One possibility why your deposited amount is less than your expected refund is that you used the Refund Processing Service to pay your TurboTax Online fees. If so, your TurboTax Federal and State fees plus the additional processing fee of $34.99 ($39.99 in California) plus sales tax is deducted from your Federal tax refund.
Another possibility is that your refund was reduced by the government, either to correct an error or through a refund offset. The IRS Where's My Refund tool will let you know if your refund have been offset.
You'll get an explanatory letter (in about two weeks) from the government if your refund differs from what was on your filed return.
Federal and state refunds are sent separately, each on its own timetable, so you may have gotten one but not the other.
One possibility why your deposited amount is less than your expected refund is that you used the Refund Processing Service to pay your TurboTax Online fees. If so, your TurboTax Federal and State fees plus the additional processing fee of $34.99 ($39.99 in California) plus sales tax is deducted from your Federal tax refund.
Another possibility is that your refund was reduced by the government, either to correct an error or through a refund offset. The IRS Where's My Refund tool will let you know if your refund have been offset.
You'll get an explanatory letter (in about two weeks) from the government if your refund differs from what was on your filed return.
Federal and state refunds are sent separately, each on its own timetable, so you may have gotten one but not the other.
Turbo Tax said return had no errors. Filed and accepted on 3/29/20. Refund received in bank 4/13/20, but $744 short. It is now 6/11/20 and no letter of explanation. There is NO Offset. Unable to get info on line. Called 3 local offices and still get recording that they are closed. 2nd Quarterly estimate is now due, so I'm sending a letter with the check asking for explanation. It has been 2 months.
Turbotax said I was getting $1614 back and only deposited $361 in my bank. Im very upset right now.
Try contacting the BFS (Bureau of Financial Service) to find out why. Use the link to go to their web page.
You can also call them at [phone number removed]
@Devon204371 It's possible that your refund was offset. Please visit the TurboTax Help article below for information concerning a refund offset. The IRS will be able to let you know why there is a difference between the amount received and the amount expected.
Same thing happened to me. Turbotax said I was getting $1348 back, but only $281 was deposited into the bank. Also it took nearly 6 months!!! I called the IRS and they said that it is an error on TurboTax' end, because they are asking for our stimulus check amounts, but then adding it in automatically too, so they are basically taking out the additional "stimulus" amount from our refunds. IRS said to file a complaint with TurboTax, but I have yet to find a way to do this. We will not be filing with TurboTax again.
I was expecting $5987 and received only $2936 so I am not too happy at all either!
The 2 most common reasons this year is you entered the wrong amount on line 30 for the Recovery Rebate Credit (3rd Stimulus payment) or line 28 for the Child Tax Credit. Those lines are just if you didn't already get the full amount or qualify for more. The IRS knows what they already sent you.
A lot of people answered the questions wrong and tried to claim the credits again. Double check your bank statements and Check your IRS account (both accounts if married)