I just bought 2006 Turbo Tax Deluxe program and noticed this. Intuit is giving an option for the federal tax refund [not state] upto $10000 to be used to buy gift cards. They will charge a program fee of $29 for this.
This seems like a good way to get discounted gift cards. And if you don't have a federal refund coming, prepay it this year and you can claim it back next via the gift cards.
"After your federal tax return is electronically filed and the IRS issues your refund, Santa Barbara Bank & Trust will process your refund, disburse any applicable federal and state electronic filing fees and the Program Fee, direct payments to retailers for the cards, and disburse any applicable sales taxes."
Costs are $29.95 + e-filing fees + potential sales tax.
kalpak said: I just bought 2006 Turbo Tax Deluxe program and noticed this. Intuit is giving an option for the federal tax refund [not state] upto $10000 to be used to buy gift cards. They will charge a program fee of $29 for this.
This seems like a good way to get discounted gift cards. And if you don't have a federal refund coming, prepay it this year and you can claim it back next via the gift cards.
Bonus % from 10-100% could be interesting but say if it's like Discover CashBack, a lot are about 20%-25% bonus. To break even with the $30 fee (and possibly e-filing $15 fee for those who would have mailed it normally instead of paying $15), it'll take applying maximum $300(10%)-$30(100%) of refund for those.
Retailer example list seems ok but I'd rather know a bit more before jumping in (basically know where I'll buy what to maximize savings). Could definitely be worth it with a big refund if retailer list is comprehensive and bonus $ are not too low.
ChayimN
Senior Member
posted: Dec. 6, 2005 @ 10:51a
I saw this, too. But, I couldn't find anywhere what the percentages are. It sounds like FTD is 100% (but, they're more than double the price of local florists, so that's worthless). It sounds like most will be 10%, and like mentioned earler, unless you order more than $300 in GCs you won't recoup your $30 (plus the e-filing fees). It would have been nice if it was just a $30 fee, and you didn't have to pay the e-filing fee on top of it.
They do mention, the price is subject to change - i.e. if people balk at the price, they may lower it.
kalpak
Ancient Member
posted: Dec. 6, 2005 @ 12:04p
Yes I too want to know the exact percentage it is discounted for different retailers. But I wouldn't be too fixated on e-filing fee - I anyway have to pay that for filing my taxes
kalpak
Ancient Member
posted: Dec. 6, 2005 @ 12:05p
Another thing- The sales tax mentioned is NOT for gift cards [they say this in faq] but is for program fee and e-filing.
As folks may recall, last year TurboTax had a deal where you could pay your outstanding taxes with your Discover Card and not have to pay any fee. While that really great deal has not been repeated this year, it does suggest that TurboTax and Discover Card have a working relationship. Given that the list of retailers for this promotion looks almost exactly like the Discover Card list of retailers, I think it's a safe bet that the rebate percentages will be very similar to the Discover Card rebate percentages.
I am not sold on it yet, but would seriously consider this.
Hopefully they will disclose more information real soon.
mwsplash
Shopaholic Member
posted: Jan. 9, 2006 @ 9:16a
Here's a list of their partners and bonus %...
100% bonus partner (ex. allocate $50 from refund and receive $100 in gift cards): FTD.com
20% bonus partner (ex. allocate $100 from refund and receive $120 in gift cards): Expedia.com
17% bonus partners (ex. allocate $85 from refund and receive $100 in gift cards): Blockbuster, Timberland, Linens 'n Things, The Sharper Image, Spa Finder
11% bonus partners (ex. allocate $90 from refund and receive $100 in gift cards): Lowe's Home Improvement, JCPenney, Starbucks Coffee, Bed Bath & Beyond, AMC Theatres, Olive Garden, Red Lobster, Borders, Waldenbooks, Foot Locker, Champs Sports, Applebee's
11% bonus partner: American Express branded shopping card that can only be used with the following merchants: babyGap, Banana Republic, Brooks Brothers, Eddie Bauer®, Express, Gap, GapKids, Lands’ End®, Mimi Maternity®, Motherhood® Maternity, Old Navy, A Pea in the Pod®, spiegel® Catalog, Timberland, Dell Home & Home Office, Tweeter, Bombay Company, Crate and Barrel, Hold Everything, Furniture Rewards, Pier 1 Imports, Pottery Barn®, Pottery Barn Bed & Bath, PBteen™, Restoration Hardware, Telescope Casual Furniture, west elm, William Sonoma®, William Sonoma Home ™, Bath & Body Works®, Crabtree & Evelyn®, Fossil®, LensCrafters®, Sephora, Sunglass Hut, Tourneau Watches, Watch Station, Watch World, Bass Pro Shops®, Discovery Channel Stores, FranklinCovey, Harry and David®, Montblanc, Omaha Steaks, Pro Am Golf Center, Steiner Sports Memorabilia, ticketsnow.com
UCSDmateo
Cranky Member
posted: Jan. 9, 2006 @ 7:08p
Ok so its January. How do I get 10k * 120% of expedia gift cards sent to me if I have only a $3000 refund coming back. Round costs off to $45 for entire program (instead of free efiling on IRS website). This is a sweet $1955 of vacation bonus.
UCSDmateo said: Ok so its January. How do I get 10k * 120% of expedia gift cards sent to me if I have only a $3000 refund coming back. Round costs off to $45 for entire program (instead of free efiling on IRS website). This is a sweet $1955 of vacation bonus.
Ideas?
Real simple: Print out a 2005 Form 1040-ES payment voucher and send it in with $7000. Don't worry about the worksheets in the instructions. Just tear off one voucher, fill in the amount you are sending along with your name, address, and SS number and send it to the address in the instructions. Send any amount you like. Claim credit for the payment on line 65 of your Form 1040. (Be careful to use the 2005 version of the form. If you use the 2006 version, you'll have to wait until next year to get a refund.)
