Susan Tompor: You might get a letter from IRS about a mistake on your tax return

A lot of confusion relating to stimulus checks — and how to claim a tax credit for any money still owed — is triggering trouble, extra letters and delays as people file their 2020 tax returns. The Internal Revenue Service is correcting plenty of mistakes that are being made after people plug in the wrong number for the Recovery Rebate Credit on their federal income tax returns. “Anytime there is something new on the tax return it usually has an elevated error rate,” said Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting. “So,” Luscombe said, “the IRS may have a greater volum…

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HEDGE accordingly