IRS deposited my refund to my bank account on 4/17. But it is 20% less than that was filed by Turbo Tax. I have not received any notification from IRS as of today.(4/24). How can Turbo Tax help the reason for less refund?
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How much is 20%? 20% could be a low number easily explained or a high amount. Were you having any Turbo Tax fees deducted from your refund? There is also an Extra $40 Refund Processing Service charge (45 in California) deducted to have the fees taken out.
Did you check the IRS refund lookup to see how much they actually sent? Was it the same amount as the refund on your 1040 line 35a? If the IRS adjusted your return they will mail you a letter explaining it. That will take a couple weeks to get a letter.
Could your refund be offset? If not, you will need to wait for a letter from the IRS indicating the change.
The IRS and State Governments have the ability to offset a refund to pay for certain past due debts. You generally will receive a letter stating what the offset was for.
The IRS provides a toll-free number, (800) 304-3107, to call for information about tax offsets.
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