Monday, April 12, 2021
No menu items!
HomeCreditIRS ends up correcting tax return mistakes for Recovery Rebate Credit

IRS ends up correcting tax return mistakes for Recovery Rebate Credit

A lot of confusion relating to stimulus checks — and how to claim a tax credit for any money still owed — is triggering trouble, extra letters and delays as people file their 2020 tax returns.

The Internal Revenue Service is correcting plenty of mistakes that are being made after people plug in the wrong number for the Recovery Rebate Credit on their federal income tax returns. 

“Anytime there is something new on the tax return it usually has an elevated error rate,” said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting. 

“So,” Luscombe said, “the IRS may have a greater volume of erroneous tax returns than normal, and refunds are generally slowed when the IRS detects such errors.”

Luscombe said the extra errors are probably creating some processing problems.

Source link

banknewsnowhttps://www.banknewsnow.com
Founder and CEO of the premier banking news informational website for the banking/financial industry, and applicants seeking careers exclusively in the finance field.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments

    Skip to toolbar