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IRS direct deposited my refund but added $500 with no explaination (so far).

Forum|Forum|3 years ago
May 9, 2023
2 replies
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How long shall I wait after the deposit with no explanation before contacting them (I assume it will by snail mail). I'm prepared to return it if they made a mistake but don't want to wait on the phone for ever.

TurboTax Home & Biz Windows

Best answer by Critter-3

Just wait for the letter of explanation that will come in a couple of weeks ... when you know what they changed it may all make sense.

Critter-3Answer

Just wait for the letter of explanation that will come in a couple of weeks ... when you know what they changed it may all make sense.

fanfare

Employee

don't look a gift horse in the mouth.

J

jstolarukAuthor

It's a 20% hit for not following up on excessive refunds. I can spend $100 other ways.

VolvoGirl

Employee

Check over your return. Did you enter an Estimated payment or Extension payment wrong or on the wrong line? Or have a typo in withholding? Did you have a large refund? Maybe they added interest? What are you talking about a 20% hit?

J

jstolarukAuthor

google "fines for not informing irs of over refunds"

fanfare

Employee

The Erroneous Claim for Refund or Credit penalty applies if you submit a claim for refund or credit of income tax for an excessive amount and a reasonable cause does not apply.