TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Employee

Question

941 refund

Forum|Forum|11 months ago
April 29, 2025
1 reply
0 views

IRS issued a refund check for period 2021 in my business name in 4/2025. The business was closed in 2024. How do I treat this payment.

TurboTax Business Windows

It's a refund for the business. So you are entitled to the money and a federal tax refund is not taxable income. So all you have to do is figure out how to cash the check. If you don't have a business bank account anymore I would go back to the bank where you did have it and see about either cashing the check or re-opening the bank account long enough to deposit the check and then withdraw the cash and close the account.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"