Why is my tax return drastically different than the projected amount? I didn’t receive anything in the mail that said I should expect such a low return

[NCperson]

the IRS will send a letter 2-4 weeks after the refund is sent.

Given what others are posting on this board, I suspect it will relate to the Recovery Rebate Credit (line 30 of form 1040) or the ADvance child tax credit (line 28 of Form 1040)

if you did not correctly enter what you had already received for these two benefits, line 28 and / or line 30 were inflated, resulting in a refund that was too high.

what is the dollar difference between what you were expecting and what the IRS sent? 

[vanessamagana18]

4300 give or take some change. But hopefully I will get that power work in the mail. Thank you for answering 

[NCperson]

sounds like the recovery rebate - look at line 30 on your form 1040..... if you received the 3rd stimulus last spring, then line 30 should be zero...I suspect that is the issue

[VolvoGirl]

First of all, did you have the fees deducted from your?  That might leave a 4200 difference.  Which could be the Recovery Rebate Credit on line 30 for 3 people.  Are you married with 1 dependent?  

EIP3 The 3rd Stimulus payment started going out in March 2021 and is for 1,400 for each person listed on your tax return, no age limit. The IRS used your 2020 (or 2019) return to send the checks out fast. If your 2021 return changes and you qualify for more you can claim the extra as the Recovery Rebate Credit on 1040 line 30. But line 30 is only if you didn't get the full amount or qualify for more. Not the amount you already got. The IRS also sent out letter 6475 to tell you how much they sent you . If you are married then each spouse should get a letter for half.

When you fill out Turbo Tax it starts out by giving you the full amount you qualify for.  Then at the end you enter how much you already got so you don't get it again.   A lot of people forgot they got the deposit last March - May.  Or missed one payment and entered the wrong amount.  Then when the IRS reduces their refund and they check their bank accounts they have been finding the payments.

So Double check your bank statements and Check your IRS account (both accounts if married)

Your Online Account | Internal Revenue Service

[vanessamagana18]

I’m not married it’s just me and my little. I did have the turbo tax fee taken out but it was only 150 for everything I did. 

thank you for the info it’s starting to make sense. As far as I remember though I didn’t get that letter. But I’ll have to look again.

[vanessamagana18]

Line 30 isn’t zero there is a balance there. So I’m not sure why that it. 

[NCperson]

@vanessamagana18 -  line 30 is saying you didn't get the 3rd Stimulus.... but the IRS records say you did/  THAT is why the IRS adjusted your tax return.

[vanessamagana18]

Oh okay, sorry I misunderstood. Thank you 😅