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macnmac
New Member

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

The return never asked for my bank information so I assumed it transferred over to this year. I have used turbo for years with the same info.
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6 Replies

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

You are always asked in the FILE section for your direct deposit information.   Did you choose to pay your TurboTax fees from your federal refund?

 

https://ttlc.intuit.com/community/refunds/help/how-do-i-review-the-federal-refund-method-i-chose-aft...

 

if you chose to have your TurboTax fees deducted from your federal refund then the banking information on the tax form is the information to send your refund to the third party bank.  That bank gets your refund first from the IRS.  They take out your TurboTax fees and send the rest to you---and that bank has YOUR direct deposit information.

 

 

When you choose "refund processing"   TurboTax gets its fees when the IRS releases your refund.  Your refund goes to the third party bank.  The bank takes out your fees and then that bank sends the rest of the refund to you.

 

 

How can I see my TurboTax  fees?   

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

 

What is Refund Processing Service?

 

 

 

 

Santa Barbara Tax Products Group, LLC  (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction. 

 

You can contact them SBTPG, toll-free, at 1-877-908-7228 or go to their secure website www.sbtpg.com 

https://ttlc.intuit.com/questions/2580357-who-provides-the-refund-processing-service

**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.**

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

The bank should reject it...then several months later the IRS would send a paper check to the address on your tax return.

______________

Things to check anyhow;

1)  Folks with investment accounts (Fidelity, Vanguard..etc) always get prompted by those providers to use their account numbers to have the refund go there...check that since perhaps you used that last year. Occasionally the refund shows up in the investment account as a result, and you didn't realize it.

 

2) A more major problem occurs if you happened to use yoru online account to help file a tax return for someone else last year.  In that case, anything you entered for that other person would have overwritten your own data last year (and the bank info).

 

3)  Hope you didn't have your software fees deducted from your Federal Refund...in that case, the $$ go to a third party first (different Routing/account) before they send to you....(I'm not sure what shows up for routing/acct #s in your actual filing though)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

"How did that happen ?"

 

@macnmac 

Never assume.

Always print a copy of your completed tax return for your records, and review it carefully before e-Filing.
You will need it if you are audited by the IRS, or to amend if a TurboTax update changes your return or for any other reason,

AND, to find your AGI next year.

macnmac
New Member

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

TY...First, I always download the return so it's available to me. I had issues completing the return before submitting it and chatted with a Turbo rep who walked me through to the submittal. I have been using Turbo for several years. I didn't check the deposit info since it should have been the same as previous years.

macnmac
New Member

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

TY for the response. I haven't been able to reach Turbo Tax yet but contacted IRS who put in a claim. I found out that the bank account info was from a totally different state. Mine is a very simple  return and I did not have fees come out of return.

If my refund didn't end up in my bank, and the bank info on my return should have been from previous filings but it was totally incorrect. How did that happen ?

@macnmac 

 

OK.  So, what was the name of the bank it went to?

(not that we could do anything about it, just wondering)

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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