![]() ![]() You should keep in mind that some lenders may also review your credit history. Tax loan lenders will verify your identification, weigh your tax history with the IRS, and consider how much debt you owe. Your qualification depends largely on the amount of money that you will be refunded by the government. How to Qualify for a Tax Refund Loanīecause tax loans do not have as much risk as unsecured loans, credit score requirements are usually not as restrictive. The only other thing to keep in mind is that if your refund is smaller than your tax refund loan, you will still need to pay the loan back in full. At this point, your loan is repaid and you made it through tax season. Once the IRS processes your refund, it will go directly to the lender. Some lenders only offer one of those methods while others may offer multiple options. You may receive the loan on a prepaid card, on a check or as an electronic deposit in your bank account. The loan that you receive from a lender will have the value of your anticipated refund minus any fees or interest charges. Tax refund loans typically only last a couple of weeks – just long enough for the IRS to process your tax refund. Many tax filing services will also offer you a tax refund loan after you file with their service. This may require a little research on your part to make sure the lender is reputable. Lenders are often small financial institutions. It is a loan that a lender makes based on the amount of your federal income tax refund. ![]() They will automatically receive notices and checks by mail.A tax refund loan is officially known as a refund anticipation loan (RAL). 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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