Talkin’ Taxes
It’s normal to get a little hesitant around tax season, especially when you don’t know what to expect. The good thing is, you have resources! A little research and some filing help on Credit Karma powered by TurboTax can go a long way in making your tax season a breeze. Let’s break down the basics of how to file your taxes like a grown up.
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Image: Tax-Social-LP-2Do I have to file my taxes?
Probably! Whether you need to file a tax return comes down to your tax filing status. Your filing status takes into account your income, age, marital status and whether you qualify as a head of household.
If you’re employed and earned an income over the past year through part-time, full-time, or contract work, you’ll probably have to file a tax return, even if you don’t end up owing any taxes. You may even get a refund!
Am I getting a refund?
Maybe! Your refund amount all goes back to your tax withholding, which is the amount of federal income tax withheld from your paychecks. Withholding depends on how much money you make and how you filled out your W-4 form when you started your job. If you paid more taxes than you owed throughout the year, you may get money back, and if you file on Credit Karma powered by TurboTax, you could get a Refund Advance* in as little as 60 seconds after the IRS accepts your return.** Alternatively, you could get access to your refund up to five days early when you deposit it into your Credit Karma Money Spend™ account.***
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Image: Tax-Social-LP-4How do I get started?
One of the biggest keys to a stress-free tax season is knowing your documents. All the random numbers and letters can be confusing, but the most common forms for first-time filers are actually pretty straight forward – W-2s and 1099s. These forms typically arrive in the mail by February, or are accessible online.
Okay, I’m ready. Let’s do this
You’ve learned about tax withholding, you know where to get your forms, now it’s finally time to put your new knowledge to use. You’re going to do great, but remember when you file on Credit Karma through TurboTax, you’ll have access to tax experts who can walk you through the process if you feel like you need help. You have until April 15th once you get started, so make yourself comfortable, put on your favorite movie and get ‘em done!
Image: Tax-Social-LP-5* If you expect to receive a federal refund of $500 or more, you could be eligible for a Refund Advance loan. Refund Advance loans may be issued by First Century Bank, N.A. or WebBank, neither of which are 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 28, 2025, or the date that available funds have been exhausted, whichever comes first. Offer, eligibility, and availability subject to change without further notice.
Refund Advance loans issued by First Century Bank, N.A. are facilitated by Intuit TT Offerings Inc. (NMLS # 1889291), a subsidiary of Intuit Inc. Refund Advance loans issued by WebBank are facilitated by Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. Although there are no loan fees associated with the Refund Advance loan, 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 that you choose.
You will not be eligible for the loan if: (1) your physical address is not included on your federal tax return, (2) your physical address is located outside of the United States or a US territory, is a PO box or is a prison address, (3) your physical address is in one of the following states: IL, CT, or NC, (4) you are less than 18 years old, (5) the tax return filed is on behalf of a deceased person, (6) you are filing certain IRS Forms (1310, 4852, 4684, 4868, 1040SS, 1040PR, 1040X, 8888, or 8862), (7) your expected refund amount is less than $500, or (8) you did not receive Forms W-2 or 1099-R or you are not reporting income on Sched C. Additional requirements: You must (a) e-file your federal tax return with TurboTax and (b) currently have or 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 eligibility. Please see Credit Karma Money Spend Account Terms and Disclosures for details.
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 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 the IRS accepts your e-filed federal tax return. 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 tax 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. 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. Other fees may apply. For more information, please visit: https://support.creditkarma.com/s/article/Are-there-fees-with-a-Credit-Karma-Money-Spend-account.
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. Tax refund funds are disbursed by the IRS typically within 21 days of e-file acceptance. If you apply for a loan and are not approved after the IRS accepts your e-filed federal tax return, your tax refund minus any agreed-upon fees (if applicable) will be placed in your Credit Karma Money™ Spend (checking) account.
If your tax refund amounts are insufficient to pay what you owe on your loan, you will not be required to repay any remaining balance. However, you may be contacted to remind you of the remaining balance and provide payment instructions to you if you choose to repay that balance. If your loan is not paid in full, you will not be eligible to receive a Refund Advance loan in the future.
** IRS accepts returns starting late-Jan. Acceptance times vary. Most customers receive funds within 15 minutes of acceptance.
*** To be eligible, you don’t need to file your taxes with a particular tax prep service. However, you will not be eligible if you choose to pay your tax preparation fee using your federal tax refund or choose to take a Refund Advance loan. 5-day early program may change or discontinue at any time. Up to 5 days early access to your federal tax refund is compared to standard tax refund electronic deposit and is dependent on and subject to IRS submitting refund information to the bank before release date. IRS may note submit refund information early.
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