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Bank Products Overview

Tax related bank products can be offered to your clients to assist them in paying for their tax preparation fees.  When using tax related bank products, your client will pay no upfront fees for the preparation of their tax return.  The tax preparation fees that you charge will automatically be deducted from the taxpayer’s income tax refund and deposited into the checking or savings account of your choice.  The remaining balance will be distributed to the taxpayer by direct deposit, prepaid/debit card or check. Each bank offers different products, so you should check with your bank to determine what is available to your clients.
While tax related bank products are a convenient option for many taxpayers, there are additional fees associated with each bank product.  The additional fees vary depending on which bank you choose.  When you mark a tax return for electronic filing, you will be prompted to select the E-file type from a list displayed on the screen. Any additional fees associated with the E-file type will be displayed next to the name of the tax related bank product. The additional fees are charged by the bank and software for each specific type of bank product.
NOTE: If there are no additional fees listed next to the E-file type, this is not a bank product.  You will need to collect your preparation fees up front from the client.
Updated on July 3, 2018

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