With tax refund delays, a Refund Advance Loan could help
Editor’s Note: While our Refund Advance offer ended on February 28, 2021, you can still read about the benefits of working with our tax pros to get the most from your taxes with H&R Block.
Did you know, if you are one of the millions of taxpayers who claim credits such as the Earned Income Tax Credit (EITC), the IRS must hold your entire refund until February 15? If you’re like many taxpayers, a delay of your 2020 tax refund could put you in a financial pinch.
Interested in hearing more? Check out the questions and answers below to find out more about how a 2020 tax refund advance could help if you have a tax refund delay.
What is a tax Refund Advance?
The Refund Advance at H&R Block is a no interest loan that is repaid from your tax refund.
That’s money you could receive quickly to pay bills or unexpected expenses.
How much does it cost to apply?
There’s no cost to you to apply. What’s more, the Refund Advance is a loan offered at 0% APR with no loan fees.
How do I get a tax Refund Advance?
To apply for a Refund Advance, you must pass the lender’s eligibility criteria (including expecting a sufficient tax refund from the IRS, e-filing your return in a participating H&R Block office, and providing certain consents and valid ID). If you apply, MetaBank®, N.A., the lender for Refund Advance, will apply its standard underwriting criteria and approve or deny your application.
Note: While the bank may access your credit report, applying for Refund Advance will not impact your credit score.
How much money is available?
The loan is available in the following amounts:
MetaBank will determine whether your application is approved and, if so, the loan amount.
If I’m approved, how do I access the funds?
Why does it take so long for the IRS to process my tax refund?
The Protecting Americans from Tax Hikes, or PATH Act, is a federal law that passed in late 2015. One of its provisions was to combat tax fraud, which is good news.
The bad news? Due to these changes, the IRS must hold the entire refund of early tax filers with certain refundable credits, (specifically the EITC mentioned above and the Additional Child Tax Credit), until at least February 15 of each filing year. Refund Advance offers potential relief from this delay to your tax refund.
Refund Advance and much more at H&R Block
Thinking of becoming an H&R Block tax professional? Check out this interview with tax pro Michael Hayes Sr. and learn more about H&R Block careers today.
Are your clothing donations tax deductible? What about small cash donations? Learn more about how to claim charitable donations on your tax return.
Want to file your taxes for free this year? Learn why you get more for free when you file with H&R Block Free Online vs. TurboTax Free.
From repairs to paying off debt, there are many smart ways to spend your tax refund. Learn more from the team at H&R Block.