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Some tax filers have reported seeing a deposit from TPG Products and want to know why this appeared. Here's what we know about the deposit.
Mar. 7 2023, Updated 2:52 p.m. ET
In this article
- What is a TPG refund and why did I get one?
- What does TPG Products do?
- Will my full tax refund be delayed in 2023?
Many tax filers are scratching their heads after receiving a deposit labeled “TPG Products.” The IRS encourages people to file tax returns electronically and select direct deposit options. However, if you didn’t actively work with TPG Products, it’s understandable to wonder, “Why did I get a deposit from TPG Products?”
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This was a common issue among tax-filers during the 2022 tax filing season and appears to have snuck up again this tax season. Both Intuit, the maker of TurboTax, and TaxSlayer.com have been fielding questions in their online forums since early 2022 about why “TPG Products” is showing up on tax forms. TPG Products refers to Santa Barbara Tax Products Group.
Keep reading to find out why you may have received a deposit from TPG Products recently.
What is a TPG refund and why did I get one?
Santa Barbara Tax Products Group, or SBTPG, is also sometimes abbreviated as "TPG Products" on tax forms. The TaxSlayer.com online support page states that it's used for processing tax refunds for people who choose to have their tax preparation fees deducted from their refund.
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TaxSlayer states that if you filed using their software, once the IRS releases your refund to TPG, the program preparation fees are deducted.
The Intuit website has a question posted on March 8, 2022. The user noted, “I received a deposit from TPG Products. A search shows this is associated with Intuit. Is this legit? If so, why is this a partial deposit and where is the rest?”
In February 2022, similar issues were posted on Intuit.com. A respondent said that TurboTax knew about the issue and would issue a refund if the charges for tax preparation were higher than intended. However, TurboTax hasn't posted an official response.
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Several other comments mention similar issues — seeing a deposit from TPG Products, but the deposit isn't their expected tax refund amount. One other user (not officially affiliated with Intuit) responded that tax refunds are processed by a third-party company, which matches up with information about Santa Barbara Tax Products Group.
— Danny Parlay (@Danny_Parlay) February 2, 2022Woke up to a notification my IRS Federal Refund was in my account 👍🏻
Used Turbo Tax
Submitted 1/24/22Notification line on the Deposit was:
Tpg Products
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If you believe there's a discrepancy with your TPG Products deposit or the fees that were deducted for tax preparation services, you can reach SBTPG at 877-908-7228 or you can contact the tax prepare you filed your return with. The company also goes by the name of Civista Bank.
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What does TPG Products do?
According to Santa Barbara Tax Products Group, it “takes all associated fees out of your tax refund, making it easy to pay for tax preparation.” The company also says that your tax refund is available the same day it's issued by the IRS, so there shouldn’t be any delays.
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However, given the number of frustrated comments online with tax preparation companies, it seems that the fees weren’t adequately communicated to people before they filed their taxes.
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Will my full tax refund be delayed in 2023?
After going through the process of preparing your annual tax return, you naturally want to receive your full tax refund and get it promptly. Unfortunately, the IRS may process some returns later than others depending the tax credits being claimed, and some people won’t receive the amount they expected in their tax refund.
This is usually true for those who have their tax preparation fees deducted from their total refund.
The best way to check on your refund is the Where’s My Refund? tool available on the #IRS website and the IRS2Go app. Visit https://t.co/PFiedQt3bX pic.twitter.com/ppy4UIEOEf
— IRSnews (@IRSnews) March 7, 2023
The IRS has struggled to meet taxpayer expectations. Still dealing with the large backlog of returns from previous years, in addition to added complexities due to changes in tax credits and deductions, the IRS still may not provide full tax refunds as quickly as most people would prefer.
However, if you file your return before April 2023 (which is when an influx of returns are being filed) and request to have your refund direct deposited, there shouldn't be much (if any) of a delay.
