I filed my 2020 federal tax on April 15, 2021 via turbotax showing an expected refund of $533. I received a electronic deposit from IRS on April 23, 2021 with an amount of $333.31. Why is there a difference?
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@jgb209688 , generally, when IRS refunds an amount different than that shown on your return, you probably had some offsets ( amounts owed to some authority/agency ) that were recognized/honored by the IRS. IRS also usually send you a letter explaining the action -- so if in three to four weeks you do not receive anything from the IRS, call them and agent should be able to help you with the reasons. TurboTax cannot get that information for you -- IRS will only talk to you.
Thank you for the reply. I also called TurboTax help line and they also stated to expect a letter explaining the difference. The letter would point out the reason of the difference. I am not aware of any owed $ but the help line also stated IRS could have caught a different reported number in a manual entry W-2, 1099 etc which differs from the IRS data.
Just did not know what to do next and the answer is wait until IRS send you the letter in 3-4 weeks.
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