Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 29, 2025 5:51:18 AM

941 refund

IRS issued a refund check for period 2021 in my business name in 4/2025.   The business was closed in 2024.  How do I treat this payment.

0 1 521
1 Replies
Expert Alumni
Apr 29, 2025 10:44:19 AM

It's a refund for the business.  So you are entitled to the money and a federal tax refund is not taxable income.  So all you have to do is figure out how to cash the check.  If you don't have a business bank account anymore I would go back to the bank where you did have it and see about either cashing the check or re-opening the bank account long enough to deposit the check and then withdraw the cash and close the account.

 

@cfinvests