Green Dot does report to the IRS. When you choose to have your tax refund deposited onto a Turbo Visa Debit Card, Green Dot works with TurboTax to ensure that the correct account information is provided to the IRS (and/or the State) so that your refund can be deposited onto your card.
Once the IRS approves your tax refund, the money is electronically deposited onto your Turbo Visa Debit Card. This process is typically faster than receiving a paper check in the mail, as it eliminates the need for physical mail delivery and allows for quicker access to your funds.
By electronically depositing your tax refund onto your Turbo Visa Debit Card, you can have the convenience of immediate access to your money. You can use your card for purchases, online shopping, bill payments, and ATM withdrawals, just like a regular debit card.
It’s important to note that Green Dot, as a financial institution, is required by law to report certain financial transactions to the IRS. This is done to ensure compliance with tax regulations and to help prevent tax evasion and other financial crimes. The specific details of these reporting requirements may vary depending on the nature and amount of the financial transactions involved.
In my personal experience, I have used a Turbo Visa Debit Card to receive my tax refund in the past. The process was straightforward and efficient. Once my refund was approved by the IRS, the money was promptly deposited onto my card, and I was able to access it immediately.
If you choose to have your tax refund deposited onto a Turbo Visa Debit Card, you can rest assured that Green Dot will work with TurboTax to ensure that the necessary account information is provided to the IRS. This allows for a seamless and convenient way to receive your tax refund and have quick access to your funds.