@ Discus120 wrote:
My refund amount was $1,203.84 less than the amount shown on my return. Why?
I payed Turbotax with a credit card and not out of my return. And Why would the IRS have a different calculation than the ones applied through the turbotax software? According to Turbotax software I overpaid $10,125 and for some reason the program said I paid a penalty of $1.00. So my next question, why did I pay a penalty if I overpaid $10,125?
The underpayment penalty is figured per quarter. So it's possible to have a penalty even if one has overpaid for the year's total if any one quarter was underpaid. You'd have to look at Form 2210 to see how it was calculated.
We're not going to know in a user community the specific reason the IRS changed your refund amount. The amount $1203 is "close" to a stimulus payment of $1200, but that may just be a coincidence. If the IRS reduced your refund, they should send you a letter in about 3 weeks or so saying why, and providing your options if you disagree (they are not always right.) Or you could phone them if you wish to see if you can learn in advance, but it's not easy to reach them. We can tell you how to try to reach a live agent.
In the meantime, check the IRS "Where's My Refund" tool. There "might " be a message there about why it was lowered, such as if there was an offset.
https://www.irs.gov/Refunds
Also see this FAQ for some general info:
https://ttlc.intuit.com/community/refunds/help/why-is-my-direct-deposited-refund-or-check-lower-than...
