TaxAct - Sneaky Fee. I never would have known but my S.O. Fees apply. However, at the end, they throw in a "Refund Transfer Fee" of $54.00 for me to receive said refund via direct deposit. TaxAct’s audit assistance consists of a FAQ page on its website. Want to clarify before anyone gets overly concerned. Check out credit karma, 100% free and I got better refunds than when I filed with h&r and paid. Federal Return: $94.95 - One of IRS's most popular online features-gives you information about your federal income tax refund. While it may not have all the bells and whistles that accompany some tax services, it offers more than enough value for most people. Taxes. TaxAct Premier+ with Xpert Help. After all of that, without saying anything about price until both the Fed and State returns were ready to be submitted, with full refund of our withholding on both, TAXACT said it would cost $124.90. If you have to pay the $35 anyway then why does it matter if you have it deducted from your refund vs. paid for on your credit card? TaxAct positions itself as a premium product, but its performance is more comparable to bargain software. Now you don't qualify for that $25 service and they try to upsell you to "TurboTax Premier" (and probably sneak in some "audit protection package" likely through dark patterns). In order to get the $35 deducted from your refund, you need to pay an additional $35 to have the refund processed through another bank. The tool tracks your refund's progress through 3 stages: Return Received Refund Approved Refund Sent You get personalized refund information based on the processing of your tax return. Last year, I received a refund direct deposit from them, and there was no xfer fee. It certainly gets the job done, but the pricing leaves a lot to be desired. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. A Refund Transfer is a fee-based product offered by Republic Bank & Trust Company, member FDIC. Import prior year's info? Typically in this scenario there is an agreement with the bank who deduct the fees on deposit to your account and passes that fee to the tax preparer. Join our community, read the PF Wiki, and get on top of your finances! TaxAct also offers expert help or downloadable software for an additional cost. Hope I can help a few people save their $35! Join our community, read the PF Wiki, and get on top of your finances! Once you file your tax preparer has almost zero control on your refund, in terms of having access to the refund amount or any control over how long it takes, the IRS choosing to deduct or garnish due to delinquent taxes, child support, etc. After you’ve finished your returns, you can file them electronically. I know it's tax season and there will be plenty of posts out there on different software to use and other tips, etc. IRS Form 8888 You give them your account and routing numbers and the IRS sends you the money when they get around to processing the return. report. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Electronic Federal Tax Payment System (EFTPS) It’s free, safe, and convenient. There's so many places that not reading can cost you so much more than $35 when doing your taxes...consider it a cheap lesson learned. I know I have to file my taxes every year, I just shop around and buy a copy around December. Yes. Looked at the fee table and said "Whoa whoa whoa I'm … Use a "true" free service. Tax refund advances are described as interest-free and fee-free loans of up to $3,500 that the major tax preparation companies offer during tax season to customers who are due a refund. $35. TaxAct Deluxe is $24.95 for federal returns plus $44.95 for state returns. A qualifying expected tax refund and e-filing are required. A: A big change freelancers need to look out for is the new What OP is saying is, just using TT is $35. With the Deluxe version of TaxAct tax prep software, you can access everything in the Free version, as well as file a Schedule A and Schedules 1-6. I get a refund. The cost is $34.95 for online filers. File state? Tax Refund Advance. Each tax preparation software asks you basic questions about your life and finances to identify opportunities to save on your taxes. It's cheaper and I haven't had any issues for the past 4 years. H&R Block and TurboTax each charge an additional processing fee of $40 if you agree to pay through your refund. Audit Defense. TaxAct Free will also help you prepare your state return, but you’ll pay a $4.95 fee to file it. Looks like you're using new Reddit on an old browser. A simple federal refund is free, but state filing can range from $19.95 to $44.95. Meanwhile you can get TurboTax Premier for $40-50 if you shop around online. Refund Transfer is a bank deposit product, not a loan. Not free. So you go to someplace like TurboTax and they tell you the service is $0 or $25 (but in the fine print it says it only covers the most basic returns). A Refund Transfer Fee and all other authorized amounts will be deducted from your tax refund. