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 line 20 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.
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.
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?
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.
I had a similar issue. My refund was supposed to be $165, but the IRS deposited like a $1.79.
My assumption was that TurboTax would be there to help us figure out what was wrong. This material doesn't seem to allow for the possibility of IRS or Turbo Tax error. But none of the variables apply to me.
TurboTax talks up the "we're there for you messages." In reality, though, will TurboTax help me figure this out? Or am I on my own?
The IRS has started paying interest on Refunds. Apparently even before you get the Refund. See IRS notice posted August 18, 2020
Write a big note to yourself in your tax papers for it so you remember to enter the interest into your return next year as it will be taxable interest income.
Thanks for the info. However, the buck and half they sent me was marked REF, not INT. Looks like I'm still stuck between the IRS rock and the TurboTax hard place. Assuming I can reach anyone at either place, IRS will say the return is wrong, TurboTax will say the IRS read it wrong and I'll be left hanging out to dry.
Did the IRS tool actually say they only deposited $1.79 ? If so then the IRS will mail you a letter of explanation in the next couple of weeks ... until you get that it will be a mystery.
Or did they send the entire refund but after the TT fees were withheld that is all that was left ?
Check the IRS site : https://www.irs.gov/refunds