is it possible to apply for a tax refund loan before you have w-2?

Question

i get around 6-7 k back.. but i have a need for it now, can any one help?

Answer 1

None of the major national chains are doing that any more. The banks that funded those loans backed out due to massive losses.

If you are getting that much back, you need to correct your withholding. You are giving FAR too large of an interest free loan to the government. If you had done that earlier, you'd have the money in your hand right now.

Answer 2

In a nutshell yes; however, you have to wait until 14 Feb (2 weeks after the W-2 deadline) and then you must have your last paycheck stub.

As to Refund Anticipation Loan's, that will be iffy. If you have a history with the particular tax prep service you may be alright; if you are a new client you will not be eligible. Anyway, if you are receiving EIC you should not be eligible for any type of rapid refund service since the excessive fees are being paid by other taxpayers.

Answer 3

Any reputable filer would NEVER do a RAL before they had the W-2. It is required by the banks now because, as said above, they've been losing money in their greed.

Answer 4

It's technically possible if you have all your information and you efile, but it's not legal to actually file before you have your W-2.

In the past, many major tax prep chains have given out high-cost refund anticipation loans. They will very likely not be doing that again this year.

Answer 5

I agree with bostonia... He is correct on every issue..

You can also get EIC in your paycheck every pay period! Like most people those they would just spend it all year round and be missing out on the 6-8k for there big purchases. Yet the government is holding your money and making interest off it when you could be!

Answer 6

you know I did a loan last year and it helped me alot but now when i need my refund the most agean that I was counting on i cant get for another month well ..........................@#$%. banks suck