Alternatively, fill out Form 4868 and kill two birds with one stone! Just show the estimated tax for 2005 as being $10,000 more than it actually is and send in the check for $7000. Again, claim credit for the $7000 on line 69 of your Form 1040.
Of course, there is a danger if your refund gets held up because of a problem with your tax return or if your refund is confiscated to pay for past-due student loans, child support, etc.
saturno
Member
posted: Feb. 4, 2006 @ 4:15p
I was looking at the Turbo Tax Refund Bonus Estimator link and it shows the shipping and handling fee as $14.95. Has the price gone down from the $29 referred to in this posting (of course you still have to pay e-file fee)?
If you pay using your credit card, you aviod the fee from the bank and it only costs $14.95 to file. Ofcourse, you could alwasy file by mail, then it would only cost about $2 bucks.
cdonea
New Member
posted: Feb. 10, 2006 @ 11:01p
Note: Expedia cards can be used for hotels or vacation packages only, limit 1 per booking
Of the bonus options, the only one that's remotely interesting to me is the "American Express shopping card". However, after calling Intuit and American Express, the CSRs I talked to didn't know what that is, and I still don't know how that card is supposed to be used.
"This card is not an American Express® credit card, Travelers Cheque Card or Gift Card."
Does anyone know more about this?
saturno
Member
posted: Feb. 17, 2006 @ 11:39a
c3 said: Of the bonus options, the only one that's remotely interesting to me is the "American Express shopping card". However, after calling Intuit and American Express, the CSRs I talked to didn't know what that is, and I still don't know how that card is supposed to be used.
"This card is not an American Express® credit card, Travelers Cheque Card or Gift Card."
Does anyone know more about this?
See below link for list of participating merchants: LinkText
American Express branded Shopping Card (Get $20 in bonus value for every $180 Example: Get an American Express branded shopping card worth $200 for only $180)
This card's value is available until depleted, without maintenance or dormancy fees. This card is replaceable if lost or stolen. This card may be used with others and presented for payment at any one of the merchants participating in the shopping card program; subject to each merchant's terms for multiple card use. This card may only be used at participating merchants as listed in the TurboTax Refund Bonus Program; merchants are subject to change. This card is not an American Express® credit card, Travelers Cheque Card or Gift Card. The card is not transferable, and not for resale. This card is issued in points and is not redeemable for cash. The card contains a valid thru date and may be reissued upon request. Limit 4 cards per customer. This card is subject to a Participant Agreement. Please see in-product for more details.
That's just information from TurboTax's web site. It doesn't explain which payment option I should used when I check out (gift card?), if I can use more than one of these cards for the same order (probably yes), if I can use these cards with credit card (probably yes), etc.
ClayinATL
Member
posted: Mar. 2, 2006 @ 10:52a
Has anyone received their gift cards yet? if so, how long did it take once you received your refund.
My refund was deposited into my account last week, and was accepted by the Feds about 3 weeks ago, yet no sign of the gift cards.
BTW, it only cost me $14.95 for the shipping/handling of the cards and no program fee. This was after I paid $9.99 Fed / $24.95 GA State for using TurboTax.
mwsplash said: Here's a list of their partners and bonus %...
100% bonus partner (ex. allocate $50 from refund and receive $100 in gift cards): FTD.com
20% bonus partner (ex. allocate $100 from refund and receive $120 in gift cards): Expedia.com
17% bonus partners (ex. allocate $85 from refund and receive $100 in gift cards): Blockbuster, Timberland, Linens 'n Things, The Sharper Image, Spa Finder
11% bonus partners (ex. allocate $90 from refund and receive $100 in gift cards): Lowe's Home Improvement, JCPenney, Starbucks Coffee, Bed Bath & Beyond, AMC Theatres, Olive Garden, Red Lobster, Borders, Waldenbooks, Foot Locker, Champs Sports, Applebee's
11% bonus partner: American Express branded shopping card that can only be used with the following merchants: babyGap, Banana Republic, Brooks Brothers, Eddie Bauer®, Express, Gap, GapKids, Lands’ End®, Mimi Maternity®, Motherhood® Maternity, Old Navy, A Pea in the Pod®, spiegel® Catalog, Timberland, Dell Home & Home Office, Tweeter, Bombay Company, Crate and Barrel, Hold Everything, Furniture Rewards, Pier 1 Imports, Pottery Barn®, Pottery Barn Bed & Bath, PBteen™, Restoration Hardware, Telescope Casual Furniture, west elm, William Sonoma®, William Sonoma Home ™, Bath & Body Works®, Crabtree & Evelyn®, Fossil®, LensCrafters®, Sephora, Sunglass Hut, Tourneau Watches, Watch Station, Watch World, Bass Pro Shops®, Discovery Channel Stores, FranklinCovey, Harry and David®, Montblanc, Omaha Steaks, Pro Am Golf Center, Steiner Sports Memorabilia, ticketsnow.com
Thanks. Does this mean, you can use the card in any of the partner stores of the particular group? Also, is the $14.99 fees per each of the groups or just one time (ie., if I choose two gift cards one for each of 11% group and 17% group, will the fees be twice?). One last question is if anyone has an idea on whether the cards can be used with store coupons, especially for stores like BBB and LNT that regularly send 20% off coupons.
I got the AMEX giftcards to use at Dell. Has anyone successfully used one at Dell? Dell wants the 4 digit pin-number from the front of the AMEX. These cards don't have a pin on the front, just the word "PREPAID" where the pin would be.
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