Question

Incorrect tax refund amount

Forum|Forum|5 years ago
March 31, 2021
1 reply
0 views

I just received my tax refund and it is several hundred dollars less than what I was expecting. I have gone through my tax forms several times, and done the math, according to my forms, everything is correct. I don't know why the deposited amount is so low, and I'm unsure what to do now.

KathrynG3

To understand why the IRS did that, see: Tax Season Refund Frequently Asked Questions and go to the second to last question on the page: Why is my refund different than the amount on the tax return I filed?

The IRS may send a letter explaining any reductions. There are a few areas of automatic calculation correction such as the Recovery Rebate Credit.

If you received the credit but reported that you did not, then the amount on Form 1040, page 2, Line 30 would have been corrected by the IRS.

To check your calculations, go to page 58 of the 2020 Form 1040 Instructions.

For next year, see: Ways to Increase Your Tax Refund You Never Thought About - TurboTax Tax Tips & Videos