This year, the Internal Revenue Service (IRS) has reportedly sent refunds out to taxpayers who received a “math error” notice.
According to the reports, the IRS has already sent a total of 11 million in refunds for the said error, mostly to filers claiming for Recovery Rebate Credit.
What Is Recovery Rebate Credit?
According to the IRS, the Recovery Rebate Credit is a tax credit available for individuals to file for if they feel that they did not receive the amount of COVID relief funding they were entitled to.
The IRS has sent out the first two rounds of the 2020 Recovery Rebate Credit in the form of the Economic Impact Payments. Most eligible people already received the payments, but if you haven’t yet or you got less than the full amounts, you may be eligible to claim the 2020 Recovery Rebate Credit and must file a 2020 tax return even if you don’t usually file a tax return.
Corrections, Errors In Claiming Recovery Rebate Credit
If you believe you need to make corrections on the Recovery Rebate credit payments and you haven’t filed a 2020 tax return, it’s not yet too late for you to get that missing money, but you need to act as soon as possible to give the IRS time to process and issue the payments before the end of 2021.
Meanwhile, if you are one of those who received the “math error” notice from the IRS, note that it didn’t necessarily mean an “error.” Instead, it was a notice telling the filers of the 60-day time limit to bring attention to what the taxpayer believes is incorrect in the computation of the refund.
Fastest Way To Claim Recovery Rebate Credit
If you are looking to find the fastest way to claim your Recovery Rebate Credit, then IRS suggests filing for a tax return electronically. This way, the tax software will help you figure your Recovery Rebate Credit. The Recovery Rebate Credit Worksheet in the Form Form 1040 and Form 1040-SR instructions can also help determine if you are eligible for the credit. The fastest way to get your tax refund is to have it direct deposited – contactless and free – into your financial account. You can use a bank account, prepaid debit card or mobile app for your direct deposit and will need to provide routing and account numbers.
For further information on filing for the Recovery Rebate Credit or getting the IRS to get your tax refund calculated correctly, you may also visit the IRS website.