What is tax products pe2?

[mesquitebean]

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@ stevensk32 wrote:

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. 

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If you chose to pay your TurboTax fees out of your Federal refund, then your product fees plus a $40 service fee ($45 for California filers) would be taken out of your Federal refund.   The funds go first from the IRS to an intermediary bank where the fees are subtracted.  Then that bank sends it on to your bank/card with a description similar to "Tax Products PE3 SBTPG" (or similar).

Go by the refund amount showing on your Form 1040, Line 35a, then subtract the TurboTax fees and service charge (and possible sales tax.)   A state refund comes separately.  Do not go by a total refund amount that TurboTax may have provided on a summary screen; that total refund figure adds the Federal and state refunds.

The fees and service charge would not be enough to explain your shortage, however.   Again, if you're expecting a state refund, it comes separately.   The IRS may have adjusted something on your return, and if so, they'll send you a letter in about 3 weeks or so, telling you why and what options you have if you disagree.

For instance,  you could have had an offset.

Or did you claim the Recovery Rebate Credit?  That's a common source of IRS adjustments.  I'm wondering if they might have adjusted a stimulus credit you had on the return.

Check the IRS "Where's My Refund" tool to see if there is any message there about any adjustment.

https://www.irs.gov/refunds

[smyansak]

Your Intermediary Company took $661.33 from my scheduled IRS Refund of $964.00 for services rendered.  According to my program is it was not suppose to be that much.  Can you explain this difference?

[mesquitebean]

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@ smyansak wrote:

Your Intermediary Company took $661.33 from my scheduled IRS Refund of $964.00 for services rendered.  According to my program is it was not suppose to be that much.  Can you explain this difference?

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This is a user community forum.  We can tell you how to check on it.

How do you know it was the intermediary company SBTPG that took it?   The IRS may have lowered your Federal refund before it got to the intermediary company.   Or are you also expecting a state refund?   If so, the state refund comes separately in another deposit, and should not be considered in the expected amount from the intermediary company.

For the Federal refund amount that you submitted go only by the amount shown on your Form 1040, Line 35a.   Do not go by any summary screen you may have seen in TurboTax that uses the term "total refund" and adds the Federal and state refunds together.

Then subtract the product fees plus the $40 service fee for that payment method ($45 for California filers).

Also check the IRS WMR tool to see if there is any message there.   If the IRS lowered your Federal refund, they should send a letter in about 3 weeks or so.  But sometimes they also leave a message in the WMR tool.

https://www.irs.gov/refunds

Here's how to check with the intermediary company SBTPG to see how they handled your Federal refund.

You can log into the SBTPG refund lookup tool at the link below.   First use the "For Taxpayers" portal, then on the next page choose "Check with TPG."

https://www.sbtpg.com/

SBTPG also has 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 in as above.

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

[mathey12]

Y did we receive less on our refund

[Ellen Parker]

when I did my refund I was supposed to get $1,800 and some cents, I got a deposit in my account for $404 and don't understand where the rest of the money went. Unless I'm supposed to get another deposit. Can you please let me know in any way shape or form what is going on!?

[Ellen Parker]

Plus I had to pay $120 for services I've never p aid for before. I get taking that much out, but $1,400......No way!!!!!

Ellen Parker 

[mathey12]

I am really upset that there were 500 dollars taken out of my federal refund. No one ever has answers y either. I would luv to know wat is goin on as well. If any answers please let us know

[mesquitebean]

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@mathey12 wrote:

I am really upset that there were 500 dollars taken out of my federal refund. No one ever has answers y either. I would luv to know wat is goin on as well. If any answers please let us know

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Since you're posting in this particular thread, I'll assume you choose to pay TurboTax product fees out of your Federal refund.   But that wouldn't explain the entirety of the $500.   The product fees and additional $40 service fee ($45 for California filers) would only account for some of the shortage.

Are you also expecting a state refund?  If so, the state refund comes separately.   TurboTax shows a summary screen with a "Total refund" that includes both Federal and state refunds.  Do NOT go by that total figure.  The amount to consider for your submitted Federal refund is on your Federal Form 1040, Line 35a.

Check the IRS WMR tool to see if there is any message there. 

https://www.irs.gov/refunds

 If if was the IRS that lowered your Federal refund, they should send a letter in about 3 weeks or so explaining why and what options you have if you disagree.  But sometimes they also leave a message in the WMR tool.

When you choose to pay fees out of your Federal refund, that's handled by a third-party company SBTPG.  Here's how to check with the intermediary company SBTPG to see how they handled your Federal refund.

You can log into the SBTPG refund lookup tool at the link below.   First use the "For Taxpayers" portal, then on the next page choose "Check with TPG."

https://www.sbtpg.com/

[mesquitebean]

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@ Ellen Parker  wrote:

when I did my refund I was supposed to get $1,800 and some cents, I got a deposit in my account for $404 and don't understand where the rest of the money went. Unless I'm supposed to get another deposit. Can you please let me know in any way shape or form what is going on!?

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This is mainly a user community forum, so unfortunately, no one here can tell anyone anything specific about their Federal refund, and TurboTax Support does not get any info back from the IRS in that regard.   I can tell you some things to check, however.

Are you also expecting a state refund?  If so, the state refund comes separately.   TurboTax shows a summary screen with a "Total refund" that includes both Federal and state refunds.  Do NOT go by that total figure.  The amount to consider for your submitted Federal refund is on your Federal Form 1040, Line 35a.

Check the IRS WMR tool to see if there is any message there. 

https://www.irs.gov/refunds

 If if was the IRS that lowered your Federal refund, they should send a letter in about 3 weeks or so explaining why and what options you have if you disagree.  But sometimes they also leave a message in the WMR tool.

When you choose to pay fees out of your Federal refund, that's handled by a third-party company SBTPG.  Here's how to check with the intermediary company SBTPG to see how they handled your Federal refund.

You can log into the SBTPG refund lookup tool at the link below.   First use the "For Taxpayers" portal, then on the next page choose "Check with TPG."

https://www.sbtpg.com/

If it was the IRS that lowered your refund, and if there's no message at the IRS WMR tool, then the only way to get any info prior to the letter they would send is to phone them and speak to a live IRS agent.  We can tell you how, but it probably wont be easy to reach one.

[MRRoark28]

Hello today I got a deposit for 795.77 and I'm not sure why, I filed my 2020 taxes wrong and had to file an amended return on April 5 2021 but it still says processing, so I don't think it's that, this says deposit from TAX PRODUCTS PE2 for SBTPG LLC, thank you for any help

[Critter-3]

Refunds on amended returns are always done as a paper check mailed to the address on the return.

What this could be :  

1) the original refund

2) the extra refund if the IRS recalculated  the unemployment exclusion or the Premium tax credit

3) the third stimulus credit or the plus up if you did not get the full amount originally

Check your account on the IRS website and see what it says ... https://www.irs.gov/payments/your-online-account