Before you do your taxes, read this.
While the IRS is not certain how many taxpayers got incorrect letters, certain factors might make some taxpayers more prone to receiving errors. This includes those who moved or changed bank accounts in December, as well as people who are, per CNET. According to Corbin, advanced child tax credit checks might have been undeliverable by mail or direct deposits may have bounced back from a bank if a taxpayer moved or changed banks in December.
And as CNET explains, spouses who are married and filing taxes jointly would both receive a letter from the IRS. These taxpayers will need to combine the information from both letters to get the correct amount. But, Tax Act's vice president of tax operations, told the news outlet that some families have been confused by this and only entering information from one letter, which would result in an incorrect amount.
before mid-February. This is because the IRS is unable to issue a refund involving these payments before this date by law, in order to provide"additional time to help the IRS stop fraudulent refunds from being issued." But if you file your 2021 tax return and the amount of child tax credit you claim is incorrect, it will likely delay your refund even more, according to the agency."Taxpayers should ensure the amounts they've received are entered correctly on the tax return. Incorrect entries when reporting these payments mean the IRS will need to further review the tax return, creating an extensive delay," the IRS said in a Jan. 24 statement.
The agency says that most taxpayers who file a return with no errors should receive their refund within 21 days, if they file electronically and choose direct despite."We want taxpayers to have the info they need to file an accurate return," Corbin told CBS.
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