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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Tax story of the day Date: 6/9/2012 5:03 PM
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I wonder what the federal return said.
On a prepaid debit does Intuit have the money until Krystle used it?

Jean

=================
Actually, I think it's held by the bank that issues the debit card.
Which might be the State Bank of Santa Barbara.

I just say that, because that's who is (or was) the lender of Turbo Tax's Refund Anticipation Loans.

Tax preparers who buy the Turbo Tax Pro product (or whatever they call it now) find that if you want the Refund Anticipation Loan (RAL) option, the software box includes forms to sign up as a lending agent with the State Bank of Santa Barbara.

IMNSHO, the IRS' audit selection should be HIGHLY focused on the debit card refunds. Now, the reason they offer that option is to accomodate lower-income people who don't have bank accounts. But that's the same set of taxpayers who work with (or in collusion with) seasonal storefront preparers (with or without a national franchise name)who submit a lot of shady returns with a big Earned Income Credit refund.

Now, those aren't in the $2 million range. And I, too, would love to see what that return looked like.

Bill
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