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. I'm guessing you inadvertently selected some other nonstandard service, such as a refund advance or receiving your refund via prepaid debit card. After the bank has received payment from the IRS and processed your tax preparation fee, they’ll distribute the refund in your client’s preferred form. Hi everyone! / If you do not pay that $35 today with your credit/debit card, and instead elect to have it taken out of your refund, you will pay an ADDITIONAL $35 fee for the convenience, for a total of $70 Payments you authorize from the account associated with your Refund Transfer will reduce the net proceeds of your refund sent to you. Overall cost $70. It looks like OP might have signed up for the tax refund advance or some other service. A Subsequent Funding Fee will apply for each additional funding we receive, regardless of whether it is a federal or state refund. H&R Block now add a $39 "Refund Transfer Fee" at the VERY END of filing your taxes. has filed with TurboTax before and after mentioning the additional $35, he told me how to avoid it. Some tax providers offer "value added" services like giving you an advance on your tax return, loading it onto a debit card, taking their fee out of your tax return, etc and those seem to have hefty fees. What were the other refund options? You can pay your TaxAct tax prep fees with your state or federal refund for a processing fee of about $20 (subject to change). $35. I had to option to pay with a credit card OR have it deducted from my Fed return. The Tax Preparer should be very clear about these fees up front and making them painfully obvious to you (if they aren't.. then 'boo' on them). Press question mark to learn the rest of the keyboard shortcuts. Yes, paper check. I think it's a promo they've got going right now specifically for the phone app, The hope for tax preparer software companies like turbo tax now is that they can upsell services to people. I like TaxAct better. Yeah I had to pay 24.99 for "Deluxe" just cause I have a Health Savings Account (which apparently is waaay too advanced to be free), and then almost paid 34.99 in addition to that to pay the 24.99 out of my refund. To qualify for the latter option, your federal refund amount must be $50 greater than the TaxAct and Republic Bank processing fees. While these fees can be steep, when compared to the filing fees, they're also a needed option for a surprising number of people who have bank or credit union accounts, but lack a credit card with which to pay online. TaxACT public holiday sales. I just used the free file version of Tax Act. with a bunch of fine print. I hope you can learn from my little mistake that cost me $35. I filed with TurboTax and did not read the fine print closely enough. I think I figured out what happened. The all-in cost for the four plans ranges from $65 to $159.95 (not including state return fees). Federal Return: $34.95 State Return: $44.95. For 2021, we compared TaxAct to FreeTaxUSA (a true bargain) and H&R Block (a true premium software with prices that are comparable to TaxAct’s). Pay us using your refund? A Refund Transfer is a fee-based product offered by Republic Bank & Trust Company, member FDIC. TaxAct is one of the most popular online tax software companies, and for good reason. Not so free, is it? Refund Transfer is an optional tax refund-related product provided by MetaBank®, N.A., Member FDIC. Prices range from $130 to $290 for federal returns, depending on complexity, plus $45 to $55 per state return. Free and easy. Visit your tax preparer to learn about all filing and product options, including obtaining your refund at no additional cost. I've been using TaxAct ever since and haven't paid a dime for anything. Get your refund by paper check for an additional $25. Another place where they seem to get you with hefty fees is with online tax filing services. I filed state and federal for free last year using TurboTax. File federal? There isn't a fee for direct deposit. It’s not just TurboTax, however. But customers can buy audit defense from a partner company called Protection Plus for $49.95. So, both the TaxAct product fees and the Republic Bank processing fee will be deducted from your refund before it is direct-deposited (or a check is mailed). Does your refund get sent to Intuit and then they send it to you by direct deposit after subtracting the price of using TurboTax and this $35 fee? I'd bet at least one of them was free (paper check maybe?). Refund Transfer is a bank deposit product, not a loan. What OP is saying is, just using TT is $35. Yeah I learned this the hard way the first year I did my taxes using TurboTax. Please contact the moderators of this subreddit if you have any questions or concerns. In order to see all the available options in TaxAct, you will be prompted for your consent. TaxAct only offers audit defense through its Protection Plus add-on, a third-party package that includes full IRS and state representation in the event of an audit. The rep told me I had to 'hope' the return would be rejected and I could file a paper return after that point... Nope. Pay With Your Refund. If they actually used the IRS free filing option, filing is free. TurboTax, H&R Block, and TaxAct all offer a user-friendly interface, though TurboTax is well known for being the most intuitive, and TaxAct generally has the fewest bells and whistles. It's not the online version, it's one you download and run on your computer. Keep in mind, however, that TaxACT's Black Friday coupons usually expire quickly. Paying Your TaxAct Filing Fee From Your Refund You can pay your TaxAct product fees with a credit card or, possibly, from your tax refund. Press J to jump to the feed. personally I like these better. If you pay this with your card, you are done and all set - happy go lucky, have a nice day. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Had I paid the $19.95 with a credit card right then, I don't think there would have been the Republic Bank fee. TaxAct vs. TurboTax vs. H&R Block. Are you sure you didn't try to sign up for a tax refund advance? 