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New Member
posted May 17, 2023 5:35:22 PM

I received an IRS tax refund in a mail. What should I do? I thought Turbo tax calculation is correct.

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2 Replies
Level 15
May 17, 2023 6:08:01 PM

I assume you mean that you received a refund other than the refund shown on your tax return. If the additional refund is a small amount it might be interest that the IRS pays if they take too long to send the refund from your tax return. Otherwise, in a couple of weeks you should get a letter from the IRS explaining what the additional refund is for.


TurboTax calculations are usually correct, but they are based on what you entered. If you made a mistake in an entry, or answered a question incorrectly, it's possible that the IRS would catch the error and correct it. Wait and see what the IRS letter says.

 

Level 15
May 17, 2023 7:17:36 PM

Or did you have a penalty on 1040 line 38?  That is just an estimated amount.  It's common for the IRS to adjust it and send you a refund or a bill for more.