Recovery Rebate Credit

[David760]

What is the best way to handle when the client doesn't remember how much rebate they received last year or what they tell is different from what was estimated on the prior year return.

Does anyone know if the IRS will correct for any discrepencies and give the correct credit?

Thank for any help.

[Burke]

Go to irs website, and click on Economic Stimulus to determine actual rebate paid to your client last year.

[David760]

Thank you - that was very helpful.

Thank you very much.

[MRTAX4EA]

Drake Link

Drake s/w has a link right in the return prep to check this out.
Very cool!

[RitaB]

You mean some of your clients actually knew

[QUOTE=David760;76132]What is the best way to handle when the client doesn't remember how much rebate they received last year or what they tell is different from what was estimated on the prior year return.
QUOTE]

the amount they received?

I swear, probably only 5% of mine even brought the "keep this with your tax documents" letter or bothered to mention what they got. It's kinda like those Sch C people who tell you all their expenses but forget to tell you any income. I quit asking anybody about it on about day #3 cause every other person jumped down my throat: "I don't have to pay taxes on that."

I've just looked it up if I it wasn't obvious looking at the 2007 return. If they qualify for RRC, I print the IRS page showing what they got and the line 70 worksheet and make a point to tell them how I helped them get more money.

Remember the phone tax credit? I had clients bring me articles about it. Nevermind the cost basis of the $70,000 stock sales...

[BP.]

Remember the phone tax credit? I had clients bring me articles about it. Nevermind the cost basis of the $70,000 stock sales...

Hilarious and so true!