Random money

Forum|Forum|5 years ago
July 21, 2021
2 replies
28 views

I just received a deposit last week for $1100 in my bank account. It says its from taxes but I don't know for what. Any way to confirm what its for?

conniem123

Level 7

I understand you received a deposit in your bank account from the IRS last week. There are a numerous reasons you could have received a deposit from the IRS.

First, if you had employment compensation reported on your 2020 tax return that was not excluded , that could be one reason for the refund.

Second, it could be the advance child tax credit payments that were issued last week, if you have dependents that qualify for the Child Tax Credit.

Third, the IRS also could have made a change to your filed tax return. The $1,100 could possibly be a Recovery Rebate Credit for stimulus payments not received by you.

The IRS typically mails a notice following issuing a refund with an explanation of the deposit. If you are still unsure of the deposit, you can also request a Record of Account Transcript that will reflect any changes the IRS made to a return that you filed.

https://www.irs.gov/individuals/get-transcript

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macuser_22

Alumni - Champ

The IRS should send a letter explaining it in 3-6 weeks.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**