![]() ![]() ![]() All is not lost, however: Tax season opens soon, and the IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days. But if it's something more serious, like an offset or credit problem, trying again may not be worth it. It may be that it's something that's fixable (like not having the right documents), and it's worth trying again. If you've been rejected for a refund loan, try reaching out to the company to find out why. Please do your homework and make sure that the company is legitimate before using their services. The IRS has shut some of these companies down, but new ones keep popping up. And many of those companies are honest companies, but not all of them are: some companies are dishonest and intend to deny your loan from the beginning but don't tell you because they want the related tax prep, loan application, credit check, and "junk" fees. And it makes sense that when there's demand, there are going to be companies that step in to fill that need. While I am generally not a fan of RALs, I do recognize that many taxpayers rely on them. The lending or tax prep company is dishonest. Please do not misunderstand/misread/misrepresent my statement. (See Zack Friedman's previous article here.)ĩ. ![]() Even if your identity hasn't been used by another person to file a tax return, if you've been the victim of a data breach and decided to take advantage of a credit freeze, the freeze affects access to your credit information. If your identity has been stolen and used to file a tax return, it will interfere with your ability to file a return and claim a tax refund (and therefore, a loan). You're the victim of identity theft. There may be another reason that you might fail a credit check, even if you have good credit: identity theft. If you always get the same amount, but your tax picture will look a little different this year because of a change in circumstances, your tax preparer may determine that your refund won't support issuing you a loan.Ĩ. If you got married or divorced, had a baby, sent a child off to college, got or lost a job, or even moved to a different state, your tax picture can change. Your personal or financial circumstances have changed. More than tax laws can influence the amount of your tax return: Your personal or financial circumstances can change, too. Being subject to offset can make you a risk to the lender, and they may deny you on that basis.ħ. A credit check, for example, might reveal a student loan delinquency or default, and some municipalities publish notice of parents who are behind on child support payments. This is where those debt indicators used to matter, but even if the absence of a debt indicator, some of the triggers for offset can be discovered using other methods. States can also ask IRS to intercept, or offset, federal tax refunds for state tax debts or money owed to state agencies: this includes child support arrears. Examples of federal obligations that might trigger offsets include federal income tax delinquencies and student loan defaults. That's referred to as "offset" since the seizures are part of the Treasury Offset Program (TOP). You're subject to offset. It has long been the case that if you owe money, your federal income tax refund can be seized to satisfy your debt. Again, your tax preparer knows this, and a lack of earned income could result in a denial.Ħ. If you don't make enough money, your ability to claim certain tax breaks, like refundable credits, could be limited. You didn't make enough money. The crucial part of "earned income tax credit" is "earned income." The amount of the credit is based on earned income - but not unearned income - which means that taxpayers who rely on dividends and interest don't qualify, only those who work for a living. Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards & approval.5. Pre-qualify is ATC application and applicant must undergo additional criteria from provider MetaBank®. ![]() You must first qualify to apply and if pre-qualified you have a higher chance of actual loan/advance approval. Limited time offer at participating locations.Ģ Pre-Qualify application does not guarantee a loan approval. 0 fees - 0% interest! Ask ATC Tax Pro for details. There is no cost to the taxpayer to receive an advance. The Bonu$ is not a "personal loan" and approval is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. Fees for other optional products or product features may apply. Tax returns may be filed electronically without applying for this loan. The amount of the advance - $200 to $500 - will be deducted from tax refunds and reduce the amount that is paid directly to the taxpayer. 1 $500 Bonu$ – also referred to as Free Tax Loan – is an optional tax refund related loan, not your tax refund, and is via ATC Advance for qualified individuals (Not EML). ![]()
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