Keep that Credit Karma account closure documentation just in case you need it later. Sometimes these things come back to haunt you

Had this exact same situation happen to me two years ago with TurboTax and Chime. The IRS check definitely comes straight to you - they don't coordinate with the tax prep companies for refund advance repayments. Just make sure you keep enough to pay back the advance when TurboTax comes calling for it (usually within a few weeks). The advance and your actual refund are totally separate transactions in the IRS system.

Be careful with tax advances! I tried this route last year and experienced several issues: • Credit Karma account was required - no exceptions • Advance was less than advertised due to "eligibility factors" • When my actual refund arrived, there was confusion about what portion had already been advanced • Customer service was unhelpful when trying to resolve discrepancies • Took me three calls to finally close the Credit Karma account afterward The convenience wasn't worth the headaches. Have you considered just filing early and waiting for direct deposit from the IRS?

I went through this exact situation last month and can confirm what others have said - Credit Karma is absolutely mandatory for TurboTax's refund advance. There's no workaround. However, I want to add a few things that might help: The good news: Credit Karma Money accounts are actually free with no monthly fees or minimum balance requirements. The transfer to your regular bank is also free and typically takes 1-2 business days. The not-so-good news: You'll need to provide additional verification documents beyond your tax info, and the approval isn't guaranteed even if you have a large expected refund. One tip: If you do go this route, make sure to turn off all marketing communications in your Credit Karma settings immediately after approval. Otherwise you'll get bombarded with credit card offers and loan promotions. Alternative suggestion: If you're mainly concerned about cash flow timing, consider filing your return as early as possible (the IRS started accepting returns in late January). With direct deposit, most people get their refund within 21 days, which might not be much longer than dealing with the advance process anyway.

Here's my timeline from last week: Filed: Tuesday 3pm Preapproval: Tuesday 3:05pm Final approval: Thursday 9am Money on card: Friday morning Hope this helps!

Been through this process a few times and wanted to share what I've learned. The approval timeline really depends on a few key factors: 1) Day/time you file (weekends can add delay), 2) Your credit profile (they do check), and 3) How quickly IRS accepts your e-file. I've seen approvals as fast as 6 hours and as long as 72 hours. Since you filed yesterday and got preapproval, you're probably looking at approval by tomorrow evening at the latest. The anxiety is real when you need the money - hang in there! 🙏

I went through almost the exact same situation last year! Accidentally sent my entire tax payment (federal + state) to the IRS instead of splitting it. Here's what worked for me: 1. File Form 843 immediately - don't wait. The sooner you submit it, the sooner they can process your refund. 2. Include a detailed explanation letter with your form explaining exactly what happened, including the date of payment, amount, and payment method (pay1040.com in your case). 3. Keep copies of EVERYTHING - your payment confirmation from pay1040.com, bank statements showing the transaction, etc. 4. You can also try calling the IRS at 1-800-829-1040, but be prepared for long hold times. Sometimes they can process overpayment refunds over the phone if it's straightforward. The good news is that this is actually a pretty common mistake, so the IRS is used to handling these situations. I got my overpayment back in about 6 weeks. And definitely pay your state taxes ASAP even if you have to put it on a credit card temporarily - the interest on a card will be way less than state penalties and interest.

I've been through this exact situation! The most important thing is to act quickly on both fronts - getting your IRS refund AND paying your state taxes to avoid penalties. For the IRS overpayment, Form 843 is definitely the right form (not 8849 as someone mentioned earlier). Make sure to include: - Exact payment date and amount - Clear explanation that you accidentally paid state taxes to the IRS - Payment confirmation from pay1040.com - Your contact information Pro tip: You can actually request expedited processing if you're experiencing financial hardship due to the overpayment. Include a brief hardship letter explaining your situation. While you're waiting for the refund (typically 4-8 weeks), definitely pay your state taxes immediately even if you have to borrow the money temporarily. State penalties and interest rates are usually much higher than what you'd pay on a short-term loan or credit card. You can also try calling the IRS Taxpayer Advocate Service at 1-877-777-4778 if you're experiencing significant financial hardship. They sometimes can expedite overpayment refunds in genuine hardship cases. Good luck - this mistake happens more often than you'd think, so the IRS is used to processing these requests!

Has anyone using TurboTax had issues with how it calculates NIIT when you have capital loss carryforwards? Mine seemed to handle it strangely last year and I'm wondering if I need to switch to a different software.

I've been dealing with a similar situation and wanted to share what I learned from my tax preparer. One thing that might help is understanding that Form 8960 (the NIIT form) has its own separate calculation for net investment income that doesn't mirror your Schedule D exactly. The key insight for me was realizing that while your capital loss carryforward reduces your net capital gain to zero for NIIT purposes (which is great), you still need to be careful about other investment income like dividends, interest, or rental income that might push you over the NIIT threshold. Also, make sure you're considering the modified adjusted gross income (MAGI) thresholds - $200K for single filers, $250K for married filing jointly. Even if your net investment income is low due to the loss carryforwards, you might still owe NIIT if your overall income exceeds these thresholds. Have you calculated whether you'll be above the MAGI threshold this year? That's really the first step in determining if NIIT will even apply to your situation.