I received by refund via direct deposit today, yay! But the amount was different than the one shown in my tax return. I owed taxes to the IRS from 2019, it is my understanding that the IRS will pay off the debt first and then refund you the rest. However, IRS refund amount is different (more) than what TurboTax deposited. I had selected for TurboTax to deduct the fees from my IRS refund, but because it took IRS a little over 3 months to process my taxes, TurboTax had to deduct their fees directly from my bank account, which is understandable. What I don't understand is why the amount deposited is $800 dollars off from what IRS shows as refunded even though TurboTax deducted their fees directly from me? I called TPG today to get an explanation, but they were closed. Based on the automated message they don't have set hours.
Wait for the IRS explanation of the difference that will come in the mail in the next few weeks however while you wait you can review your return for a possible entry error. Some interest would have been added for the delay in processing however $800 is probably too much for just interest.
Did you have an amount on line 30 of the 1040 ? If so did you enter the correct amount of advance stimulus payments you got ?
Or in your situation it is possible you owed less for the old 2019 balance due than you thought ... check your online account with the IRS to see where your refund went ... https://www.irs.gov/payments/view-your-tax-account
OK ... so your refund that was released was HIGHER then what the third party bank released.
So possible explanations are:
You had an advance loan to repay either with the TT processing bank or another companies processing bank (they collect for each other since there are only 2 companies that do these loans). Or you had another debt that the bank is collecting for ... so you will need to call the processing bank to see what happened to the balance of the refund.
Check SBTPG: by logging into their website at: https://cisc.sbtpg.com/
Or you can get 24-hour automated info by phone at: https://cisc.sbtpg.com/contact.aspx
Thank you for your response, I am going to wait and see if I receive additional information from the IRS. I went to the website on your post, but doesn't show any deductions.
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