why is my refund less than what tax lawyer said

A major reason why some folks refund is actually less than the amount they were expecting or provided by their e-filing tax provider is that the federal government has “offset” or deducted monies from your tax refund to cover debts you owe other federal agencies. Treasury

Offset Program (TOP) Offset

Full Answer

Why is my tax refund less than I expected?

Jul 15, 2021 · There can be a number of reasons why your refund was less than the amount you expected. First of all, look carefully at your actual tax returns. There is sometimes confusion about the amount of refund to expect when users misinterpret the “summary” they saw in TurboTax. The amount of your refund is on your tax return.

Why is the IRS collecting money from my refund?

Apr 12, 2022 · A major reason why some folks refund is actually less than the amount they were expecting or provided by their e-filing tax provider is that the federal government has “offset” or deducted monies from your tax refund to cover debts you owe other federal agencies.

What happens if I don't get my full refund?

Jan 07, 2022 · The answer, Cyr said, is that the parent will have to repay the advanced CTC payments. In that case, the IRS would reduce the amount of a taxpayer's refund to reclaim the overpayment. Likewise,...

Why is my unemployment check lower than my tax refund?

Mar 10, 2022 · Why is your tax refund less than what you filed? You get a tax refund when you’ve paid more taxes than you owe. The IRS processes income tax …

Why did I get less on my tax refund than I was told I would?

Why is my refund amount less than what I filed?

Why was my federal refund adjusted?

Can IRS adjusted my refund?

Why is my 2020 refund so low?

Who do I call if my tax refund is wrong?

Why is my 2021 refund so low?

Why is my tax refund less than what I filed 2022?

What is a refund offset?

Can an offset be reversed?

Why are my taxes different?

There are a few reasons why refunds received from the IRS may be different than expected this tax season: 1 The IRS adjusted the recovery rebate credit calculated on your return 2 The IRS made adjustments due to differences in what is reported to them or adjustments to certain credits and deductions 3 Your refund is offset as part of the Treasury Offset Program 4 An adjustment for Federal taxes owed for a previous year

What are the errors in the IRS?

Some common errors that result in adjustments by the IRS include: 1 Missed income, like small interest reported on a 1099-INT or a missing W2 2 Numbers that were transposed 3 Adjustments to certain deductions or credits

Does the IRS cross reference your tax return?

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.

What happens if you don't get your second stimulus check?

If you answered that you haven’t received the first or second stimulus checks, a recovery rebate credit is calculated increasing your refund, but if the IRS did issue them 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.

What is 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.

Who is Katharina Reekmans?

Katharina Reekmans is an Enrolled Agent and a contributor to the TurboTax Blog team. Katharina has years of experience in tax preparation and representation before the IRS. Her passions surround financial literary and tax law interpretation. She has a strong commitment to using all resources and knowledge to best serve the interest of clients. Katharina has worked as a senior tax accountant, operations manager, and controller. Katharina prides herself on unraveling tax laws so that the average person can understand them.

Am I crazy or is it totally not worth buying a used car in this market?

I've been trying to find a reasonable deal on a car for nearly 2 months now. I've been told to never buy a new car because of the depreciation, but this used car market is completely absurd and prices don't seem to be trending downwards AT ALL.

Following a raft of resignations, my employer has asked for me to put forward a list of compensation "demands" to retain me. What are some non-cash things I could request?

I appreciate that this is a financial advice subreddit. The reason I've posted here is that I'm keen for the "demands" to ultimately benefit me financially - I just think a raw salary increase will not be accepted. I'm looking at courses etc. but is there anything else I might've forgotten?

My credit score dropped 30 points because I have "no loan activity." If I continue to not have "loan activity" will my score keep dropping?

Damn. I went from 820 to 790. I know that's still good, but I was proud of my credit score being above 800.

Neighborhood property builder says they purchased covenants, but our mortgage and deed both excluded the clause

This is most likely going to end up with us having to get a lawyer, but we're trying to do as much research as we can before we hit that point.

Switch to higher paying job or keep my lifestyle?

I'm a programmer in my mid 30's, married, no kids. 7 years professional experience. I've been at my current position for 4.5 years.

Why is my tax refund less than expected?

There can be other reasons your refund is less than expected, such as the IRS made changes to your return. However, one of the most common reasons is because of a refund offset. A refund offset occurs when an agency that meets specific criteria submits your past due debt to the IRS for collection, and the IRS uses your overpayment (refund) ...

What is a refund offset?

A refund offset is when the IRS, specifically the Treasury’s Bureau of the Fiscal Service (BFS) Treasury Offset Program (TOP), sends all or part of your federal tax overpayment (refund) to certain qualified agencies to pay down your overdue debts.

What is a tax offset?

What is a Tax Refund Offset? A refund offset is when the IRS, specifically the Treasury’s Bureau of the Fiscal Service (BFS) Treasury Offset Program (TOP), sends all or part of your federal tax overpayment (refund) to certain qualified agencies to pay down your overdue debts.

What can offsets be used for?

Refund offsets can be used to pay back past due: federal income taxes, child or spousal support payments, federal agency non-tax debts , such as student loans, state income tax, and. certain types unemployment compensation debt. Agencies, typically, do not refer debts to the TOP database unless they are over ninety (90) days late.