artp Posted April 30 Report Share Posted April 30 Taxpayer called that the IRS had shorted his 2023 refund by $1620 (direct deposit) and was wondering why. No correspondence from the IRS. Looking at his return he had a LT capital loss of $13,500 which of course was limited to $3000 as shown on the return. Looks like they adjusted his refund calculated $13,500 at his effective tax rate of 12% = $1620. Does not make sense. If they were disallowing the loss then should have been $3000 at 12% = $360. Seems very strange. Am I missing something? 1 Quote Link to comment Share on other sites More sharing options...
Medlin Software, Dennis Posted April 30 Report Share Posted April 30 I needed a good laugh, thank you "IRS making sense". 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 30 Report Share Posted April 30 55 minutes ago, artp said: Am I missing something Yes, a transcript of the account so you can see what actually happened. Could be a previous debt or inaccurate estimates or a host of other possibilities. Wait for the IRS notice. 1 Quote Link to comment Share on other sites More sharing options...
Lee B Posted April 30 Report Share Posted April 30 A Record of Account Transcript will give you the necessary information. The basic Tax Return Transcript will not. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 30 Report Share Posted April 30 I'm currently on the phone with PPL for a reduction in a 2023 refund for a 2019 additional assessment. My client never got the CP letter since his wife is in the army and they move quite frequently. His address on record was/is his dads and apparently his dad didn't take notice of any IRS letters. I'm not sure if I will be able to do anything for him. Learned a lesson though - I'm getting 2848 for all my clients in the military so I can get the correspondence. 6 Quote Link to comment Share on other sites More sharing options...
BrewOne Posted April 30 Report Share Posted April 30 maybe file 8821's for all those clients and wait until they need representation (and that you want to represent them) for the 2848's? just a suggestion 4 Quote Link to comment Share on other sites More sharing options...
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