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What is a Refund Transfer?

The Refund Transfer (RT) is a non-loan product designed for taxpayers who cannot or do not wish to pay out-of-pocket for income tax return preparation and related costs. This pay-by-refund product allows a taxpayer to withhold the tax preparation fees from the refund amount. 

 

How it works

Once a taxpayer agrees to pay for tax preparation with their refund, the return is filed to the IRS and/or state taxing authority with the temporary bank account information included on the return.

 

How long does a Refund Transfer take?

When the IRS and/or state taxing authority issues the tax refund, funds are deposited into the taxpayer's temporary account, typically in as little as 21 days from the date the IRS acknowledged processing the federal tax return.

 

Upon receipt of the refund from the IRS, all authorized fees (including the tax preparation fees) are deducted from the tax refund and disbursed.

 

The remaining balance is disbursed to the taxpayer via the disbursement method chosen, as shown on the Refund Transfer agreement.

 

Refund Transfers are deposit products using Green Dot Bank, Member FDIC, that enable certain deductions from the account to be processed. Refund Transfers are not loans. Tax refund and e-filing are required in order to receive Refund Transfer. Fees apply. Terms and conditions are subject to change without notice. Ask your preparer about other IRS e-file options, some of which are provided at no additional cost.

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