![]() No one can provide you with immediate access to all or a portion of your tax refund before it is issued by the IRS. RAC fees typically range from $30 to $50. You are paid the remaining refund amount.The tax preparation service charges, RAC fees, and any other applicable fees are deducted from the refund amount in the account.The refund is deposited directly to that account. ![]() A temporary bank account is set up in your name.You have a tax preparer file your tax return.The tax preparation charges and the fee for the RAC itself will be deducted from your refund before you receive the money.Īlthough you should review the terms of the specific RAC carefully, here is how a RAC typically works: If you agree to a RAC, you typically agree to pay a fee to delay paying the price charged for the tax preparation services. You may be offered a refund anticipation check (RAC) or refund transfer by a tax preparer. Total costs may vary depending on your situation. These preparers charge a fee to prepare your taxes and there may be e-filing and other fees. Using a tax preparerĪnother option to file your tax return is to use a commercial tax preparation firm or an individual accountant or tax preparer. Some of these products may offer free e-filing. There are also several software packages and websites you can use to prepare and file your tax returns. Learn more about other resources that are available to you. If you meet certain income thresholds, have disabilities, or have limited English speaking skills, Volunteer Income Tax Assistance (VITA) organizations can provide you with assistance in preparing your own taxes. Free tax preparation assistance is available from several sources such as the IRS website, which can provide you with tax filing forms if you plan to prepare your own return. The first step to obtaining your refund is filing your tax return.
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