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Taxes.....rapid refunds??

Are any tax places doing the RAL this year? That is how I have always filed my taxes but I am hearing that no one is able to do that this year- wth??

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Anonymous

Asked by Anonymous at 3:46 PM on Jan. 20, 2011 in Money & Work

Answers (9)
  • It cost YOU money to do that. It is a loan for the company, maybe they can't in this economy.
    dancinintherain

    Answer by dancinintherain at 3:48 PM on Jan. 20, 2011

  • The IRS has cut the instant loans because of the outrageous fees people were paying. We filed last night and it's only going to take a week or two to get the refund. I would rather wait than pay hundreds of dollars for a loan.

    scout_mom

    Answer by scout_mom at 3:49 PM on Jan. 20, 2011

  • Yep, it's a new law because they would rip you off so bad. They are trying to protect you.
    Candi1024

    Answer by Candi1024 at 3:49 PM on Jan. 20, 2011

  • It's not a law exactly. But the IRS stopped giving out the information needed (whether or not you owe back taxes, or other liens on your tax refund) so it's risky business to hand out RAL's when there is a possibility of them not seeing the money. I have heard that some places are still doing it but with a $1500 limit.

    If you can wait though it would be best if you did. It's a lot of money to get your refund early. and if you file soon you'll get your return in a couple weeks anyway.
    Erica_Smerica

    Answer by Erica_Smerica at 3:58 PM on Jan. 20, 2011

  • It is because the "rapid refund" was actually an extremely high cost loan and should never have been allowed in the 1st place. Same way most states have banned payday loan places. You would get a better rate going to an off the books loan shark! Far better to budget until you tax return is deposited than do a loan that costs almost as much as the refund it was give on.
    twinsplus2more

    Answer by twinsplus2more at 4:19 PM on Jan. 20, 2011

  • We've never had to wait all that long to get our refunds. We've never gotten them immediately, but it's not like you have to wait half a year to get your check.
    evwsquared

    Answer by evwsquared at 6:50 PM on Jan. 20, 2011

  • Jackson Hewitt, will do it. As far as I know they are the only ones doing it. It takes 1-5 days.
    myree85

    Answer by myree85 at 8:56 PM on Jan. 20, 2011

  • Oh and you have to be approved by the bank otherwise you get it in 8-15 days.
    myree85

    Answer by myree85 at 8:58 PM on Jan. 20, 2011

  • and i heard if you don't get approved by the bank they still charge you that fee eventhough you did'nt get it early
    1LovelyAngel

    Answer by 1LovelyAngel at 1:48 AM on Jan. 25, 2011

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