Why is my tax return lower?

Forum|Forum|4 years ago
March 17, 2022
5 replies
16 views

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TurboTax Deluxe Online

Cynthiad66

Level 14

I think you mean that your refund is lower than you expected. If so, we have seen numerous reasons that the IRS is adjusting refunds with the two most common being the Stimulus and Advanced Child Tax Credit., taxpayers may have erroneously misstated the amount of Stimulus payments received or failed to state the correct amount of the ACTC.

In any event, the IRS will send a Notification of adjustment in a few weeks to explain the exact amount adjusted. TurboTax does not process refunds nor does the IRS inform TurboTax of any changes on taxpayers returns. So all inquiries should be made to the IRS.

In most cases

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Saheemberry

Level 2

Yea I’m $1400 short, so they will send out a email refunding the money or what do I have to do

DoninGA

Level 15

@Saheemberry wrote:

Yea I’m $1400 short, so they will send out a email refunding the money or what do I have to do

If your refund is short $1,400 then the IRS has records that show you were sent the 3rd stimulus payment so they removed the $1,400 Recovery Rebate Credit that was entered on Form 1040 Line 30.

Go to this IRS website for your tax account to see if the 3rd stimulus payment is entered - https://www.irs.gov/payments/your-online-account

If you checked your bank account in the March - May 2021 timeframe and there is not a $1,400 EIP3 payment from the IRS then go to this IRS website for how to start a trace on the payment - https://www.irs.gov/newsroom/questions-and-answers-about-the-third-economic-impact-payment-topic-j-payment-issued-but-lost-stolen-destroyed-or-not-received