There are generally 3 reasons why your deposit amount is less than your refund amount
1) you opted to have your TurboTax fees paid through your refund. The fees, depending on the services you used or purchase. This could be a $40 to a few hundred or more. Plus there is a fee for paying with your refund. Your fees are listed at the end when you check out. You can also see them by selecting the following:
- Tools
- A Tool center box will pop up
- My fees
2) It could also be that you were subject to offsets by the IRS. Meaning your refund was garnished in part by a government agency for things including student loans, back child support, or back taxes. If this is the case, you should receive a letter letting you know what you owed.
3) Another reason could be an adjustment of your refund based on erroneous information entered into your tax return or missing information. Some examples would be a typo in the amount you had withheld or a non entry on your 1095-A. Again, this would result in a letter from the IRS explaining why they made an adjustment with instructions on what to do if you do not agree with their changes.
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