Tax paperwork and the TPG logo
Source: Unsplash, Santa Barbara TPG LinkedIn

Did You Get a Deposit From TPG Products? Here's the Likely Reason

By

Mar. 30 2022, Published 12:33 p.m. ET

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?”

Article continues below advertisement

This is apparently a common issue among tax-filers this season. For example, both Intuit, the maker of TurboTax, and TaxSlayer.com have been fielding questions in their online forums since early in 2022 about why “TPG Products” is showing up on tax forms. TPG Products refers to Santa Barbara Tax Products Group.

Santa Barbara Tax Products Group takes tax preparation fees out of tax refunds.

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.

Article continues below advertisement
Tax filing
Source: TaxSlayer Facebook

TaxSlayer filing reminder

TaxSlayer states that if you filed using their software, once the IRS releases your refund to TPG, the program preparation fees are deducted. If needed, you may also call SBTPG at 877-908-7228. It also goes by the name of Civista Bank.

Article continues below advertisement

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.

Article continues below advertisement

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.

SBTPG exists to simplify tax preparation fees.

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.

Article continues below advertisement
tpg deposit
Source: Pexels

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.

Article continues below advertisement

Many Americans are surprised by the results of their tax returns.

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 has been delayed in processing returns, and some people won’t receive the amount they expected in their tax refund.

The IRS has struggled to meet taxpayer expectations. Still dealing with the large backlog of returns from last year, in addition to added complexities due to changes in the child tax credit and COVID-19 pandemic-related stimulus checks, the IRS still may not provide full tax refunds as quickly as most people would prefer.

Advertisement

Latest Taxes News and Updates

    Market Realist Logo

    © Copyright 2022 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.