IRS direct deposited my refund but added $500 with no explaination (so far).

[jstolaruk]

How long shall I wait after the deposit with no explanation before contacting them (I assume it will by snail mail).  I'm prepared to return it if they made a mistake but don't want to wait on the phone for ever.

[Critter-3 · Accepted solution]

Just wait for the letter of explanation that will come in a couple of weeks ... when you know what they changed it may all make sense. 

[fanfare]

don't look a gift horse in the mouth.

[jstolaruk]

It's a 20% hit for not following up on excessive refunds.  I can spend $100 other ways. 

[fanfare]

where do you get such a figure : 20%  ?

[VolvoGirl]

Check over your return.  Did you enter an Estimated payment or Extension payment wrong or on the wrong line?  Or have a typo in withholding?  Did you have a large refund?  Maybe they added interest?  What are you talking about a 20% hit?  

[jstolaruk]

google "fines for not informing irs of over refunds"

[fanfare]

The Erroneous Claim for Refund or Credit penalty applies if you submit a claim for refund or credit of income tax for an excessive amount and a reasonable cause does not apply.