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 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). Looks like you're using new Reddit on an old browser. Direct deposit from the IRS is free. share. Looked at the fee table and said "Whoa whoa whoa I'm … More posts from the personalfinance community. TaxAct positions itself as a premium product, but its performance is more comparable to bargain software. 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. Another place where they seem to get you with hefty fees is with online tax filing services. I'd bet at least one of them was free (paper check maybe?). Are you saying Intuit charges you $35 extra if you pay for using TurboTax by having them take it from your refund? 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. But maybe you have student loan interest deduction, or your bought some stocks on robinhood and got $1.25 in dividends. TaxAct also offers expert help or downloadable software for an additional cost. Hi everyone! I like TaxAct better. 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? Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. However, at the end, they throw in a "Refund Transfer Fee" of $54.00 for me to receive said refund via direct deposit. SAVE: 7 Best and Cheapest Online Tax Services Whether you have a simple tax return or a more complex tax situation, TaxAct can help. The processing and filing are free - just not the direct deposit. Join our community, read the PF Wiki, and get on top of your finances! 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). 4. 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. 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. A Refund Transfer Fee and all other authorized amounts will be deducted from your tax refund. Xpert advice prices range from $35 to $139.95 plus extra for state returns. Not so free, is it? File federal? Save up to 40% off state and federal filing fees with TaxACT's coupons for Labor Day and Independence Day. Press question mark to learn the rest of the keyboard shortcuts. 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. There is a fee, however, of $3.89 to $3.95, imposed by the company that provides the debit card services. To qualify for the latter option, your federal refund amount must be $50 greater than the TaxAct and Republic Bank processing fees. TaxACT public holiday sales. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. A: A big change freelancers need to look out for is the new Pay us using your refund? Overall cost $70. I know I have to file my taxes every year, I just shop around and buy a copy around December. Q: What are the biggest changes concerning tax reform for freelancers? I filed state and federal for free last year using TurboTax. This year I went with H&R Block, think I got the premium version on Amazon for $35. If you pay this with your card, you are done and all set - happy go lucky, have a nice day. 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. All the companies are free for federal and state filing. Last year, I received a refund direct deposit from them, and there was no xfer fee. 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. Clients receive their money. I just used the free file version of Tax Act. A Refund Transfer is a fee-based product offered by Republic Bank & Trust Company, member FDIC. After you’ve finished your returns, you can file them electronically. A simple federal refund is free, but state filing can range from $19.95 to $44.95. TaxAct’s audit assistance consists of a FAQ page on its website. Keep in mind, however, that TaxACT's Black Friday coupons usually expire quickly. You pay TaxAct from your refund. TaxAct Premier is $34.95 for federal returns plus $44.95 for state returns. You can file your return and receive your refund without applying for a Refund Transfer. 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. 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? Simply pay the fee for using the software using your credit card (DO NOT DEDUCT FROM YOUR REFUND). report. Check out credit karma, 100% free and I got better refunds than when I filed with h&r and paid. - One of IRS's most popular online features-gives you information about your federal income tax refund. Electronic Federal Tax Payment System (EFTPS) It’s free, safe, and convenient. I think I figured out what happened. 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 certainly gets the job done, but the pricing leaves a lot to be desired. You can file your return and receive your refund without applying for a Refund Transfer. yeah, it seems they've landed on $35 on what they charge for anything, if at all. A qualifying expected tax refund and e-filing are required. The all-in cost for the four plans ranges from $65 to $159.95 (not including state return fees). Payments you authorize from the account associated with your Refund Transfer will reduce the net proceeds of your refund sent to you. Always read. TaxAct Premier+ with Xpert Help. A Subsequent Funding Fee will apply for each additional funding we receive, regardless of whether it is a federal or state refund. I'm guessing you inadvertently selected some other nonstandard service, such as a refund advance or receiving your refund via prepaid debit card. I filed with TurboTax and did not read the fine print closely enough. I am a bot, and this action was performed automatically. has filed with TurboTax before and after mentioning the additional $35, he told me how to avoid it. 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). Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. $35. 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. I had to option to pay with a credit card OR have it deducted from my Fed return. It's not the online version, it's one you download and run on your computer. Taxes. 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. $35. You can pay your TaxAct tax prep fees with your state or federal refund for a processing fee of about $20 (subject to change). Join our community, read the PF Wiki, and get on top of your finances! Free and easy. Refund Transfer is a bank deposit product, not a loan. It also includes the ability to claim education credits and dependent care expenses. Hope I can help a few people save their $35! hide. I know it's tax season and there will be plenty of posts out there on different software to use and other tips, etc. with a bunch of fine print. TaxAct is one of the most popular online tax software companies, and for good reason. 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. Therefore, a transfer fee was charged by Republic Bank. 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. 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. 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. 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). H&R Block and TurboTax each charge an additional processing fee of $40 if you agree to pay through your refund. 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. Please contact the moderators of this subreddit if you have any questions or concerns. Tax Refund Advance. Each tax preparation software asks you basic questions about your life and finances to identify opportunities to save on your taxes. 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. $35. There is a fee of $17.99 if you select to have the product/e-fling fees deducted from your refund. Pay With Your Refund. However, at the end, they throw in a "Refund Transfer Fee" of $54.00 for me to receive said refund via direct deposit. What a fiendish little way to generate revenue. TaxAct Self-employed is $64.95 for federal returns plus $44.95 for state returns. TaxAct vs. TurboTax vs. H&R Block. 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. TaxAct - Sneaky Fee. I was using TaxAct for years but price kept creeping up. There isn't a fee for direct deposit. personally I like these better. Fees apply. TaxAct Premier. Prices range from $130 to $290 for federal returns, depending on complexity, plus $45 to $55 per state return. You DO NOT need to pay a 'refund processing fee' to have your refund direct deposited back to your account. 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. Get your refund by paper check for an additional $25. File state? An additional charge will apply when choosing to pay your TaxAct fees from your tax refund. You don't have to pay to start a return, you just enter your info. If you are receiving a refund of $100 or more there are various options to pay your TaxAct product and/or e-filing fees. It’s not just TurboTax, however. New comments cannot be posted and votes cannot be cast, See more posts like this in r/personalfinance. I just used the free file version of Tax Act. Import prior year's info? Use a "true" free service. Don't wait until late March-April that's when the discounts go away. I chose to have it deducted. It’s not much more trouble. I get a refund. 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. 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. They just chose to get a refund advance, which is not free. It looks like OP might have signed up for the tax refund advance or some other service. The Refund Transfer Fee will be charged upon receipt of the first funding, regardless of whether it is a federal or state refund. Visit your tax preparer to learn about all filing and product options, including obtaining your refund at no additional cost. The cost is $34.95 for online filers. Yes, paper check. I hope you can learn from my little mistake that cost me $35. Want to clarify before anyone gets overly concerned. The TaxACT Black Friday sale. 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). 4. To file my state return, they charged me $19.95. What OP is saying is, just using TT is $35. It's cheaper and I haven't had any issues for the past 4 years. If you’d rather keep that money to buy yourself a latte, consider paying with another method, such as writing a check. 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. Refund Transfer is a bank deposit product, not a loan. But customers can buy audit defense from a partner company called Protection Plus for $49.95. TaxAct Deluxe is $24.95 for federal returns plus $44.95 for state returns. A Refund Transfer Fee and all other authorized amounts will be deducted from your tax refund. The rep told me I had to 'hope' the return would be rejected and I could file a paper return after that point... Nope. Can get TurboTax Premier for $ 49.95 its performance is more comparable to bargain software issues the... 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