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rated:
Turbo Tax is giving an 8% bonus if you elect to accept your Federal refund in the form of an Amazon gift card. $10,000 max gift card value, so $736 in bonus potential.

https://ttlc.intuit.com/questions/1899434-about-the-amazon-com-refund-bonus-program 


Update: Amazon (maybe others?) are offering a version of Turbo Tax with a 10% refund bonus offer (thanks evanm for the post )
http://www.amazon.com/TurboTax-Premier-Efile-State-Refund/dp/B00F8K9KZS/ 
 

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I opted for a $3000 Amazon gift card. I considered making it $5,000 but I worry somewhat about having an incentive to bu... (more)

DavidScubadiver (May. 16, 2014 @ 9:36a) |

Diamonds do not sell for anything near what they cost retail even from Amazon you might as well flush the money rather t... (more)

LordB (May. 16, 2014 @ 6:37p) |

I got burned on this. I was getting $1200 or so for a fed refund and chose $1000 for Amazon gift cards (wouldn't let me... (more)

bigdaddycincinnati (May. 16, 2014 @ 9:04p) |


rated:
Hummmm....

Way back in the day when I used to get tax refunds I might have jumped on this...

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KYBOSH said:   Hummmm....

Way back in the day when I used to get tax refunds I might have jumped on this...

  come on Kybosh. you're smarter than this.

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Makes the fee at OfficialPayments.com not look so bad...

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Would the IRS audit me if I paid $10,000 extra in December? I mean, is this ok to do or do you need to show that's really what you thought your tax would be?

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Good deal for those who get screwed with variable/inconsistent income and estimated quarterly taxes based on 110% of previous year income. 

T&C - The maximum amount you can receive on gift cards in total is $10,000. There is a $2,000 limit per gift card, so you will get more than one claim code for requests over $2,000. The Amazon.com Gift Card offer is for federal refunds only. State refunds are not eligible.

$9,259.25 * 1.08 = $9,999.99

Max Bonus = $740.75

rated:
quaters said:   Good deal for those who get screwed with variable/inconsistent income and estimated quarterly taxes based on 110% of previous year income. 

T&C - The maximum amount you can receive on gift cards in total is $10,000. There is a $2,000 limit per gift card, so you will get more than one claim code for requests over $2,000. The Amazon.com Gift Card offer is for federal refunds only. State refunds are not eligible.

$9,259.25 * 1.08 = $9,999.99

Max Bonus = $740.75

  
Good catch. Since the pre-bonus GC amount needs to be in 100 increments, it looks like the technical max might be $736 (9200 *.08)

rated:
Sounds like a great deal but reading this thread makes me a bit nervous: Link 
 

rated:
That would be a ton of Amazon credit to use. It wouldn't be worth it to me because I can always get 6% off at Amazon by buying GCs at my grocery store with my AMEX cash preferred.
BADADVICE said:   
quaters said:   Good deal for those who get screwed with variable/inconsistent income and estimated quarterly taxes based on 110% of previous year income. 

T&C - The maximum amount you can receive on gift cards in total is $10,000. There is a $2,000 limit per gift card, so you will get more than one claim code for requests over $2,000. The Amazon.com Gift Card offer is for federal refunds only. State refunds are not eligible.

$9,259.25 * 1.08 = $9,999.99

Max Bonus = $740.75

  
Good catch. Since the pre-bonus GC amount needs to be in 100 increments, it looks like the technical max might be $736 (9200 *.08)

  
Nah, quarters got it right.  $9200+$736 = $9936, which as you said is not an increment of $100 and would actually cause your "bonus" to only be $700, no? I don't imagine them bumping it up to $10000, giving you an extra $64.

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Hm... I might do this, but Amazon is not often the cheapest on a lot of stuff.

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Amazon's really doing some gimmicky stuff to get cash...Their share is way overpriced and profitability is non-existent. I'm a big fan of it, as a customer. But this does worry me a bit...

It's got the same deal many times with Coinstar...too...

They are pushing gift-cards big time...free money from customers that they don't have to repay or pay interest on. The 8% discount can be covered in slightly higher prices...

rated:
Amazon isn't doing anything, this is a TurboTax promotion. Says so on the page itself: "*Amazon.com is not a sponsor of this promotion"

Also it's very common to get a volume discount on gift cards. The share price has nothing to do with this (or with reality).

rated:
This is actually kinda tempting... just don't know if I can bring myself to do it.

rated:
scripta said:   Amazon isn't doing anything, this is a TurboTax promotion. Says so on the page itself: "*Amazon.com is not a sponsor of this promotion"

Also it's very common to get a volume discount on gift cards. The share price has nothing to do with this (or with reality).

