Received refund from "TPG PRODUCTS SBTPG LLC” today but amount is short by $700 (2024)

FAQs

Received refund from "TPG PRODUCTS SBTPG LLC” today but amount is short by $700? ›

Received refund from "TPG PRODUCTS SBTPG LLC

Who is Santa Barbara Tax Products Group? Santa Barbara Tax Products Group is used to process your refund when you elect to have your tax preparation fees deducted from your refund. Therefore, your review page is showing a Direct Deposit to them.

Sometimes, you'll receive a refund that's either more or less than you expected. Common reasons include changes to a tax return or a payment of past due federal or state debts.

Explanation: If you have received a deposit from TPG Products SBTPG LLC, it likely means that you have recently filed a tax return and have chosen to receive your tax refund via a product offered by Santa Barbara Tax Products Group (SBTPG).

All or part of your refund may be offset to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal nontax debts, such as student loans.

If you used that payment method to pay TurboTax fees, the IRS first sends the Federal refund to an intemediary bank where the fees are subtracted. Then that bank sends the rest of your funds to your bank account (or card) in a second direct deposit. SBTPG (aka TPG) is the company that administers that process.

Santa Barbara Tax Products Group, LLC (SBTPG) is the bank that handles the Refund Processing Service when you choose to have your TurboTax fees deducted from your refund. This option also has an additional charge from the bank that processes the transaction.

Examples that could decrease your refund include: Math errors or mistakes; Delinquent federal taxes; State income taxes, child support, student loans or other delinquent federal nontax obligations; and.

If your debt meets submission criteria for offset, BFS will reduce your refund as needed to pay off the debt you owe to the agency. Any portion of your remaining refund after offset is issued in a check or direct deposited as originally requested on the return. BFS will send you a notice if an offset occurs.

This can be due to withholding more tax than you owe from your regular paychecks or overestimating your self-employment taxes. Qualifying for a refundable tax credit may also contribute to your refund amount. When a refundable credit amount exceeds the tax you owe, you receive the leftover credit as a refund.

Why is TPG sending money back to IRS? ›

In certain cases, your bank may reject your tax refund proceeds with a code that requires us to return your funds to the originator (IRS). Due to laws that govern electronic payments, we cannot refuse to honor the instructions from your bank or intervene on your behalf.

TPG is located in San Diego, California. UltimateTax has been a partner with TPG since 2006. The fees with TPG are $44.95 for the bank fee. Other fees include fees from the transmitters and the service bureau.

Funds are disbursed immediately upon IRS or state funding, reaching your bank account in 1-2 business days.

How can we help? If your refund was less than you expected, it may have been reduced by the IRS or a Financial Management Service (FMS) to pay past-due child support, federal agency nontax debts, state income tax obligations, or unemployment compensation debts owed to a state.

If you owe money to a federal or state agency, the federal government may use part or all of your federal tax refund to repay the debt. This is called a tax refund offset. If your tax refund is lower than you calculated, it may be due to a tax refund offset for an unpaid debt such as child support.

In these cases, file an amended return, Form 1040X, and send the original, incorrect refund check back to the agency. If the money was directly deposited, use it to pay your correct tax due.

Checks issued after Oct. 31 are printed by Santa Barbara Tax Products Group (sbtpg) and mailed via USPS regular mail to the address provided on your client's tax return. Depending on the software provider you use, you may print Refund Transfer checks from our website.

It could be: A refund from a filed tax return, including an amended tax return or an IRS tax adjustment to your tax account – this will show as being from the IRS (“IRS TREAS 310”) and carry the code “TAX REF.”

Founded in 1991, Santa Barbara Tax Products Group (sbtpg) became a Green Dot company in 2014. We serve consumers nationwide with tax-related financial products and services that provide value, are fairly priced and satisfy consumer need.

TPG, or Tax Products Group, now part of SBTPG LLC (Santa Barbara Tax Products Group), is a company that provides various financial services related to tax refunds. This includes offering taxpayers products like refund advances or refund transfers.