Incorrectly Reported Stimulus Funds and Child Tax Credits Could Cause Major Delays.

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Although the Internal Revenue Service is working hard to clear a backlog of tax returns, your tax refund could be delayed if you made any mistakes in claiming stimulus funds, ranging from typos to misinformation.

 

IRS

 

For example, if you forget that you received the recovery rebate credit in 2021 and try to claim it on your tax return, your refund may be delayed. Similarly, if you forget how much advance Child Tax Credit you received and don’t have Letter 6419, which helps you reconcile your advance CTC payments, you may claim the incorrect amount of CTC on your 2022 return.

Tax experts told The Detroit Free Press that if you make a mistake on your tax return and the IRS owes you a refund, you should wait before taking any action. “No new tax return, no amended tax return, no paper filed tax return,” said Mark Steber, chief tax officer at Jackson Hewitt Tax Service. The IRS is in charge of these.”

The bad news is that you may have to wait six to twelve weeks before the IRS notices and corrects the error and issues your refund. As a result, the IRS advises taxpayers not to count on receiving their tax refund check within 21 days, or to bank on the funds for a large, timely purchase or to pay bills that may be due.

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However, if you owe the IRS money, things could get even worse. Making a mistake on your tax return could result in you owing the IRS money, as well as penalties and interest if you don’t pay it by April 18. In that case, Steber recommends filing an amended return that accurately reflects your tax liability and paying the bill before the deadline.

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