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sarah83rock
New Member

My refund amount on turbotax.com shows my refund amount of $1036...i only received $826. why?

 
3 Replies
Bsch4477
Level 15

My refund amount on turbotax.com shows my refund amount of $1036...i only received $826. why?

If your refund was adjusted the IRS will send you a letter to explain why. 

sarah83rock
New Member

My refund amount on turbotax.com shows my refund amount of $1036...i only received $826. why?

will keep an eye out for a letter from IRS with an explanation. if by some chance no letter arrives, should i try to call the IRS asking what the deal is? im also trying to figure out if i qualify, and if so-for how much, for the unemployment tax break refund? thanks so much for your response.

xmasbaby0
Level 15

My refund amount on turbotax.com shows my refund amount of $1036...i only received $826. why?

Did you enter  ALL of the stimulus money that you had already received correctly in the recovery rebate credit section when you prepared your 2020 return?  The IRS cross checks and if you did not enter all of the money you received, they recalculate your refund.

 

 

MY REFUND WAS LESS THAN I EXPECTED

There can be a number of reasons why your refund was less than the amount you expected. First of all, look carefully at your actual tax returns.  There is sometimes confusion about the amount of refund to expect when users misinterpret the “summary” they saw in TurboTax. The amount of your refund is on your tax return.  Federal refund is on line 34 on Form 1040  State tax forms are all different so we cannot tell you what line to look at on your state form.  BUT it is important to actually LOOK at your tax return forms yourself and see the amounts of your tax refunds and/or tax due.  A lot of confusion would be avoided by doing that.

 

TurboTax does not receive feedback from the IRS regarding money that was offset from your refund.  If you owed back taxes, child support, student loan debt, etc. you will receive a letter of explanation from the IRS in several weeks.  The WMR site will contain a message regarding your offset.  It is also possible that the IRS caught a mistake you made and reduced your refund. 

 

A possible reason for the reduction could be that the recovery rebate credit was completed incorrectly and you may have entered the amount of stimulus already received wrong, which could have reduced the refund you thought you were seeing.

 

 

 It is also possible that your state reduced your refund for debts owed in your state—if the state reduced your state refund you will receive a letter from the state.

 

https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts

 IRS Treasury Offset Program Call Center at 1-800-304-3107

 

Be aware also that your Federal refund and state refund do NOT come together.  Federal and state tax returns are processed by two completely separate entities.  There is no rule as to which one will come first,

 

Did you choose to have TT fees deducted from your Federal refund?  (Remember that if you did that, you also agreed to an extra refund processing fee of $39.99)

How can I see my TurboTax  fees?   

https://ttlc.intuit.com/questions/2565973-how-do-i-review-my-fees-in-turbotax-online

 

 

 https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts

 

 

https://ttlc.intuit.com/community/refunds/help/what-is-a-refund-offset/00/26301

 

Reduced Refund      https://www.irs.gov/taxtopics/tc203

 

 

 NOTE: You can contact the IRS Treasury Offset Program Call Center at 1-800-304-3107 to ask if they have an offset for you on file. TurboTax would not have that information.

 

https://turbotax.intuit.com/tax-tips/tax-payments/who-can-garnish-an-income-tax-refund/L7cPPzDyc

 

 

 

.  The IRS is recalculating refunds for people whose AGI is $150K or below and who filed before the tax law that changed the amount of unemployment that is taxable on a federal return became effective.   

 

 

The IRS began to send out the additional refund checks for tax withheld from unemployment in May.  The refunds are being sent out in batches—starting with the simplest returns first.   If you are eligible for the extra refund for federal tax that was withheld from your unemployment the IRS will be sending you an additional refund sometime during the next several months.  TurboTax cannot track or predict when it will be sent.  The IRS has not provided a way for you to track it, so all you can do is wait for the refund to arrive.

 

https://ttlc.intuit.com/community/tax-topics/help/how-do-i-get-the-new-unemployment-benefits-if-i-ve...

 

 

Please read this very recent news from the IRS:

 

https://www.irs.gov/newsroom/irs-to-recalculate-taxes-on-unemployment-benefits-refunds-to-start-in-m...

 

https://www.irs.gov/newsroom/irs-begins-correcting-tax-returns-for-unemployment-compensation-income-...

 

https://ttlc.intuit.com/community/tax-credits-and-deductions/help/am-i-eligible-for-a-new-credit-or-...

 

https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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