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Level 2

Question

IRS changed refund amount.

Forum|Forum|5 years ago
May 24, 2021
1 reply
8 views

The IRS adjusted the amount of my refund (+11.43). Do I adjust the value in the Turbo Tax 2020 return or do I have to remember this and make the adjustment in the 2021 return?

Level 15

Since it includes cents that is probably interest they paid you due to the delay in the processing ... it is taxable interest and they should send you a notice in January as a reminder to include it on the 2021 return.

ArtZanderAuthor

Level 2

Thank you for the very prompt reply. It does make sense that is the interest generated from the refund. I have never had a delay in receiving a refund before, so I have never seen an interest payment. I'll be on the lookout for the documentation from the IRS and add it to the folder for my 2021 taxes.