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If you don’t want to use the up to 5-day early refund option next tax season, you have a few alternatives for potentially getting your refund faster. Many customers have inquired about the fee charged for the up to 5-day early refund option, specifically turbotax blog when the service didn’t meet expectations. Let’s clarify our policy and what you can do if you believe you were incorrectly charged. We use expedited transfer methods such as Same-Day ACH or real-time payments to deliver funds to your bank account faster—with the potential to arrive up to 5 days before the official IRS deposit date.

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If you do choose the up to 5-day early option, be sure to understand the potential timing of your refund deposit. As you prepare for tax season, consider which refund option best aligns with your needs. For immediate access to funds, a TurboTax Refund Advance loan might be more reliable than our up to 5-day early option.

A significant change relates to the state and local tax (SALT) deduction including local income, sales, and property taxes. Previously, the TCJA capped SALT at $10,000, set to expire in 2025. The new bill increases this cap to $40,000, effective tax year 2025. The cap increases to $40,400 in 2026 and increases by 1% through 2029. The deduction begins to phase out when income is more than $500,000 ($250,000 for married couples filing separately).

• The majority of the tax provisions will go in effect in tax year 2025 (i.e. the taxes you file in 2026) and some for tax year 2026.
• Previously, the TCJA capped SALT at $10,000, set to expire in 2025.
• Prior-year returns must be paper-filed, as e-filing is no longer available for them.
• Here’s how to view, download, and print your prior-year tax returns.

Taxes done right

Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion. Unless otherwise stated, each offer is not available in combination with any other TurboTax offers. Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time. To file a new prior-year return for tax year 2023, 2022, or 2021, you’ll need to purchase and download that year’s TurboTax software for PC or Mac, as TurboTax Online and the mobile app are only available for the current tax year. We recommend purchasing directly from TurboTax.com or one of our authorized retailers to ensure that you’re purchasing authentic TurboTax Desktop products and to be eligible for our unconditional 60-day money-back guarantee.

If you don’t qualify for new tax benefits, your tax outcome may look similar to last year’s since many provisions under the TCJA are being made permanent. However, if you’re a homeowner who paid property taxes and state income or sales tax, you may see tax savings due to the increased SALT deduction cap from $10,000 to $40,000, allowing you to claim a larger deduction. There are many ways to prepare and file your taxes, including assistive tax software, tax professionals, and doing it on your own. Choosing the best filing method can help you save time on your taxes and get your refund sooner. Use this guide to learn more about the pros and cons of each filing method. Certain workers, such as police officers, firefighters, nurses, and retail workers, may benefit from this deduction.

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The “How to Join the TurboTax Community and Post a Question?” and “How to Search the Community?” tutorials can help you get started. By tapping into this extensive community of Experts, Champs, and fellow taxpayers, you’ll be better equipped to handle any tax-related questions or concerns that may arise. Federal taxes are taxes a person pays directly to the government of the United States. Research federal taxes with help from TurboTax in this video clip.

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• This change benefits filers in states with high state and property taxes, allowing them to deduct more of their related expenses.
• If you do choose the up to 5-day early option, be sure to understand the potential timing of your refund deposit.
• For immediate access to funds, a TurboTax Refund Advance loan might be more reliable than our up to 5-day early option.
• To qualify, the vehicle must be for personal use and assembled in the United States.
• If you answered “yes” to any of these questions, this could explain why you didn’t receive your refund as early as expected.

First, the 20% Qualified Business Income Deduction allows you to deduct up to 20% of your qualified business income. The new tax bill permanently extends this 20% deduction and increases the phase in ranges to $75,000 ($150,000 married filing jointly). Learn about the impact different types of income and investments have on your taxes; everything from gambling, sports betting and IPOS and how to save and maximize tax credits and deductions related to your income.

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To better understand how the new tax laws affect your taxes, you can use our interactive Tax Reform Calculator. The majority of the tax provisions will go in effect in tax year 2025 (i.e. the taxes you file in 2026) and some for tax year 2026. TurboTax will be up-to-date in accordance with these provisions, including our done for you experiences, tax experts, and tools.

Check the minimum system requirements to make sure your computer is compatible. Your license code and optional product registration will be stored in your Intuit Account. To sign in or create an Intuit Account, you need ‌an internet connection. If you answered “yes” to any of these questions, this could explain why you didn’t receive your refund as early as expected. These options direct your refund through a different process that’s incompatible with the up to 5-day early feature. The IRS must complete all verification processes before releasing refund information to us, and these sometimes take longer than anticipated—especially during peak filing periods like mid-February through early March.

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Like the new tax provision for tips, the new provision for overtime introduces a deduction for qualified overtime income up to $12,500 for tax years 2025 through 2028 and phases out for income above $150,000. The up to 5-day early refund option depends entirely on when the IRS provides us with your refund information. If the IRS doesn’t transmit your refund details at least five days before its official payment date, we can’t advance the funds early. If you choose the up to 5-day early offer, you should receive your refund up to 5 days before the date shown on the “Where’s My Refund?

Your tax dollars are used to fund a variety of governmental programs, including public assistance, healthcare, and Social Security programs. A large portion of tax revenue also goes toward the defense budget. Learn more about what the federal government does with your tax dollars. Prior-year returns must be paper-filed, as e-filing is no longer available for them.