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Level 1
posted May 8, 2023 5:50:47 PM

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

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.

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1 Best answer
Level 15
May 8, 2023 5:52:47 PM

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. 

7 Replies
Level 15
May 8, 2023 5:52:47 PM

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. 

Level 15
May 9, 2023 7:35:15 AM

don't look a gift horse in the mouth.

Level 1
May 9, 2023 7:42:51 AM

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

Level 15
May 9, 2023 7:56:00 AM

where do you get such a figure : 20%  ?

Level 15
May 9, 2023 8:02:04 AM

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?  

Level 1
May 9, 2023 8:05:24 AM

google "fines for not informing irs of over refunds"

Level 15
May 9, 2023 9:25:03 AM

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.