Strange... I did my taxes online, Turbo Tax... did NOT apply for RAL at any time, meanwhile received my refund but it was for exactly $2400 less than anticipated and not deposited by the IRS but by RAL.... ?
Any idea's?
2007-02-27 06:27:40 · 2 answers · asked by Tinker925 2 in Business & Finance ➔ Taxes ➔ United States
you should contact the irs and find out whats going on.ral is refund anticipation loan, seems like you ave been screwed here, or possibly the irs did not accept your refund in the amount it gave you on line, and that was the ammount they came up with themselves
2007-02-27 06:32:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What you may have done is to have TT deduct the e-filing fee from your refund. That's even worse than a RAL, as the fee for that is nearly 100% of the cost of the e-filing fee, making the APR on that something like 12,000% APR. Your refund is passed through TT's RAL bank partner who pays TT their e-filing fee and sends you the balance of your refund, less the e-filing fee and the fee for taking the fee out of your refund.
As to the $2,400 difference, you'll have to ask the IRS why your refund was less than anticipated. When they adjust your taxes like that, they will send you a letter advising you of why that was done.
2007-02-27 14:52:49 · answer #2 · answered by Bostonian In MO 7 · 4⤊ 0⤋