2022 Federal Income Tax refund

[bill66912]

Hello -

I know this question has been asked before; but I thought my situation was unique so I'm asking again.

I used the offline TT 2023 product to do my 2022 income taxes.  Everything went fine on me end, submitted the returns without issue.  Received my State refund as usual, but this morning I have an entry in my checking account from "TPG Products Org CVista Bank as a deposit that is $60 less than my Federal refund was supposed to be.  Additionally, my refund is yet to be marked as "sent" on the irs.gov website.

In reviewing posts about this topic last year, I saw where the Cvista Bank entries were valid Federal Income Tax refunds; but having that not identified in the transaction description lines in one's bank account lends to mistrust, in the least.

Can anyone offer any first hand experience here?  This is the first time for me that my federal refund has been titled suspiciously.

Thanks in advance,

- Bill Schmidt

[xmasbaby0 · Accepted solution]

Mu best guess is that you used the CD/download and chose to e-file a state return---which costs $20, and then instead of paying the $20 immediately using a credit or debit card, you chose to pay it from your federal refund--thus incurring the $40 "refund processing fee" charged by the third party bank that processes your refund when you do that.

When you choose "refund processing" your refund goes from the IRS to the third party bank, that bank takes out your TurboTax fees, and then the third party bank sends the rest of the refund to you. 

You may not have read the screens carefully enough to realize that paying that $20 by that method cost you an extra $40 fee, but that is what happened.  In the future when you use the CD/download, either pay upfront for the state e-file fee, or print and sign the state return and avoid the state e-file fee altogether.

[bill66912]

Hello!

Thank you for your extremely fast response.

Yes, you're exactly correct; I did the CD/Download Version, and elected to have my processing fees deducted from my refund amounts.  I just was unfamiliar with the third-party bank deposit piece.  I don't recall that happening last year, but perhaps I paid the processing fees upfront via credit card, as you suggest.

Thank you so much again!  Very much appreciated.