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!