Refund Amount Incorrect

Apr 15, 2010 3 Replies
R

I know if one receives a check for the wrong amount, one can avoid interest fees by not cashing it. What about a direct deposit?



I recently filed my Federal 1040 electronically. I had zero tax liability but had a $204 refund amount due to a 1st quarter estimated tax payment.



Today, on my "online" bank account, I note a "US Treasory 220" Pending Direct Deposit in the amount of $904. Usually I won't get the payment advice for weeks.



Is there anything I can do expeditiously to find out if this is my $204 refund plus an extra $700 for an unknown reason?



Or am I stuck until they ask for their money back, if the $700 is in error, or provide the documentation showing where that extra $700 came from?



--ron


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R

You can call them to find out. Call on Monday as they will be very busy today and tomorrow.

Did you claim the making work pay credit? If you're married and make $18,700 per year or less, then no tax is due, but you can get a $800 making work pay credit. The IRS may calculate it for you automatically. But that's not $700.

Maybe you had extra estimated payments from a previous year?

Anyway, just guessing...

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R

No, I did not.

Not according to my records.

Yeah, me too. We'll see what happens.

Thanks.

--ron

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R

As it turned out, I did have an estimated payment from April 2009 ($700) which had not been properly categorized so as to appear in my working papers. .

--ron

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