PE1 and PE2 are tax refund codes that show up on your bank statement when you receive a tax refund applied through SBTPG.
SBTPG is Santa Barbara Tax Products Group that offers different tax products to individuals and tax professionals. It is more commonly known as TPG.
Let us discuss what is SBTPG and its tax products for taxpayers and tax professionals.
What are Tax Products PE1 and PE2 SBTPG LLC Deposits?
PE1 and PE2 are two tax refund codes for taxpayers when they receive a tax refund from the IRS through SBTPG.
Taxpayers can file taxes online through tax software like TurboTax. They can receive a refund through a check, direct deposit, or ACH transfer.
TurboTax has partnered with SBTPG, commonly known as TPG for collecting tax refunds early. Taxpayers can choose to file and receive their tax refunds through TPG in different ways.
When they receive a tax refund in their bank accounts, their bank statement shows “tax product”, “PE1”, or “PE2”.
PE1 and PE2 are tax refund codes to denote a refund transaction coming from SBTPG.
Note: The refund amount will be less than what you expect because you opted to pay the tax filing fee through the refund amount when applying through SBTPG.
What does SBTPG Stand For?
SBTPG stands for Santa Barbara Tax Products Group. It is commonly known as the Tax Products Group (TPG).
It was founded in 1991 and is now a Green Dot company since 2014. It offers tax products to taxpayers and tax professionals,
It mainly serves taxpayers through a wide range of tax services offered by its tax professional partners, individuals, and online tax preparers.
Thus, TPG links taxpayers and tax professionals and offers both services through the same platform.
Taxpayers can directly choose the services of TPG without availing of their tax filing services as well. For instance, if you want to sign up for an early tax refund with TPG.
What Does SBTPG Offer?
SBTPG offers different types of tax-related services to taxpayers and tax professionals.
Here are a few key products offered to tax professionals and online tax preparers.
This service allows tax professionals to collect their client fees from tax refunds. If their clients have past dues, TPG would collect them from the clients on their behalf.
It means tax professionals do not need to chase their clients for professional service charges.
Tax professionals can offer a tax refund quickly to their clients through this service.
Starting January 2 each year, they can offer up to $ 6,000 of fast cash to their clients. It acts as a short-term loan for taxpayers as they have to pay interest on this amount until the IRS refunds their taxes.
Online tax preparers and tax professional services need seasonal expenses. This service from TPG offers pre-season funding.
Qualified tax professionals can get an advance up to $40,000 through an online application with TPG easily. It comes with a fee of $30 for every $1,000 after November 30 and $45 for every $1,000 before this date.
Tax professionals can offer a refund service to their clients using TPG products. It offers a quick and easy refund service to clients.
Tax professionals can deduct their fees from the refund directly as well.
It is another short-term financing facility from TPG that lets tax professionals receive an advance payment when they make a tax filing through TPG.
Go2 Banking VISA Debit Card
You can offer an excellent VISA debit card that comes with a Go2 banking tag to your clients. It would help them secure a debit card with excellent features.
Debit/Credit Card Processing
This is a debit/credit card processing service to make payment processing from clients easy.
TPG offers tax filing and refund services to taxpayers directly as well. You can find these services through TPG directly as well.
- Fast Cash: The service that lets taxpayers receive an advance tax refund of up to $6,000.
- Tax Refund: This service lets you pay your tax preparation fees from the tax refund when it arrives.
- GO2 Bank VISA Debit Card: It lets taxpayers apply for the VISA debit card directly.
Tax Refund Methods and Charges by SBTGP
SBTPG has several tax services and each one comes with different costs. Tax professionals can charge their service charges separately as well.
The tax refund fee through “Refund Transfer” is $ 39.95 if it is done via direct bank transfer.
If you chose to get cash through Wells Fargo bank or Walmart, it will cost you an additional $10 and $8 per check respectively.
The “FAST CASH” service comes at an APR of 35.99% on your advance refund. Some tax professionals offer a 0% APR fast cash loan to their clients separately too.
SBTPG offers a comprehensive marketing plan to their professional tax partners at no additional cost.
FAQs on SBTPG and Its Tax Products
Here are a few frequently asked questions (FAQs) about SBTPG.
Are PE1 and PE2 Different types of Tax Products?
No, PE1 and PE2 are two bank transfer codes that will show up on your bank statement sometimes. These are not specific tax products offered by SBTPG.
Does SBTPG offer services to taxpayers only?
No, SBTPG offers tax services to taxpayers and tax professionals only.
Tax professionals can use its products to offer tax filing, refunds, and advance refund services.
Tax preparers can directly file tax returns, receive refunds, and apply for a VISA debit card.
Why Did I Get My Deposit Less Than What I Expected?
When you apply for a tax refund through TPG or one of its partners, you allow them to deduct their charges from your refund.
Therefore, when you’ll receive the refund, it will be less than what the IRS pays to you.
How Long Does It Take for SBTPG to Release Funds in 2022?
Advance tax refunds start from January 2 every year if you have applied for them. It incurs interest costs at an APR of 35.99% currently.
Normal tax refunds will be processed within two days after the IRS sends them to TPG.
What are SBTPG Charges?
SBTPG charges are $39.99 for a tax refund. However, the tax professional may charge you additional fees for tax preparation or other services.
Similarly, your Fast cash loan will incur interest costs as well.
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