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Advance Loans

Level 3

Does anyone know why the Pre-Acknowledgement Advance loans are not available with ProSeries? There is an option for a Refund Advance but when I try to file one, Proseries tells me that the electronic filing season starts February 12, 2020.

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10 Replies 10
Level 15

"Proseries tells me that the electronic filing season starts February 12, 2020"

That's an interesting coincidence because the IRS tells me that's when it starts too.

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15

Oh, that's interesting.  Coincidentally, I heard that Intuit will be happy to "securely store and forward to the IRS" returns that preparers may submit from Jan 28, ahead of Feb 12.

How very thoughtful!  But I think I'd rather securely store these returns myself and not be the guinea pig trail blazer for the first batch of e-filing.

Oh, did you also hear that there'll be no advance refund while these returns are secured stored until they actually get processed?

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Still an AllStar
Level 3

But other software like Crosslink are submitting for Advance loans thru TPG.

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Level 15

Is Crosslink the only one?  Don't see how they can do that when the IRS' MeF is still shut down.  Would be interesting to find out how that is even possible.

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Still an AllStar
Level 3

I though that and Advance loan would be able to be transmitted before the tax season began. Then why would they call it Advance tax loan?

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Level 15

Because they get their money a little bit sooner than they would waiting for the IRS to send them their refund.

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15

If your eyesight is better than mine, you can read the fine prints.  I find it good enough just reading the explanation in regular fonts.  The IRS has to first accept the return.

Why would they call it Advance tax loan?  Because it's a loan that's advanced ahead of the IRS actually processing the refund?

https://help.sbtpg.com/hc/en-us/articles/223622007-How-Does-Fast-Cash-Advance-Work-

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Still an AllStar
Level 13

I can't imagine any company giving an "advance" on the tax refund would do it until you actually e-file the return.

While some companies have been accepting returns for a couple of weeks, ProSeries doesn't start accepting them until January 28th.

Whether or not Intuit and the associated third-party loan sharks will allow the loans when e-filed starting on the 28th, or if they require you to wait until the IRS accepts the return on February 12th, I don't know.

Level 15

@Alfredo1967 that's Feb 12, 2021


ex-AllStar
Employee
Employee

Hi @Alfredo1967 , Pre-Acknowledgement Advance loans are not available with ProSeries. The Refund Advance program that's available is "known as a Post-Ack offering" - from https://proconnect.intuit.com/community/register-or-activate-services/help/how-do-i-enroll-in-pay-by... under the section "New for 2020..."

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