Your tax return is filed, and your direct deposit refund is… not the amount you were expecting, or not in your bank account at all. What should you do?
- If your refund is less than you anticipated, part of the overpayment may have been applied to other debt such as student loans or state income taxes. You’ll get a notice in the mail from the IRS explaining the difference and providing the contact information for the agency to which the money was sent. Other reasons for a smaller-than-expected refund include math errors, misapplied estimated tax payments, and corrections to tax credits.
- If your refund is more than the amount on your tax return, wait before spending it. The extra money could be due to an error caught by the IRS, which means you’ll get a notice. If the adjustment is correct, the cash is yours to keep. If not, the overpayment could be the result of a mistake on someone else’s tax return, such as an incorrect bank routing or account number. In that case, you’ll need to contact your bank and the IRS to return the money to the rightful owner.
- If your refund is delayed or missing, verify the direct deposit information on your return for errors. Generally, when your bank is unable to match the account number, the refund is rejected and the IRS issues a paper check. What if your direct deposit went into someone else’s bank account? Contact us immediately. We’ll work with you and your bank to trace the funds and get your money.
Do you have other questions about your refund? Contact us. We’re here to help.