Hi,
after waiting for 14 weeks, I have some friends that are receiving their refund, so I guess in a couple of weeks could be my turn.
All of them, filing with TT, are experiencing lower refund than expected (in a case, about 50%).
While I'm expecting an explanation from the IRS, I wonder why this year all this is happening (delay and lower refund).
What did it make this year different?
Never had an issue in the previous years...
Thanks
TurboTax gives you an estimated date for receiving your refund based on a 21 day average from your date of acceptance, but it can take longer. “21 days” is not a promise from TurboTax or the IRS. Many refunds are taking longer during the pandemic. The IRS is backlogged —-they are still trying to process millions of 2019 returns; they received millions of e-filed on the day they opened for 2020 returns, and now they are burdened with sending out another round of stimulus checks.
Some delays are resulting from incorrect amounts that folks entered for stimulus checks they received. Many people have been confused by the recovery rebate credit and completed it incorrectly. The IRS may delay your refund while they cross-check to see what you received. Some refunds are delayed because of the tax law changes that went into effect recently. If your return has unemployment or the premium tax credit on it, that may be delaying it.
First, check your e-file status to see if your return was accepted:
https://turbotax.intuit.com/tax-tools/efile-status-lookup/
Once your federal return has been accepted by the IRS, only the IRS has any control. TurboTax does not receive any updates from the IRS. Your ONLY source of information about your refund now is the IRS.
You need your filing status, your Social Security number and the exact amount (line 34of your 2020 Form 1040) of your federal refund to track your Federal refund:
To track your state refund:
https://ttlc.intuit.com/questions/1899433-how-do-i-track-my-state-refund
https://ttlc.intuit.com/questions/1901548-why-do-some-refunds-take-longer-than-others
If you chose to have your TurboTax fees deducted from your federal refund, that will take some extra time, while the third party bank handles the refund processing.
https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions
https://ttlc.intuit.com/questions/2840013-does-accepted-mean-my-refund-is-approved
Regarding the delay, I understand, I was more concerned about the reduced amount.
In my case, for the 2 stimulus checks that I've been asked in TT, I simply put the amounts I got on my bank account.
Is that correct?
Moreover, in the end, TT told me that for the stimulus check I couldn't expect anything more than that (as I expected).
So, why these differences in expected vs received?
We cannot see your tax return. You said your friends have had reduced refunds. You have not indicated that the IRS refund site is showing a reduced amount for you----just that you are worried about it----does the IRS refund site say your refund is being reduced? TurboTax receives no information at all from the IRS after you file your return. Only the IRS is in control. IF they reduce a refund, they send a letter to you. Sorry---but all you can do is wait for the IRS to process your return and send your refund. Lots of people are experiencing frustrating delays in receiving refunds this year.