TurboTax® and Credit Karma Money™ | Make the Most of Your Refund (2024)

FAQs

Does TurboTax give you maximum refund? ›

A combination of coverage including 100% accurate calculations, audit support and a maximum refund. All guaranteed for the full 7-year life of your tax return.

Get your finances on track with TurboTax and Credit Karma Money. File your taxes with TurboTax and choose to deposit your refund into Credit Karma Money. Open a checking or savings account with Credit Karma Money from within TurboTax.

If you want access to your paycheck up to two days early and federal benefits up to five days early, you might consider setting up direct deposit in a Credit Karma Money™ Spend online checking account. Free to open, Credit Karma Money™ Spend comes with no penalties, overdraft fees or minimum balance requirements.

Your remaining federal and entire state refund (minus any agreed upon fees) will be deposited to your Credit Karma Money Spend account when the IRS distributes your refunds. The IRS issues most refunds in less than 21 days, though it's possible your tax return may require additional review and take longer to process.

The tax refund estimator is based on the information you've shared with Credit Karma and/or your tax return data from TurboTax. For simplicity, the estimator assumes the following: The standard deduction will be applied. All income was taxed the same.

Most refunds will be issued in less than 21 days. You can start checking the status of your refund within 24 hours after you have e-filed your return. Refund information is updated on the IRS website once a day, overnight. Remember, the fastest way to get your refund is to e-file and choose direct deposit.

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

What is the highest tax return ever? ›

Ramon Christopher Blanchett, of Tampa, Florida, and self-described freelancer, managed to scoop up a $980,000 tax refund after submitting his self-prepared 2016 tax return. He also allegedly claimed that he earned a total of $18,497 in wages — and that he had withheld $1 million in income taxes, according to a Jan.

Giving money away or saving it may help increase the size of your refund. That's because certain contributions to retirement and health care savings accounts can reduce your taxable income, and donations to charity can, too. On average, every $25 reduction in your taxable income lowers your taxes by about $5 per $25.

Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC Adjusted Total Turnover} - ¹²[{tax payable on such inverted rated supply of goods and services x (Net ITC ÷ ITC availed on inputs and input services)}].

TurboTax Individual Returns: 100% Accurate Calculations Guarantee – Individual Returns: If you pay an IRS or state penalty or interest because of a TurboTax calculation error, we'll pay you the penalty and interest.

Keep in mind there's no limit to the size of a tax refund. You can even get a bigger tax refund than what you already paid in taxes.