I want to borrow on my federal income tax like I did last year and want to know how soon I can do that.
2007-10-07 03:49:37 · 5 answers · asked by Arthur H 1 in Business & Finance ➔ Taxes ➔ United States
You will not be able to do that until sometime in Jan. when you have your W-2s and other documents necessary to file. The so called "prefile" loan programs have been canceled by the banks that supported them in the past.
2007-10-07 03:54:50 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Do you qualify for the earned income credit? If so, you can get an advance credit (more in your paycheck) throughout the year (then less of a refund when you file of course). More info:
http://www.irs.gov/newsroom/article/0,,id=172170,00.html
If not, and you know you're getting a refund, change your withholding so you take home pay is a little more. For example, if you claim zero exemptions, change to 1, which will increase your take home pay (& reduce your refund).
Regarding the rapid refund loan, you can take your tax documents after Jan 1, but the rapid refunds don't usually start for a week or so after Jan 1. Call your H&R Block office now & ask (usually someone works part time day hours off season).
It does cost you ALOT to take advantage of rapid refund. You would be better with direct deposit which takes about 2 weeks (after Jan 1), Alot of people qualify to file their taxes for free online thru the IRS website. Do it yourself (after Jan 1) and get direct deposit in about 2 weeks--all free. To see if you qualify:
http://www.irs.gov/efile/article/0,,id=118986,00.html
2007-10-07 06:19:36 · answer #2 · answered by Dee 4 · 1⤊ 0⤋
You will have to wait until after January 31, 2008. You have to do your taxes to see if you are getting any money back. Then you can borrow from H & R Block, at outrageously high interest rates.
2007-10-07 03:53:04 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
You can't do it ahead of time this year - would have to wait until you file. But if you file electronically (which H&R Block does) and have your refund deposited into your bank account, you'll get it in 8-15 days - do you really want to pay high fees and interest for getting it a little bit sooner?
2007-10-07 04:54:19 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Don't do it. You should e-file and request your refund be deposited to you bank account. The amount you will pay to get your refund now instead of in just a few weeks is outrageous.
2007-10-07 09:05:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