If you expect a tax refund this year and consider using TurboTax or H&R Block tax software to file your taxes there may be an extra benefit available to you. By using any of those platforms you may use between 5-10% of your federal refund towards a purchase of a gift card (YES! Just for using their software to file your tax return).
TurboTax offers only one type of a gift card issued by Amazon. H&R Block presents a broader selection from over 40 retailers including Best Buy, iTunes, Macys, or The Home Depot.
How does it work?
Every $100 of your refund can go towards the gift card. The amount of the gift card is calculated based on the whole amount, for example, if you expect $735.00 the bonus you receive is based on the $700.
You can also decide how much of your refund you want to spend on the gift card. To continue with the previous example, $400.00 could be used towards the gift card and the remaining $335.00 as a deposit in your bank account.
What’s the catch?
Actually, there’s no catch. Just some rules that you need to keep in mind. Here’s the list:
- amount of refund is based on federal refund amount
- limit of $2,000 per e-card (TurboTax)
- limit per customer: $10,000 (TurboTax) or $9,000 (H&R Block)
- applies to e-filed federal returns (H&R Block)
- gift card cannot be cancelled or transferred for value
- not redeemable for cash
Which versions earn the refund bonus and how much?
Here’s the breakdown of the refund bonus:
- TurboTax Basic (desktop version) – 5%
- TurboTax Deluxe, Premier, or Home & Business – online version – 5%
- TurboTax Deluxe, Premier, or Home & Business – desktop version – 10%
- H&R Block Free or Basic – 5%
- H&R Block Deluxe, Premium or Premium & Business – 10%