What is tax products pe2?

[mesquitebean]

This is the descriptor for the intermediary company (Santa Barbara Tax Products Group, aka SBTPG) that processes a refund when you choose to pay fees out of the Federal refund.  That company first receives your funds from the IRS, then takes the fees out of the Federal refund, then sends the remainder on to your bank or prepaid debit card.    Did you get a deposit with that description?

[purplepls]

It looks like a received too much money?

[Kansuella]

Only got some of my money.

[mesquitebean]

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@Kansuella wrote:

Only got some of my money.

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You'll have to explain that.   If you received a deposit of your Federal refund from "Tax Products", aka SBTPG, PE2, etc., that implies you had TurboTax fees that you chose to pay out of your Federal refund.   That intermediary company receives the refund from the IRS, subtracts the fees, then sends the rest to your bank account (or card.)

Your Federal refund amount is on your Federal Form 1040, Line 21a.   Then from that amount subtract your product fees, and the $40 service fee for that payment method ($45 for California filers), plus possible sales taxes.

Also be sure you are considering only the Federal refund amount.   The TurboTax site displays a "total refund" amount at the Tax Home which confuses some users.  That is the total of Federal and State added together.    Any state refund (if applicable) comes separately in a direct deposit directly from the state tax agency.

So if the difference you are seeing is not explained by the product fees (and service charge) or a state refund (which comes separately), then the IRS may have reduced your refund.   If so, they should send you a letter in about 3 weeks or so explaining why.   But with the Coronavirus situation, a lot of correspondence from the IRS has been put on hold, causing delays.

[georgegarrigues]

Good explanation!

[meganmurphy1031]

Yes I received that description. But it’s still saying I should get my federal refund on March 4th. Will I still get that?

[mesquitebean]

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@ meganmurphy1031 wrote:

Yes I received that description. But it’s still saying I should get my federal refund on March 4th. Will I still get that?

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I don't know.  Your situation is not clear.  Maybe you already received it (minus product fees and service charge).   I'll tell you below how to check with SBTPG, and you can ask them if that was your Federal refund that you received or to otherwise explain to you what their deposit to you was for.

So is the IRS "Where's My Refund" tool saying you should receive a deposit by March 4?    If the IRS has released it and provided a date, then maybe you got it early.   When did you get the deposit from Tax Products Group?

What is it that makes you think that the deposit from Tax Products Group is not a Federal refund?

Did you choose to pay your TurboTax fees out of your Federal refund? 

If so, here's how to check on at the SBTPG website. 

Go to the SBTPG (Tax Products Group) website below.

https://www.sbtpg.com

Choose the Taxpayers button.

On the next screen choose "Check with TPG."

Use their little refund tool there.  Enter the 3 items and click on Sign In.

What does it say about your Federal refund?

If you need to speak to SBTPG, they have a phone contact page at the following link. It also shows their business hours.  Even when they are closed, you may be able to get automated info, or you can log into SBTPG as I outlined above.

https://help.sbtpg.com/hc/en-us/articles/230084587-Contact-Information

[melodywjoseph]

Yes

[Ramrod360]

Hi, 

I received this notification in my bank account, and I matched the amount I was expected to get on my federal return located in Turbo Tax and they paid me short by $1,000+. I did allow my turbo tax fees to be taken out of the fed return but, it was only suppose to be $40 or so. I paid for the IRS insurance so that turbo could communicate to IRS on my behalf for any questions. Doesn't seem to have worked as I am now having to ask where is the rest.........

[AmyC]

@Ramrod360 Short $1,000+ sounds like an offset or an adjustment. You had $40 to Santa Barbara bank plus the TurboTax fees would not add up to over $1,000. This means one of two things happened. Either the IRS did an:

• offset - you owed money and the IRS took yours or
• adjustment - your return was adjusted by the IRS, for example, claiming stimulus you actually received.

The IRS will send you a letter explaining what happened either way. For the offset, you can call the IRS at 800-304-3107, see Topic No. 203 Reduced Refund.

[Gatofelix220]

What product tax pe2 means

[Gatofelix220]

Yes but I only receive $1806.00 ,  what happens to the rest of the refund 

[MarilynG1]

@Gatofelix220 Did you claim the Recovery Rebate Credit on your return?

Click this link for more info on why the IRS may have made Adjustments to Recovery Rebate Credit. 

[stevensk32]

I got a deposit of $1,088 from PE2 as well, and my fed return was supposed to be $1,866. I remember seeing the tax product thing towards the end of me filing. But I'm almost positive it wasn't that much of a shortage.