![]() ![]() The IRS will calculate the correct amount, if mistakes relating to the first and second stimulus payments are found on Line 30 of the 1040 or 1040-SR. "If a correction is needed, there may be a slight delay in processing the return and the IRS will send the taxpayer a letter or notice explaining any change," the IRS stated. Through March 26, the IRS has received 85 million individual income tax returns and processed 75.97 million. That's 10.4% of almost 24 million individual e-filed tax returns received that claimed this credit, according to Luis Garcia, a spokesperson for the IRS in Detroit. Thus far, the IRS has issued 2.5 million letters relating to issues with the Recovery Rebate Credit. The IRS has already begun mailing letters to some taxpayers who claimed the 2020 Recovery Rebate Credit and may be getting a different amount than they expected. ![]() Luscombe said the extra errors are probably creating some processing problems. ![]() "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." "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. 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. 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. ![]()
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