Available Nationwide Walmart Direct2cash To Save Customers Time And Money This Tax Season
BENTONVILLE, Ark., January 20,2015 As Americans beginto file their tax returns, Walmart announced the launch of a first-of-its-kindservice that allows consumers to skip the check and pick up their tax refundsin cash. Walmart Direct2Cash is available nationwide starting today and willhelp customers save time and money when compared to traditional tax refundoptions.
Walmart is working with Tax Products Group , a Green Dot Company,and Republic Bank & Trust Company, member FDIC, two leading providers oftax-related financial products and services, to provide Walmart Direct2Cash asan option to millions of customers. The more than 25,000 tax preparationlocations using software with the Walmart Direct2Cash option may provide thisservice for no additional fee or charge a maximum of $7 at the time of filing. Walmartdoes not charge customers a fee when refunds are claimed in a store.
We know taxrefunds can be one of the largest financial payouts of the year for many of ourcustomers, and the last thing they want is to wait for their refund check toarrive and then spend money on unnecessary fees in many cases upwards of $70 to cash it, said Daniel Eckert, senior vice president of services forWalmart U.S. By skipping the check and choosing this new service, customerswill not only save time, but also keep some extra cash in their pockets twothings Americans can always use more of.
Can I Get Prequalified
This process provides you with an opportunity to see if you prequalify to apply for the Refund Advance loan. This means Pathward, the lender for Refund Advance, will evaluate whether you are eligible to apply for the Refund Advance loan based in part on your tax situation from last year and certain eligibility criteria determined by the bank.This offer is not guaranteed, so if your tax situation or other relevant inputs change, your prequalification to apply could change. By going through the prequalification process, you are not applying for the Refund Advance loan you must still pass the eligibility criteria and submit an application at the time you file your tax return.
How Do I Repay The Refund Advance If I Am Approved
You will choose a method of repayment at the time of tax preparation. They include the following:Refund TransferGo to disclaimer for more details119: If you purchase a Refund Transfer, the loan will be repaid from a Repayment Account, along with tax preparation fees and other amounts you authorize. The remaining funds will be delivered via the disbursement method chosen during tax preparation Emerald Card, direct deposit or check. Repayment Account: If you do not select a Refund Transfer, you direct the loan to be repaid from your Refund Account and the remaining amount will be loaded to your Emerald Card. There is no cost for the Repayment Account.
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Jackson Hewitt Refund Advance Loans
Like its top competitors, Jackson Hewitt promotes no-fee, 0% APR refund-advance loans that are repaid from your federal refund. Loan amounts are offered from $500-$3,500 loans are available through February 20. The loan, called the No Fee Refund Advance, is open to customers who file their taxes through Jackson Hewitt. Like H& R Block, you have to visit a brick-and-mortar office in order to apply.
Jackson Hewitt says those with approved loans may receive their funds, via a Serve American Express Prepaid Card, within a matter of minutes. Loan eligibility is determined by a number of criteria, including your history of IRS payments.
Best Overall Prepaid Card For Tax Refunds
Our top-rated prepaid card is the PayPal Prepaid Mastercard®. This card is especially handy if you have a PayPal account because you can transfer funds directly from your PayPal account to the PayPal Prepaid Mastercard®.
|Variable Monthly Fee||Not applicable|
If you choose to have other income streams deposited to your PayPal Prepaid Mastercard®, such as employment income or government benefits checks, youll receive your payment up to two days faster than with a traditional bank account. If you need to load cash onto the card, you can do so at more than 130,000 nationwide reload locations.
Any funds loaded onto this card are FDIC-insured for up to $250,000, so you need not worry about anyone else getting their hands on your refund.
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Why You Can Trust Bankrate
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. Weve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most the different types of lending options, the best rates, the best lenders, how to pay off debt and more so you can feel confident when investing your money.
When Should I Pay Extra To Get Live Assistance From Online Tax Software
The beauty of well-designed tax software is that most filers won’t need to pay extra for expert help. All of the answers you need should only be a few clicks away, and if you need technical assistance , support should be easily accessible.
If you find yourself constantly wanting to speak with a human tax expert or if you know your tax situation is complicated, you may be better off selecting tax software with tax expert support or simply hiring a CPA, or certified public accountant, on your own.
Also Check: State Income Tax By States
Best For Ease Of Use: Jackson Hewitt
Jackson Hewitt gives you three easy ways to do your taxes with a professional through a Jackson Hewitt office or online, making the tax prep giant the best for ease of use.
