More refund than reported
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
PritchettLR2020
New Member

More refund than reported

Should I be concerned that when I filed my return, I got refunded back more than I computed?

5 Replies
SweetieJean
Level 15

More refund than reported

Federal or state?  The govt will be sending you a letter. They do not notify TT, but could you have made a data entry error, or forgotten to claim an estimated tax payment (as I did one year)?

PritchettLR2020
New Member

More refund than reported

More money was refunded to us on our federal tax return. Do I need to be concerned?

Matt073
Level 2

More refund than reported

I just received notification from my bank that my refund has been transmitted over.  For some reason, the amount is a small amount (0.1%) greater than the refund I filed.  First time I've ever seen this in almost 50 years of filing taxes (and probably 20+ using TT); what's going on?  Is the IRS doing my taxes now?  LOL... if so, I won't need to buy a tax program anymore...

 

Seriously, any thoughts?

Thanks!

ToddL99
Employee Tax Expert

More refund than reported

Please don't worry over a 0.1% difference in what your TurboTax program calculated and what the IRS sent as a refund.

 

This is probably  a difference in how the TurboTax program rounded a figure (or figures) and how the IRS software rounded the same figures.

It could also be the result of differences in how certain calculations are made, specifically the order in which figures are calculated.

 

With all the changes that have been made to both IRS and TurboTax software since January 1, there could be minor differences in how certain entries are getting calculated. A 0.1% difference is immaterial.

Matt073
Level 2

More refund than reported

https://www.irs.gov/newsroom/coronavirus-tax-relief-2019-tax-refund-interest 

 

The answer is that it was interest on my TY2019 tax refund because the IRS slipped the filing date from April to June of last year.   See hyperlink above.

 

This likely means we'll be seeing the same thing next year.

 

The amount was inconsequential, my concern was because it was not the figure I filed AND it wasn't a round number like IRS always uses (if it had been a correction).

Dynamic AdsDynamic Ads
v
Privacy Settings