my son-in-law needs to borrow money from his tax refund, but cannot wait until january when they file. Is it possible to borrow now and they just keep that amount out of his refund. They got back 3500.00 last year and they have another child deduction this year, that they didn't have last year. He has made about the same amount of money this year as last year. If anyone has any ideas it would be helpful. I heard this was possible but don't know for sure.
We live in Indiana. Where we would go to find info on this?
2006-08-27 14:25:36 · 4 answers · asked by poohtoo_too 1 in Politics & Government ➔ Other - Politics & Government
I don't think you can get it back til you file.
2006-08-27 14:31:20 · answer #1 · answered by Ricky 6 · 0⤊ 0⤋
Usually, the tax refund loans are made after people do their taxes, when the true amount of the refund is clear and can be signed over to a third party. I doubt you can get a loan on this basis for next year's tax refund. This would be extremely high risk for any lender, since so much can change. Also, these loans are quite expensive. He will need to seek money from a more traditional lending source. But think about this: if he got such a large tax refund last year, it means he is having too much withheld from his paycheck. He is making a tax free loan to the government while suffering from reduced funds available now. He should change his withholdings so his current paycheck is bigger. This may mitigate his need to borrow funds. Tax refunds are not a gift from the government. The government is just returning the money that you overpaid. It sounds like he should stop overpaying so he can have the money he needs right now.
2006-08-27 14:39:36 · answer #2 · answered by just♪wondering 7 · 0⤊ 0⤋
I filed my taxes on the seventeenth and it became into known on that day. I reported as at present the twenty 5th and spoke to somebody on the IRS and that they reported it remains processing. it would desire to nevertheless be approximately 7-10 days previously i'm getting my refund that the chart isn't precise. that they are in basic terms taking off to deliver out deposits. He additionally reported that noone had gained any which from what I even have examine on different posts some human beings are turning out to be their deposits already. i'm not sure while to assume my deposit yet i somewhat choose it. optimistically i visit get it the following day.
2016-12-17 18:18:39 · answer #3 · answered by hyre 4 · 0⤊ 0⤋
yes, at userous interest rates!
2006-08-27 14:31:26 · answer #4 · answered by Fulltime in my RV (I wish) 3 · 0⤊ 0⤋