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Tuesday, August 9, 2022

Stimulus Check: Numerous Mistakes Regarding Checks Hitting 2021 Income Tax Returns

Numerous things have turned into bad bets this year like investing in the University of Gonzaga or Kentucky or thinking Tom Brady will finally retire. Just like that the IRS is advising people not to wait for the refund that they will receive from the filing of income tax returns. They have advised people not to wait for the money and consider that they will receive it within weeks even if they have filed electronically in which case the chances of identity theft are there.

Mistakes Regarding Stimulus Check Can Lead To Delay Of Refunds 

As per data, approximately 51.8 million people have completed their filing by 18th March which shows an increase in filers compared to last year by 4.1%. The average amount of refund after a stimulus check has been calculated to be $3,305 which has also gone up by 12.9% as compared to last year. A total of $171 billion is set aside for refunding the citizens their rightful money after this hit season started on 24th January. 

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However, there are some professionals that work in the Tax department who stated that taxpayers who have filed their returns early and have used electronic methods, can receive their stimulus check within two weeks. 

In the words of Erin Collins, the advocate of the national taxpayer, the last year was marked by 17 million backlog cases which included 10.8 million returns from individuals that went unprocessed. This data consisted of both electronically filed and paper returns and this year, the reason for the issue is the inventory backlog that is faced by the IRS since last year. 

The most common mistakes made by individuals after receiving a stimulus check are reporting incorrect information regarding the amount of the money, miscalculating the amount received, or wanting the Recovery Rebate Credit for the year 2022. Furthermore, the delay can be due to putting incorrect details about unemployment benefits which must match with the 1099-G form.

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