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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Has anyone had problems with the Recovery Rebate Credit? Clients receiving letters that say it was calculated incorrectly. One owes $3.40. System at 65 IRS says 61.60.
Has anyone had problems with the Recovery Rebate Credit? Clients receiving letters that say it was calculated incorrectly. One owes $3.40. System at 65 IRS says 61.60.
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KG2
Level 2
05-25-2021
05:29 PM
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1 Comment 1
qbteachmt
Level 15
05-25-2021
06:15 PM
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What Problem are you seeing?
"Clients receiving letters that say it was calculated incorrectly."
The RRC is two lines. Did either of them seem wrong to you when you do the math? When you entered the amount the client already got, did you confirm that amount by looking at their form 1444 and 1444-B, or just take their word for it? You should start with those two lines and give more details, because we cannot see it with you.
What does this mean: "System at 65 IRS"
"One owes $3.40"
Are you explaining that they owed, and now they owe more? Or less?
"says 61.60"
More? Less?
If they didn't owe or owe much because of the RRC, refundable credit, but now it turns out that was wrong, then no surprise the ending value changed, as well. Did you confirm the RRC?
Did you have the client get their Tax Account Transcript to show what the IRS issued for both of the RRC that you reported on this tax return?
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