From the IRS:
A2. DO NOT file an amended tax return with the IRS. If you entered an amount on line 30 but made a mistake in calculating the amount, the IRS will calculate the correct amount of the Recovery Rebate Credit, make the correction to your tax return and continue processing your return. If a correction is needed, there may be a slight delay in processing your return and the IRS will send you a notice explaining any change made.
To check the status of your refund from your original return, check Where's My Refund?
If you did not enter an amount on line 30 of your Form 1040 or Form 1040-SR, see I'm eligible for a 2020 Recovery Rebate Credit but did not claim it on my 2020 tax return. Do I need to amend my 2020 tax return?
Thank you so much!! This information helps a lot!!
Any idea how long the delay might be? I put the wrong number and realized it after the fact. There’s no way to call and explain this so now I have to just wait it out but does anyone have any idea how long the delays will be for this?
No one can predict how long the delay will be. Last year there were a lot of mistakes with the recovery rebate credit and refund were delayed for months. This year there is going to be a LOT of confusion with the child tax credit and the recovery rebate credit. That will mean more work for the underfunded, understaffed, already backlogged IRS. All you can do is wait for the IRS to process your return and watch the refund site. And, no, you cannot just call and fix it.
No, the IRS will not reject your tax return if you made an error in calculating your 2021 Recovery Rebate Credit. DO NOT file an amended tax return with the IRS.
If you entered an amount greater than $0 on line 30 and made a mistake on the amount, the IRS will calculate the correct amount of the Recovery Rebate Credit, make the correction to your tax return and continue processing your return. If a correction is needed, there may be a delay in processing your return and the IRS will send you a notice explaining any change made.
If the IRS agrees to make a change to the amount of Recovery Rebate Credit you are owed and it results in a refund, you may check the status of your refund from your original return using Where's My Refund?
Here is the link to the IRS website about the Recovery Rebate Credit.
I mistakenly claimed the rebate credit on my tax return and later discovered that I had actually received it in March 2021. Due to my error I went from a refund to now actually owing tax. Should I pay the amount by 4/18/22 before I receive a notice from the IRS?
@JP134 wrote:
I mistakenly claimed the rebate credit on my tax return and later discovered that I had actually received it in March 2021. Due to my error I went from a refund to now actually owing tax. Should I pay the amount by 4/18/22 before I receive a notice from the IRS?
The IRS will adjust your tax return accordingly since they know that the 3rd stimulus payment was sent to you.
You do not need to amend the 2021 tax return.