The excitement of receiving a tax return begins to rise. A tax refund can be a financial lifeline or an opportunity to treat oneself to something unique for many people.
What if you could have your cake and eat it as well? That’s where TurboTax’s unique feature, the ability to split your return, comes into play. In this blog post, we’ll delve deep into the world of TurboTax to see if it truly splits your refund.
TurboTax Refund Splitting is a function that allows you to split your tax refund among various bank accounts or even invest a portion of it while still submitting your return.
This tool is especially useful for those who have multiple financial goals in mind, or for couples who want to spend their refund differently.
Splitting your refund can help save money by depositing it into different savings accounts with higher interest rates, send a portion to a family member or friend,
pay off debt by depositing it into different accounts with outstanding balances, and make it easier to budget by depositing it into different accounts for savings, debt repayment, and spending.
More Information on Turbonet
How Much Does TurboTax Take Out of Your Refund?
How Accurate is TurboTax Refund?
How Long Does it Take TurboTax to Send Refund?
Why is TurboTax Charging me $120?
What is a Normal Tax Refund Amount?
How Much Does TurboTax Charge to Do My Taxes?
Does TurboTax Split Your Refund?
When Should I Expect My Tax Refund?
Does TurboTax Get Your Refund First?
How Long Will it Take TurboTax to Direct Deposit?
Does TurboTax Lower Your Refund?
Do You Get Your Full Refund With TurboTax?
Does TurboTax Split Your Refund?
Yes, TurboTax can divide your refund into up to three accounts. This can be a useful tool if you wish to direct deposit your refund into multiple savings accounts or give a portion of your return to a family member or friend.
To split your refund in TurboTax, simply follow these steps:
Choose Your Split
When you use TurboTax to file your taxes, you’ll be able to select how you wish to split your refund. You can direct a specific sum or percentage to one account and the remaining to another.
Accounts
You’ll need to enter the information for the bank accounts you want to use for the split. When you file your return, TurboTax will securely transmit this information to the IRS.
Wait for Your Refund
Once your tax return has been processed, the IRS will move the funds to the appropriate accounts. To avoid any hiccups, double-check that you’ve entered the correct information.
It is important to note that there is a fee associated with splitting your refund in TurboTax. The fee is currently $40 for federal taxes and $45 for state taxes.
Overall, splitting your refund in TurboTax can be a helpful feature, but it is important to be aware of the fees associated with doing so.
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