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If the IRS made changes to your 2021 form 1040 and eliminated your expected refund what does that mean?
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If the IRS made changes to your 2021 form 1040 and eliminated your expected refund what does that mean?
For example, they change the amount claimed as a Recovery Rebate Credit on my tax return which meant I owed them money for the changes. If you have to pay them does that mean you no longer get your refund?
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If the IRS made changes to your 2021 form 1040 and eliminated your expected refund what does that mean?
Exactly what it says ... you will no longer get a refund due to the changes made by the IRS which usually means that either line 28 or 30 of the form 1040 was incorrect based off the answer you gave to the question of how much of the advance CTC you got or the third stimulus payment. Review the notice and your return carefully and if needed call the number on the notice for more information.
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If the IRS made changes to your 2021 form 1040 and eliminated your expected refund what does that mean?
It means you made a mistake entering the information for your tax return. The IRS corrected the mistake. After the correction, you owe money instead of getting a refund. If your tax return had been correct, it would have showed a payment due instead of a refund.
What probably happened is that you told TurboTax that you did not receive the third stimulus payment, so TurboTax gave you the Recovery Rebate Credit on Form 1040 line 30. But the IRS's records show that they did send you the third stimulus payment. The stimulus payment was an advance payment of the Recovery Rebate Credit, so you are not entitled to the credit on your tax return. You already got it in advance.
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