Social Media Means
Social Media Means
Photo: Nataliya Vaitkevich
If your refund amount is different than you expected, it may be because we made changes to your tax return including corrections to any Recovery Rebate Credit or Child Tax Credit amounts. Also, all or part of your refund may have been used (offset) to pay off past-due tax or debts.
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Read More »You filed your taxes before the tax deadline and were fortunate enough to get a tax refund. But what if the amount the IRS deposited in your account is less than the refund you initially saw when you submitted your tax return? You may be wondering why your tax refund is less than you expected. There are a few reasons why refunds received from the IRS may be different than expected this tax season:
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Read More »If you answered that you haven’t received the third stimulus checks, a recovery rebate credit is calculated increasing your refund, but if the IRS did issue it to you, the IRS will adjust your refund amount accordingly. This lowers the refund amount that was initially calculated for you when your tax return was filed. Or it’s possible that you may have entered a different amount of stimulus than the IRS actually sent to you when preparing your taxes, and the IRS made the adjustments. When processing your tax return, the IRS will cross-reference the information on your tax return with the information they have on file for you. So if the information regarding your stimulus checks doesn’t match IRS records, the IRS will automatically adjust your tax refund amount based on the actual stimulus payments they sent out and the information reported on Letter 6475. The IRS has announced that if there’s a mistake with the stimulus credit amount, the IRS will calculate the correct amount and make the correction and continue to process the tax return. If a correction is needed, this will cause a delay in processing the tax return and the IRS will send the taxpayer a letter or notice explaining any change. Some common possible reasons why the Recovery Rebate Credit amount was corrected by the IRS are: The taxpayer was claimed as a dependent on someone else’s 2021 tax return The taxpayer entered the incorrect amount of third stimulus payment issued by the IRS or none at all The taxpayer did not provide a social security number that is valid for employment purposes A math error relating to the calculating adjusted gross income and any stimulus check amounts already received If there’s a mistake with the Recovery Rebate Credit on the 2021 tax return, the IRS will calculate the correct amount and make the correction and continue to process the tax return. If a correction is needed, this will cause a delay in processing the tax return and the IRS will send the taxpayer a letter or notice explaining any change. While your tax return is being processed, the IRS cross-references the information on your tax return with the information they have on file for you similar to the Recovery Rebate Credit situation mentioned above. The IRS will correct any differences there may be. It is possible that amounts reported to the IRS from other sources and what’s reported on your tax return is different.
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Read More »If the IRS makes adjustments to your tax return, they will send you a notice CP12 regarding the adjustments they made. It’s possible that your tax refund may have been reduced by the Treasury Offset Program. The Treasury Offset Program oversees the collection of overdue bills owed to federal and state agencies. Different federal and state agencies, such as the Department of Education and child support, submit delinquent debts that need to be collected. These bills are then taken from tax refunds which lowers the tax refund amount deposited. However, not all bills are subject to a tax offset. Bills from private lenders like a late car payment or missed cell phone bill will not reduce your tax refund. Typically the IRS will mail you out a notice if your tax refund is different from the amount you claimed on your tax return. The notice will include information on the refund you were eligible for, the amount your tax refund was reduced by, what agency the money was sent to, and contact information for that agency. Similar to reductions caused by the Treasury Offset Program, it is possible that your tax refund was reduced or eliminated based on federal taxes owed for a previous year. If you owe taxes to the IRS from a previous tax year, those taxes will be reduced from any eligible tax refund for the current year. The IRS will actually take payments for owed federal taxes from a previous year before any other federal or state agency under the Treasury Offset Program. If your refund is less than expected you can check IRS Where’s My Refund, which will give you the most up to date information about your refund. The IRS will also send you a notice CP12 outlining why your refund was adjusted.
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