topic My refund (direct deposited to my bank) is over $1000 (>25%) less than what turbotax says it will be. Any ideas why or how to deal with this? in After you file

My refund (direct deposited to my bank) is over $1000 (>25%) less than what turbotax says it will be. Any ideas why or how to deal with this?

parrishwaters — Sat, 27 Mar 2021 00:08:51 GMT

Re: My refund (direct deposited to my bank) is over $1000 (>25%) less than what turbotax says it will be. Any ideas why or how to deal with this?

DoninGA — Sat, 27 Mar 2021 00:11:59 GMT

Once a tax return has been Accepted by the IRS or a State, TurboTax receives no further information concerning the tax return or the status of any tax refund.

Go to this IRS website for federal tax refund FAQ's - https://www.irs.gov/refunds/tax-season-refund-frequently-asked-questions

Why is my refund different than the amount on the tax return I filed?

All or part of your refund may have been used (offset) to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans. To find out if you may have an offset or if you have questions about an offset, contact the agency to which you owe the debt.

We also may have changed your refund amount because we made changes to your tax return. This may include corrections to any incorrect Recovery Rebate Credit amount. You’ll get a notice explaining the changes. Where’s My Refund? will reflect the reasons for the refund offset when it relates to a change in your tax return.

Tax Topic 203, Refund Offsets for Unpaid Child Support, Certain Federal and State Debts, and Unemployment Compensation Debts has more information about refund offsets.

Re: My refund (direct deposited to my bank) is over $1000 (>25%) less than what turbotax says it will be. Any ideas why or how to deal with this?

parrishwaters — Sat, 27 Mar 2021 00:16:55 GMT

Thanks DONinga... however, none of these fit my situation. It may take a call to the IRS on Monday.

TT still shows my refund amount as the original, and IRS.gov has no info on a reduced amount.

Re: My refund (direct deposited to my bank) is over $1000 (>25%) less than what turbotax says it will be. Any ideas why or how to deal with this?

VolvoGirl — Sat, 27 Mar 2021 00:21:38 GMT

Or maybe it was just the new 3rd Stimulus payment and not for your refund.

A common adjustment is if you claimed the Recovery rebate credit on 1040 line 30 when you already got the Stimulus payment or got the second one after you filed or reported the wrong amounts or entered them in the wrong box. Do you have an amount on line 30?