6,000 office locations including 3,000 inside of Walmart stores
Appointments and walk-in tax preparation supported
Upload or drop-off forms to have your taxes prepared by a pro
Minimum tax preparation fee of $150 for federal returns
Pricing not clear and transparent on website
Not all preparers are CPAs
Jackson Hewitt makes tax preparation easy with several options to file either online or through a network of 6,000 locations, giving it the win for ease of use. If you want to have your taxes done while you shop for groceries, you may want to use one of the 3,000 locations inside of Walmart stores. Many locations have evening and weekend hours, so you can have your taxes done on a schedule that works for you.
For in-person tax prep, you can start by uploading your tax forms through the Jackson Hewitt website. You can even use your phones camera to take a photo and upload forms. If uploading proves to be problematic for you, head to a Jackson Hewitt location to drop off your tax documents and return later for your full tax review session. In-person meetings can be done by appointment or as a walk-in. Prices depend on how many forms are required to complete your return.
How We Chose The Best Tax Preparation Services
To pick the best tax preparation services, we looked at 11 different tax services and narrowed down the list based on pricing, services offered, reputation, and the number of locations available for in-person tax preparation, if applicable.
Lower-priced tax services earned higher marks, though higher pricing was justified in some categories for specific types of service or higher levels of service. The winning tax preparation companies offered services that would appeal to a wide range of needs with competitive, reasonable pricing. The winning services demonstrate notable expertise within the specific categories reviewed.
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H& r Block Refund Advance Loans
H& R Block advertises $0 fee, 0% APR loans. Its Refund Advance loans are available now through February 28 in five amounts, from $250 to $3,500. H& R Block says most loan funds are made available the same day you apply for them. But, take note: The funds are only made available to you via an H& R Block Emerald Prepaid Mastercard.
The H& R Block Refund Advance loan is open to H& R Block customers who e-file through a participating H& R Block office. Eligibility is also determined in part by how much you are expected to receive in your federal refund.
What To Do When Getting An Income Tax Advance
1. When you go to file, verify that the Refund Advance option appears and select it.
2.Once approved, you can start shopping online within one hour with your virtual card. The TurboTax company debit card will take at least 5 business days to arrive. The maximum waiting time is 10 working days. The best thing about this method is that it does not modify your credit. In addition, it allows you to enjoy an advance tax refund between $250 and up to $4,000.
3.After the tax return has been processed, your tax refund advance will be added to your TurboTax card. The process takes approximately 21 days or less.
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Where Can I Get A Tax Refund Loan
Many tax preparation companiesincluding H& R Block, Jackson Hewitt and Liberty Taxlet their customers borrow against an upcoming U.S. tax refund. While these companies have many brick-and-mortar locations, they also have an online presence, so you can apply for a loan in person or online.
If you prepare your own taxes, you don’t have to go to a tax preparer to get a tax refund loan. Online tax filing services, including TurboTax and TaxAct, also offer refund loan options.
What Is A ‘simple’ Tax Return
When you file only a single W-2 from an employer, it’s considered a simple tax return. With a simple return, you won’t be itemizing deductions, claiming investment income or rental property, reporting freelance income or claiming business expenses like a home office.
Companies like Intuit and H& R Block explain the added complexity commensurate with their higher-tier products, so if you aren’t sure, double-check their lists before purchasing. You can also start filing with a free return in most cases and upgrade your service level if needed.
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What To Do When Getting An Advance On Your Tax Return
First the lender will get the tax refund advance money to you. Once you receive the tax refund, you will proceed to pay the advance. In case the refund is less than the amount you expect, you will still have to repay the loan in full.
What about tax refund advance rules and requirements?
The requirements and meanings for tax refund advances will depend on the company providing the service.
There are many companies that provide interest-free loans. These advances are also known as free loans. However, they are not really free but the interest rate does not exceed 0%.
Generally these companies have some conditions for granting a tax refund advance. In most cases you have to hire their services to do your taxes. This way you end up paying an amount for the company to do your taxes.
If you apply for a tax refund advance with a company that does not offer tax services, you will have to pay a flat fee. You may also pay interest on the amount of money that is granted to you.
Tax Refund Loan Alternatives
You could get a lower rate on the same size loan elsewhere and then use your refund to pay it off.
Loan apps provide a low- or no-fee advance on your paycheck. You can typically borrow up to $250, and the app will withdraw the advance amount from your bank account on your next payday. However, loan apps may charge a subscription fee, a fee to get funds faster or ask for an optional tip. These apps can be helpful if you need funds quickly, but they arent a long-term solution.
