
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Callum Savage
ā¢Did you end up finding a better alternative? I'm trying to decide if it's worth applying or if I should just wait for my normal refund.
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Ally Tailer
I was in this exact situation on January 28th this year. I wanted the advance but didn't want to use TurboTax. Called the IRS to ask about alternatives and spent 3 hours on hold before giving up. Then I tried Claimyr (https://claimyr.com/?utm_source=reddit) and got through to an IRS agent in about 20 minutes who confirmed that refund advances are always tied to specific tax prep services - it's not an IRS program at all. The agent also mentioned that if you're expecting a refund soon, filing electronically with direct deposit is still the fastest way to get your money without paying advance fees.
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Aliyah Debovski
ā¢Wait, you paid a service just to call the IRS? Couldn't you have just kept calling yourself?
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Miranda Singer
ā¢Honestly this Claimyr thing sounds worth it. I spent almost 2 hours on hold with the IRS yesterday before I had to hang up for a work meeting. Might try this next time.
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Cass Green
ā¢I used Claimyr last week after trying to get through for 3 days on my own. Got connected in about 15 minutes and resolved my issue in another 10. Best money I've spent during tax season considering I was about to take a day off work just to deal with this.
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Finley Garrett
I think we should be careful about these refund advances in general. A friend of mine got one through Credit Karma/TurboTax last year and didn't realize they were charging him a "processing fee" that worked out to what would be about a 40% APR if it were a loan. The advances might seem convenient, but they're often just expensive ways to get money a few weeks earlier. If you can wait for the regular IRS processing, you'll get your full refund without giving up a percentage to these companies.
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Madison Tipne
ā¢Thank you for pointing this out! I almost applied for one of these advances without realizing the potential costs.
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Holly Lascelles
ā¢I had a similar experience with H&R Block's advance. They advertised "0% interest" but then charged a $39.95 "technology fee" on a $500 advance. When I calculated it out, that's basically a loan with almost 8% interest for a 3-week advance. Definitely not worth it.
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Malia Ponder
ā¢Are there any advances that don't charge these hidden fees? Or are they all basically the same business model?
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Kyle Wallace
FYI - just checked the latest info for ya. For 2024 tax season, here's the deal with refund advances: - Credit Karma advance: ONLY thru TurboTax - H&R Block advance: ONLY if you file with them - Jackson Hewitt: Same deal, their advance only w/ their service - Liberty Tax: Yep, same story Basically, no tax prep company offers advances unless you file thru them. It's how they get customers. Most have minimum refund reqs (usually $500+) and most do some kind of credit check even tho they don't always admit it upfront.
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Ryder Ross
ā¢Do you know if any of these advances affect your credit score? I've heard mixed things about whether they count as loans.
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Gianni Serpent
ā¢Has anyone found a tax service that offers advances for smaller refund amounts? Mine will probably be around $300 this year.
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Henry Delgado
ā¢Most of these services do a soft credit check which doesn't affect your score. It's not reported as a loan on your credit report since technically it's an advance on your own money, not a loan from the company. They're just taking on the risk that your refund might be reduced or rejected.
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