Unexpected Electronic Deposit IRS Treas 310 I randomly received a deposit of $1744.01 into my checking account from "Electronic Deposit IRS Treas 310" this morning, and I don't understand what this money is. The IRS delivered virtually all of the second round of stimulus checks in less than a month, starting Dec. 29, 2020, two days after then-President Donald Trump signed the $900 billion bill into law. Unexpected Electronic Deposit IRS Treas 310 : r/IRS - Reddit With tax season here, make sure you look out for tax scams. What happens if you don't pay taxes for 10 years? If you happen to notice an automatic deposit made in your bank account from the IRS or you get a refund check in the mail that you werent expecting, you are likely the victim of the latest tax scam. Ditto for all three stimulus checks. Unexpected direct deposits and paper checks went out to people whose tax bills were reduced after they'd already paid them, because of a provision in President Joe Biden's massive pandemic rescue bill from March. The tool will be available for federal benefits recipients beginning April 3. They demand the taxpayer wire them the refund. You can direct your refund to either a checking or savings account; you cannot opt for a direct deposit into a loan account. Write Void in the endorsement section on the back of the check. Americans who paid too much tax on their unemployment were to start getting money back via direct deposit on Wednesday, the IRS said. Know how we can help improve the tax process or better meet your needs? New Tax Scam Deposits Refunds In Your Bank Account - IRS All Star I'm confused as to what this money is and where it's coming from. Do you know of a tax issue that affects a large group of taxpayers? If your member notices that the tax refund amount is different than what they were expecting it doesnt always indicate fraud. 1 Best answer. Can I take my pension at 55 and still work? The Internal Revenue Service said Friday that it had begun sending out the first 2.8 million refunds of taxes paid on unemployment compensation last year. Know of a tax issue that affects a large group of taxpayers? The average individual beneficiary got $14,000 and $10,200 of that is now tax-free, leaving only $3,800 that's taxable. All those various payments coming to eligible taxpayers can get confusing, especially since the notices with explanations that are issued based on those actions might not come right away in the mail. Submit a personal check, money order, etc., immediately to the appropriate IRS location listed below. He graduated from Northwestern University with a bachelor's degree in journalism and history. IRS: 800-829-1040 (7AM-7 PM local time) Monday-Friday . Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. TAS Tax Tip: Got a Direct Deposit from the IRS, But Not Sure What it is If your battered bank account would welcome a surprise tax refund, but you're not likely to get one, there are steps you can take to give your finances a boost right now. The tax collection agency says a relatively new one works like this: hackers break into computer systems belonging to tax preparers and accountants. The U.S. government went after him for failure to report foreign gifts but now has changed its tune regarding reasonable cause, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Skype (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to share on Reddit (Opens in new window), California And Washington: Sales Tax SaaS Software And More. Unfortunately, it is possible for someone else to cash your refund check without your knowledge or permission. The crimes don't always involve printed checks, either. U.S. States Income Tax Brackets For 2023: A Must See Chart! What types of accounts are eligible to receive my refund via direct deposit? So if you receive an unexpected IRS refund check or bank deposit, what should you do? Total deposits of $176.4 billion as of the end of last year fell to only $104.5 billion for the three-month stretch ending in March. Cashing an erroneous refund check may result in interest due the IRS. If you received a deposit of your Federal refund from "Tax Products", aka SBTPG, PE3 etc., that implies you had TurboTax fees that you chose to pay out of your Federal refund. Some 4 million refunds are being paid out in this round, in amounts averaging $1,265, says the IRS release. Tax time is fast approaching -- and you can be sure that means scammers are aiming to do whatever they can to get their hands on your money. The last people you want to be at odds with are those who work for the IRS. And, as the IRS points out the tactics are probably evolving, so youll want to stay alert. Learn from tax advisors, straight to your inbox. Go to the File section of the H&R Block Online product. As we reported last week, many people were surprised to wake up to an additional tax refund on Wednesday, after the IRS corrected their 2020 returns and determineddue to changes in the tax lawthat they overpaid on unemployment compensation. Contact your financial institution to ensure they will accept your direct deposit and verify your account and routing number. Then, soon after, the crooks call the check recipient, posing as the IRS, and claiming there's been an error. They then contact people pretending to be from a collection agency or the IRS claiming the refund was deposited in error and demanding the money be returned. Immediately take it to your nearest IRS office and ask for verification. IRS scams take on all shapes and sizes. As with all IRA deposits, the account owner is responsible for informing their IRA trustee of the year for which the deposit is intended and for ensuring their contributions do not exceed their annual contribution limitations. Is this legit? By the time the taxpayer learns what's happened, their money is long gone.