Why is the return amount credited to my bank much lower than what was accepted?

[dtown10127]

My federal and state tax was accepted but when I checked my bank account it was almost half

[NCperson]

probably due to the IRS adjusting your refund to match their records.

Can you please review and post what is on lines 28 (child tax credit) and Line 30 (recovery credit / stimulus) of your Form 1040.  

How much of a refund were you expecting and what are you getting? please be exact.

the problem is probably what you entered for the 3rd Stimulus or the Advance Child Tax credit.

once you post the answers to the above questions, I can probably explain what occured. 

[VolvoGirl]

How much is missing?  A common reason is you claimed the Recovery Rebate Credit on line 30 or too much Child Tax Credit on line 28 but the  IRS had already sent it to you.

1,400 or 2,800 (or multiples) is the 3rd Stimulus payment.  Did you already get the Stimulus payment they sent out last year starting March 2021? The IRS has records that show you were sent the 3rd stimulus payment so they removed the $1,400/2,800 Recovery Rebate Credit.

 Do you have an amount on 1040 line 30?  You might have tried to claim it again.   Line 30 is only if you didn't get the full amount or qualify for more. 

Double check your bank statements and check your IRS account (both accounts if married) to see what they sent you.  Check both IRS accounts if married.

Your Online Account | Internal Revenue Service

Check how much the IRS actually sent you  IRS Where's my refund     

https://www.irs.gov/refunds/

If the IRS adjusted your return they will mailed you a letter.

[SweetieJean]

Accepted means your return (tax filing) was received for processing.  It does not mean that the amount of your refund was Approved.  As you discovered, the IRS and/or State can change it.  And those refunds come separately, at different times.