If you received a deposit of your Federal refund from “Tax Products”, aka SBTPG, PE2, etc., that implies you had TurboTax fees that you chose to pay out of your Federal refund.
What does PE2 mean on my tax return?
- @Ortizj49tkd If you see a transaction listed as Tax Product PE2, typically that refers to the amount you paid TurboTax to prepare your return. If you have any concerns about discrepancies over the amount of your refund, please contact the IRS directly: How do I contact the Internal Revenue Service (IRS)? June 22, 2021 9:23 AM
What is SBTPG LLC tax products pr2?
SBTPG is the company that processes the refund whenever you choose to have your TurboTax fees deducted from your federal.
Why did I get a deposit from tax products?
what was this deposit for? If you chose to have your TurboTax fees deducted from your federal refund, that is handled by the third party bank. The bank receives your refund, takes out the fees and sends the rest of the refund to you.
What is a tax product refund?
A bank product, or refund transfer, is a solution that tax preparers can offer to their clients. Bank products allow your clients to deduct your tax preparation fees directly from their refund.
What is tax Product PE2?
That is from the bank that held your refund when you paid your Turbo Tax fees: https://ttlc.intuit.com/replies/4233182. If your refund was less than expected, please see below for additional details concerning: https://ttlc.intuit.com/replies/3288510.
Can a tax preparer take your refund?
Tax filers who use a tax preparer to file their returns usually take for granted that the preparer will deposit the refund into the filer’s bank account. But this is always the case. Other times, such arrangements leave you open to theft by unscrupulous tax preparers.
How long does it take for SBTPG to release funds?
SBTPG will show our money received tomorrow morning and will send it to our banks sometime that morning. If you have a prepaid card or a bank that releases your deposit early, you will see your money in your account in the afternoon around 3 or 4pm.
Will we get a third stimulus check?
The IRS started sending the third Economic Impact Payments to eligible individuals on March 12, 2021. We continue to send Economic Impact Payments weekly in 2021 as 2020 tax returns are processed.
Why did I get a tax refund check instead of direct deposit?
If the IRS is not able to deposit your refund into your bank account for any reason, the IRS will mail you a check instead. Sometimes the routing or bank account number is wrong, invalid, missing one digit, or if the name is not exact as the bank account, this can cause rejection of the deposit.
Why did I not get my full tax refund?
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.
What is tax product in my bank account?
If you used refund processing (had your fees for TurboTax paid for with your refund), SBTPG (Santa Barbara Tax Products Group) will process that transaction (deduct the TurboTax fees, then transfer the payment to your bank account).
What bank does IRS use for refunds?
Timing depends on when the IRS or State releases the refund to Republic Bank. The IRS typically processes e-filed tax returns in less than 21 days unless it needs further review. See irs.gov for the latest timing estimates. Clients need money in a hurry?
Who does TurboTax use for direct deposit?
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.
Where is my tax refund?
Whether you owe taxes or you’re expecting a refund, you can find out your tax return’s status by: Using the IRS Where’s My Refund tool. Viewing your IRS account information. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.)