About 75 percent of U.S. filers get an annual tax refund from the IRS, and according to the agency, the average 2022 tax refund was $3,121. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS. Heres why you may have a large unexpected, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), 7,600 Kaiser Permanente customers in Colorado to get refunds following software error, Big celebrations for the Wray Hospital and Clinic Diabetes Program, Heres why you may have a large unexpected deposit in your bank account, | Enterprise and Transportation Reporter The Denver Post, The busiest days to fly around Memorial Day 2023, 4 easy ways to reduce your carbon footprint when traveling. The IRS says its identified 13 million taxpayers who may be eligible for the adjustment, according to a news release. As for A.W. The IRS may have changed the amount for a number of reasons, ie: an error or back taxes. All rights reserved, first alerted taxpayers to this scheme in 2018, Oakland Bike Shop Offers Free E-Bike Test Rides, French Bulldog Stolen From Car in Oakland, Steph Curry's 50-Point Game 7 Explosion Vs. Kings Lights Up NBA Twitter, 1 Shot During Gunfight in Oakland: Police, This 28-Year-Old Pays $62 a Month to Live in a Dumpster He Built for $5,000Take a Look Inside. was smart to question the unexpected windfall; too many tax scam victims fall prey to crooks because they didn't ask enough questions. contacted his accountant and the IRS, and learned the refunds were owed from taxes filed several years ago. And if you own a home, use the same technique to find a lower price on homeowners insurance. Most interest payments will be issued separately from the tax refunds themselves. If you want to change your bank account or routing number for a tax refund. IRS Surprise Money Issued As People Find Tax Refund Deposits in Bank Accounts. If you think your stimulus check payment is wrong and is too low, you will have to wait until next year's tax season (expected to be 1 January-15 April 2021) to put forward your claim when you file your tax return for 2020. Thieves use phishing and other schemes to steal client data from tax professionals. Millions of Americans are getting surprise payments from the IRS. Here Then wait to see if you will be reimbursed. Thing is, I've already received my federal and state tax returns back in February/March and they were for a different/lower amount. That concern was on the mind of A.W., an NBC Bay Area viewer who came to us after he received something unexpected in the mail: two separate refund checks from the U.S. Department of the Treasury. An IRS agent can tell you why you received the check, and whether anyone else filed for it without your knowledge. With tax season here, make sure you look out for tax scams. Topic No. 161, Returning an Erroneous Refund - IRS Some 40 million Americans received unemployment payments in 2020, according to the Century Foundation. This weeks refunds are only the start, with millions more to come through the summer, the IRS says. An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company's distinctive lens, The future of innovation and technology in government for the greater good, Fast Company's annual ranking of businesses that are making an outsize impact, Leaders who are shaping the future of business in creative ways, New workplaces, new food sources, new medicine--even an entirely new economic system. Some super small checks averaging $18 a pop began flooding mailboxes in the past week as the U.S. Treasury and the Internal Revenue Service sent interest payments to cover delays in federal income tax refunds for some 2019 returns. Your payment may have been sent by mail because the bank rejected the deposit. Bond investors fearing recession, boost safety bets ahead of FOMC, US Futures Steady, JPMorgan Wins on First Republic: Markets Wrap, Exclusive-Biden administration could delay electric vehicles biofuel program decision, Ford's Kentucky Truck Plant road-tests a new quality strategy, FOCUS-Ford's Kentucky Truck Plant road-tests a new quality strategy. The watermark is light and cannot be reproduced by a copier. Please review the information in the notice to determine if the change to the refund is correct. This could happen because the bank information was invalid or the bank account has been closed. The fourth and subsequent refunds automatically will convert to a paper refund check and be mailed to the taxpayer. That same tax information also alerts the IRS to issue the AdvCTC, if you qualify. They would be entitled to an extra refund if the new deduction of taxes on the jobless aid lowers their income below the EITC cutoff. Following our advice, A.W. If you fail to notify your IRA trustee of the intended year for the deposit, your trustee can assume the deposit is for a prior year. Since the letter and check or direct deposit usually don't arrive simultaneously, you can always call the IRS if you get a refund check and have questions about the amount. Another weird thing is some time later I checked again and the pending deposit was gone, but for now it seems to be staying there. Yes, if you need to know whether your federal tax refund check was cashed, you can initiate a refund trace by using one of the following methods: Call us at 800-829-1954 (toll-free) and either use the automated system or speak with a representative.