 "... Share price has noyhing to do with this(or with reality)"....so funny, so true.
 

rated:
Any easy ways to liquidate the Amazon gift card back to cash, without any loss? Otherwise, my state sales tax is 7% (Which Amazon started charging in NJ this year) which pretty much offsets the bonus, and am forced to spend the entire rebate on Amazon purchases.

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njdealguy said:   Any easy ways to liquidate the Amazon gift card back to cash, without any loss? Otherwise, my state sales tax is 7% (Which Amazon started charging in NJ this year) which pretty much offsets the bonus, and am forced to spend the entire rebate on Amazon purchases.
  
Great point about sales tax.  Unfortunately Amazon has started collecting it in my state (NJ).

rated:
If only I could pay my taxes with Amazon gift cards.

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njdealguy said:   Any easy ways to liquidate the Amazon gift card back to cash, without any loss? Otherwise, my state sales tax is 7% (Which Amazon started charging in NJ this year) which pretty much offsets the bonus, and am forced to spend the entire rebate on Amazon purchases.
  This ^  I love Amazon and I routinely carry a few $100 in Amazon credit from buying gift cards, but I'm not likely to use $thousands, and I don't want that much $ tied up in any company....

Sounds like one of those hot deals that's ultimately kinda silly.....

rated:
gyagya said:   Amazon's really doing some gimmicky stuff to get cash...Their share is way overpriced and profitability is non-existent. I'm a big fan of it, as a customer. But this does worry me a bit...

It's got the same deal many times with Coinstar...too...

They are pushing gift-cards big time...free money from customers that they don't have to repay or pay interest on. The 8% discount can be covered in slightly higher prices...


I suppose you could look at this as a loan, but I have a hard time believing that enough people would do this to make it worth while.  Plus isn't this sponsored by Intuit?

Amazon isn't profitable because they don't want to be profitable. They are in growth mode, spending tons of money on data centers and warehouses everywhere.  If they wanted to turn a profit, they could do so.  Now, how profitable vs. competitors would be an interesting thing to know.

   Marc

rated:
mrand said:   
gyagya said:   Amazon's really doing some gimmicky stuff to get cash...Their share is way overpriced and profitability is non-existent. I'm a big fan of it, as a customer. But this does worry me a bit...

It's got the same deal many times with Coinstar...too...

They are pushing gift-cards big time...free money from customers that they don't have to repay or pay interest on. The 8% discount can be covered in slightly higher prices...


I suppose you could look at this as a loan, but I have a hard time believing that enough people would do this to make it worth while.  Plus isn't this sponsored by Intuit?

Amazon isn't profitable because they don't want to be profitable. They are in growth mode, spending tons of money on data centers and warehouses everywhere.  If they wanted to turn a profit, they could do so.  Now, how profitable vs. competitors would be an interesting thing to know.

   Marc

  
A company that doesn't want to be profitable?  Someone should really clue-in the investors.

rated:
I filed 2012 late and inadvertently had a small refund. I used TT and used this feature. I got a single Amazon code for the entire amount: return + bonus (~$1,600 total). It applied to my Amazon account without problem. Just a data point.

[eta] Just checked and the bonus was 5% when I filed in late Q3.

rated:
mrand said:   
gyagya said:   Amazon's really doing some gimmicky stuff to get cash...Their share is way overpriced and profitability is non-existent. I'm a big fan of it, as a customer. But this does worry me a bit...

It's got the same deal many times with Coinstar...too...

They are pushing gift-cards big time...free money from customers that they don't have to repay or pay interest on. The 8% discount can be covered in slightly higher prices...


I suppose you could look at this as a loan, but I have a hard time believing that enough people would do this to make it worth while.  Plus isn't this sponsored by Intuit?

Amazon isn't profitable because they don't want to be profitable. They are in growth mode, spending tons of money on data centers and warehouses everywhere.  If they wanted to turn a profit, they could do so.  Now, how profitable vs. competitors would be an interesting thing to know.

   Marc

  
I couldn't justify AMZN at @ $250. I sure as hell can't @ $380. For AMZN to be worth that much, they would have to grow revenue and of course, profits, by a couple multiples. It isn't happening. AMZN is a bubble. If ou were "smart" enough" to get in at $250, sell it and be happy you were not left holding that bag.

rated:
I would never want that much money tied up in AMZN gcs. Sure, you could resell them, but that takes time and you take on some risk. If you are buying a shitload of "normal" goods then it may make sense, but I would want credit card protection just in case AMZN screws something up. Whether or not that's worth 8% is up to you. (I am a bit biased though as I get 5% off AMZN on-demand through other avenues)

rated:
When did they start having this offer? When I filed my 2013 return I didn't noticed it as an option in TurboTax, did I somehow miss it?

rated:
mrand said:   
Amazon isn't profitable because they don't want to be profitable. They are in growth mode, spending tons of money on data centers and warehouses everywhere.  If they wanted to turn a profit, they could do so.  Now, how profitable vs. competitors would be an interesting thing to know.