Payday alternative loans. Some credit unions allow their members to access payday alternative loans from $200 to $2,000, depending on the type of loan. These loans have a maximum APR of 28%, with application fees capped at $20.
Online loans. Some online lenders offer small personal loans starting at $1,000 with next-day funding after approval. Rates range from 6% to 36%, and qualifications vary by lender. Good- or excellent-credit borrowers with high incomes and little existing debt qualify for the lowest rates.
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H& r Blocks Refund Advance
If you need your refund now, you may want to consider filing with H& R Block. H& R Block offers something it calls Refund Advance. Its a short-term loan worth $250, $500, $750, $1,250 or $3,500 depending on your refund amount. So if you expect a refund of $600, you can apply for a $500 refund advance. It is available from Jan. 4, 2022 to Feb. 28, 2022.
H& R Block charges no interest on the loan. There also arent any finance charges or fees. All you need to do is complete a loan application. You will receive the funds for your loan, in most cases, on the same day that the bank approves your application. The loan will be on an H& R Block Emerald Prepaid Mastercard.
There are just a couple of caveats. One is that you will need to file your taxes in person at an H& R Block store. Refund Advance is not available for online filers. The second thing to keep in mind is that you will need to pay for the tax-filing service. This is more expensive in person than it is online. You may pay $200 or more just for the filing, depending on the complexity of your return.
Alternative: Turbotax Tax Refund Advance Payment
If you want to solve some unforeseen or last-minute expenses, TurboTax allows you to settle through a tax refund advance. The service is available to online customers who file their tax return and expect to receive a refund of at least $500.
The refund time is one day or less after customers agree to e-file the tax. In addition, the company has increased the maximum amount of the tax refund advance. A maximum advance of $4,000 may now be received.
You can check from December onwards for the next years tax refund.
Most Turbotax customers will be able to receive their tax refund advance in less than four hours. Provided they have accepted their return.
Another advantage of the service is that there are no hidden fees. They will also be able to enjoy their tax refund advance at any establishment that accepts Visa cards. This way you can have the money at your disposal just when you need it most.
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Checks Cashed For $10 Or Less
Cashier’s checks issued by TPG may be cashed at over 11,000 locations nationwide
+ Checks up to $7,500 cashed for a cost up to $84
+ Over 5,000 locations nationwide
TPG is a proud supporter of the following organizations6
1 Processing fees apply.
2 GO2bank cards are issued by GO2bank, Member FDIC, pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association. GO2bank also operates under the following registered trade names: Green Dot Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.
3 Check with your tax professional or software provider for availability.
4 Customer must obtain a Refund Transfer . Cost is $4 or less for checks up to $1,000 and $8 or less for checks up to $7,500. Currently, check cashing at Walmart is not available in NJ and NY. The check limit at Walmart in Connecticut is $6,000 and Florida is $1,999.99 per person per day. Fees and limitations apply.
The Hidden Truth On Tax Refund Advance Loans
An immediate tax refund may be a tremendous aid for everybody, but remember that if you get a tax refund advance or loan you will need to repay that money when you receive your tax refund.
As stated by the IRS your true tax refund is going to be processed within 8-21 days.
Bear in mind, however, that if youre able to wait for your refund, then the simplicity of your tax return could indicate that it is possible to file online free of charge.
The sum of the loan and any applicable interest will be subtracted from tax refund and decrease the total paid straight to the taxpayer.
If you want an alternative to a tax refund advance you can look into getting an installment loan.
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Generally speaking, however, installment loans have fairly relaxed guidelines for how they may be used.
In addition, there are some tax services that offer you a tax refund loan as part of the service. Always check the cost of the tax services first.
A third option is Payday Loans if you are certain to make the repayments. Payday loans are a quick means to acquire immediate money, even when youre waiting for your next paycheck.
- Read next: App That Loans You Money Until Payday
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Ology: How We Select The Best Tax Software
CNET reviews tax software by comparing products across a set criteria. We use the software to prepare personal tax returns, examine tax products’ terms and offers, communicate with software representatives to resolve questions about products, compare feature sets, and analyze software for its effectiveness in common tax situations.
We consider the features and functionality of the tax preparation software, the user experience, the software interface, website performance, quality of help and support, and the value based on price. We are also looking for and evaluating specific features, including file importing or photo capture of forms, number and type of available IRS forms and schedules, contextual help, desktop and phone/tablet compatibility and syncing, professional tax assistance, maximum refund and accuracy guarantees, live support and security protections.