100% Upvoted. A Refund Transfer Fee and all other authorized amounts will be deducted from your tax refund. Save up to 40% off state and federal filing fees with TaxACT's coupons for Labor Day and Independence Day. There are many options. Other companies, including H&R Block, TaxAct and TaxSlayer charge a similar fee when you opt to use your return to cover the cost of filing, the Free Press reports. TaxAct Premier is $34.95 for federal returns plus $44.95 for state returns. The TaxACT Black Friday sale. You can file your return and receive your refund without applying for a Refund Transfer. I get a refund. 4. There is a fee of $17.99 if you select to have the product/e-fling fees deducted from your refund. All the companies are free for federal and state filing. Xpert advice prices range from $35 to $139.95 plus extra for state returns. Monthly service fee: $5 (or $0 if you choose pay-as-you go plan) Activation fee: None: ATM cash withdrawal fee: $2.50 domestic; $4.95 international: Transaction fee: None (or $1.00 per transaction if you choose pay-as-you-go plan) Dormancy fee: $5.95 per month after 90 days of inactivity: Over-the-counter withdrawal fee: $2.50: Other fees Paying Your TaxAct Filing Fee From Your Refund The option to have your TaxACT product/e-filing fees deducted from your refund is available if you are selecting to receive a direct deposit and have an expected refund of $100 or more. Your refund does not go to the tax preparer. But their commercials are "File for free!!!1!" You DO NOT need to pay a 'refund processing fee' to have your refund direct deposited back to your account. Does anybody know of a better/less expensive way to do your taxes for 2020? You pay TaxAct from your refund. 4. TaxAct Self-employed is $64.95 for federal returns plus $44.95 for state returns. You don't have to pay to start a return, you just enter your info. The processing and filing are free - just not the direct deposit. Don't wait until late March-April that's when the discounts go away. They just chose to get a refund advance, which is not free. Simply pay the fee for using the software using your credit card (DO NOT DEDUCT FROM YOUR REFUND). I've seen a bunch of "TurboTax wants to charge me $70" posts recently. If you’d rather keep that money to buy yourself a latte, consider paying with another method, such as writing a check. save. If you are receiving a refund of $100 or more there are various options to pay your TaxAct product and/or e-filing fees. There is a fee, however, of $3.89 to $3.95, imposed by the company that provides the debit card services. Visit your tax preparer to learn about all filing and product options, including obtaining your refund at no additional cost. To file my state return, they charged me $19.95. Clients receive their money. Started last year, I've used tax slayer for the past 2 years. i used turbo tax, and did not pay a single penny... granted i have a simple tax year (one W2, single me), I used the Turbo Tax app and filed both federal and state for free. 1 comment. However, at the end, they throw in a "Refund Transfer Fee" of $54.00 for me to receive said refund via direct deposit. This year I went with H&R Block, think I got the premium version on Amazon for $35. I am a bot, and this action was performed automatically. If you pay this with your card, you are done and all set - happy go lucky, have a nice day. If you do not pay that $35 today with your credit/debit card, and instead elect to have it taken out of your refund, you will pay an ADDITIONAL $35 fee for the convenience, for a total of $70, Does your refund get sent to Intuit and then they send it to you by direct deposit. Check Your Refund Status Online in English or Spanish Where's My Refund? I just used the free file version of Tax Act. share. An additional charge will apply when choosing to pay your TaxAct fees from your tax refund. Any other associated fees — such as service bureau fees, refund transfer fees, or transmitter fees — will also be deducted with no hassle for your client. That fee should not apply to just a plain direct deposit (directly from the IRS into your own bank account) with no other special services. SAVE: 7 Best and Cheapest Online Tax Services Whether you have a simple tax return or a more complex tax situation, TaxAct can help. H&R Block has a "Refund Transfer" service fee of $39.95 for clients who file their taxes at an H&R Block tax office. It’s advertised as “no out-of-pocket costs,” which makes it attractive to people who don’t want to pay at the moment (or don’t have cash available) to file … I chose to have it deducted. Always read. $35. What a fiendish little way to generate revenue. The Refund Transfer Fee will be charged upon receipt of the first funding, regardless of whether it is a federal or state refund. $35. Therefore, a transfer fee was charged by Republic Bank. New comments cannot be posted and votes cannot be cast, See more posts like this in r/personalfinance. Use a TaxACT coupon during their Black Friday sale to save on the following year's filing fees. Direct deposit from the IRS is free. Q: What are the biggest changes concerning tax reform for freelancers? We tried to go on and change my return but it had already been accepted, customer service was unable to do anything either as it has already been accepted by the IRS. Not so free, is it? Are you saying Intuit charges you $35 extra if you pay for using TurboTax by having them take it from your refund? I was using TaxAct for years but price kept creeping up. 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