   Marc

  
That shouldn't affect profitability. I haven't looked at their income statements, but capital expenditures, for the most part, shouldn't change net profit unless they're really going nuts with their growth. On the other hand, I don't know why this is being discussed in this thread, I couldn't believe that people are actually worried about AMZN gift cards becoming worthless.
Gergor said:   When did they start having this offer? When I filed my 2013 return I didn't noticed it as an option in TurboTax, did I somehow miss it?
  
You already filed?

rated:

Gergor said:   When did they start having this offer? When I filed my 2013 return I didn't noticed it as an option in TurboTax, did I somehow miss it?
  
You already filed?

  
Sorry I meant to say the 2012 return which I did in april this year.

rated:
if i got a refund i would jump on this in a heartbeat.

rated:
You can always get a refund. Just send an additional estimated tax payment by 1/15/14.

rated:
Actually, you could make an additional payment of $10K, and get 10.8K worth of Amazon gift cards, that then you can sell at eBay at a discount (say 2%.) You still get a return of 6% in your investment in a couple of months.

rated:
bankbuddy said:   Actually, you could make an additional payment of $10K, and get 10.8K worth of Amazon gift cards, that then you can sell at eBay at a discount (say 2%.) You still get a return of 6% in your investment in a couple of months.
  Minus the eBay insertion fee, the final value fee....oh and the paypal fees. I can't imagine coming out too well. 

rated:
From experience, eBay + PayPal fees average about 11% total per sale... so not an option.

Awesome deal... I actually did this for my refund back in April, and I got 10% bonus.  Because I was not sure how much I would spend, I only did like $200 and got $220 back. Since I consistently get refunds every year, I will be getting a bit more when I file next year. For those that don't by regularly from Amazon (like me) just look at your order history from last 12 months to get an idea of how much to get in GCs.

rated:
IMO 8% ROI is not good enough to me. The 25 off 75 AMEX deals offers 33% ROI. Having thousands tied to Amazon is risky. Also if you buy electronics you lose the additional warranty and price protection. I was able to get some money back by using price protection with Discover. Currently both Discover and Chase Freedom already offer 5% cash backs on Amazon purchases without much hassle.

rated:
KYBOSH said:   Hummmm....

Way back in the day when I used to get tax refunds I might have jumped on this...

  Totally worth over-withholding.

rated:

rated:
I'm considering trying this for the bonus, but I'm nervous because I use professional tax software normally so I'm not sure what version of Turbo Tax I would need. I have k-1s from a partnership and an s-corporation but the premier version only mentions support for estate and trust k-1s. Is this product what I need?

rated:
kesco said:   
bankbuddy said:   Actually, you could make an additional payment of $10K, and get 10.8K worth of Amazon gift cards, that then you can sell at eBay at a discount (say 2%.) You still get a return of 6% in your investment in a couple of months.
  Minus the eBay insertion fee, the final value fee....oh and the paypal fees. I can't imagine coming out too well. 

  Don't forget eBay's new policy is the customer is always right (mostly was before  as well, but they clarified it some).  If someone says the Amazon code didn't work after they spent it then eBay will take the money back from you and give it to them, no questions asked.  No way for the seller to win with gift cards and the like.
 

rated:
Tempting, especially since AMZN purchases are still tax free in my state, for a few months anyway (MD).

But I just don't know if I can bring myself to do it at the risk of getting stuck with a large amount of GC's to liquidate somehow..

rated:
Minoritydan said:   Tempting, especially since AMZN purchases are still tax free in my state, for a few months anyway (MD).

But I just don't know if I can bring myself to do it at the risk of getting stuck with a large amount of GC's to liquidate somehow..

  Considering Amazon sells just about any consumer product you ever need I wouldn't imagine your refund would be so large you would not be able to just spend them normally.
 

rated:
I would probably just buy crap I don't need and waste the money on Amazon, as opposed to if I had simply received a DD of my Tax refund and put it in savings... or spend it on H&B.

Skipping 40 Messages...
rated:
I got burned on this. I was getting $1200 or so for a fed refund and chose $1000 for Amazon gift cards (wouldn't let me have whole amount in gift cards, as others have noted). A couple days later, Amazon canceled the gift cards and the whole fed refund was direct deposited to me. Somehow, my refund had been re-calculated by the IRS -- instead of a whole number like $1211, it was recalculated at $1211.37. I have no idea how, when I used whole numbers, this happened. And because of it TurboTax nixed the whole thing and washed their hands of it. I'm not calling the IRS to find out why this happened, as they recommended...

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