topic Re: More refund than reported in After you file

More refund than reported

PritchettLR2020 — Wed, 10 Mar 2021 21:54:47 GMT

Should I be concerned that when I filed my return, I got refunded back more than I computed?

Re: More refund than reported

SweetieJean — Wed, 10 Mar 2021 21:58:43 GMT

Federal or state? The govt will be sending you a letter. They do not notify TT, but could you have made a data entry error, or forgotten to claim an estimated tax payment (as I did one year)?

Re: More refund than reported

PritchettLR2020 — Wed, 10 Mar 2021 22:01:37 GMT

More money was refunded to us on our federal tax return. Do I need to be concerned?

Re: More refund than reported

Matt073 — Sat, 01 May 2021 18:01:03 GMT

I just received notification from my bank that my refund has been transmitted over. For some reason, the amount is a small amount (0.1%) greater than the refund I filed. First time I've ever seen this in almost 50 years of filing taxes (and probably 20+ using TT); what's going on? Is the IRS doing my taxes now? LOL... if so, I won't need to buy a tax program anymore...

Seriously, any thoughts?

Thanks!

Re: More refund than reported

ToddL99 — Sat, 01 May 2021 18:15:35 GMT

Please don't worry over a 0.1% difference in what your TurboTax program calculated and what the IRS sent as a refund.

This is probably a difference in how the TurboTax program rounded a figure (or figures) and how the IRS software rounded the same figures.

It could also be the result of differences in how certain calculations are made, specifically the order in which figures are calculated.

With all the changes that have been made to both IRS and TurboTax software since January 1, there could be minor differences in how certain entries are getting calculated. A 0.1% difference is immaterial.

Re: More refund than reported

Matt073 — Sat, 01 May 2021 18:30:41 GMT

https://www.irs.gov/newsroom/coronavirus-tax-relief-2019-tax-refund-interest

The answer is that it was interest on my TY2019 tax refund because the IRS slipped the filing date from April to June of last year. See hyperlink above.

This likely means we'll be seeing the same thing next year.

The amount was inconsequential, my concern was because it was not the figure I filed AND it wasn't a round number like IRS always uses (if it had been a correction).