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[vc_row][vc_column][vc_column_text]The IRS is mailing letters to some taxpayers who claimed the 2020 recovery rebate credit and may be getting a different amount than expected. The first and second Economic Impact Payments (EIPs) were advance payments of the 2020 credit.
When the IRS processes a 2020 tax return claiming the credit, it determines the eligibility and amount of the taxpayer’s credit based on the 2020 tax return information and the amounts of any EIP previously issued. If there’s a mistake, the IRS will calculate the correct amount, make the correction, and continue processing the return, which may cause a slight delay. The IRS will then send the taxpayer a letter or notice explaining any change.
The IRS’s website has a special section that addresses frequently asked questions on the 2020 recovery rebate credit: www.irs.gov/newsroom/recovery-rebate-credit-frequently-asked-questions[/vc_column_text][us_image image=”2588″][/vc_column][/vc_row]
