2007-11-27 16:51:43 · 5 answers · asked by Wanda 1 in Business & Finance ➔ Taxes ➔ United States
"Rapid Refund" is H&R Block's terminology for ANY electronically filed tax return, whether you get a loan product or a check in the mail from the IRS. Refund Anticipation Loans will be available beginning Jan 13, when the IRS begins accepting electronically filed tax returns. There may be some products available before that, but you'll have to call your local office for that information as it is not the same nationwide.
There is a Line of Credit being offered by H&R Block beginning on Dec. 10th. This is not an 'advance' on your refund, nor is it a traditional term loan like they have offered in the past. There is an available credit limit of up to $500.
Again, please call your local office about availibility. You can also go to hrblock.com or call 1-800-HRBLOCK for details.
I do not believe that any of the other tax prep firms are offering similar products.
2007-11-28 02:52:37 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 0⤋
"Rapid refund" is a trademarked name H&R Block came up with years ago for electronically filing a return. A lot of people confuse the term with bank products like refund anticipation loans. The bank products have fees and huge interest rates. "Rapid refund" (e-filing) is free at most Block locations. If you go to a Block office and ask for "rapid refund" and they try to sign you up for a bank product, they've got another lawsuit on their hands.
If you e-file your return and get the refund direct deposited to your bank account, you will receive the money in 8 to 15 days from the IRS. How much quicker do you really need it? The IRS will start accepting e-filed returns towards the end of the second week in January.
2007-11-28 02:49:14 · answer #2 · answered by Knightly 2 · 2⤊ 0⤋
The answer to your question is: January 11, 2008.
Ask your tax preparer to review the terms of the loan with you. There is much misinformation regarding these loans, so get your information from the source.
As mentioned, if you electronically file (which you can do starting January 11), you may receive your refund before the end of January directly from the IRS without taking out a loan.
2007-11-28 02:52:38 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
I don't think the IRS starts processing tax returns until 1/1/08.
2007-11-27 16:55:11 · answer #4 · answered by Debt Slayer 4 · 0⤊ 1⤋
"Rapid Refund" is just a loan with a seriously rip-off interest rate. You have to file your tax return through one of the tax prep mills that offers it. You can do that as soon as you have all of your tax documents -- W-2s, 1099s, etc. -- so probaby mid January to mid February for most folks.
2007-11-27 23:09:03 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 4⤋