Washington (Feb. 18, 2002) -- Errors related to a new line on the basic income tax forms may delay refunds by a week or more for taxpayers filing incorrect returns, the Internal Revenue Service said.
The IRS has already found more than 1 million returns with Rate Reduction Credit errors. This credit--for taxpayers who didn't get the maximum benefit through last summer's Advance Payments, and whose 2001 income or tax amounts qualify them for an additional amount--is on line 47 of Form 1040, line 30 of Form 1040A, and line 7 of Form 1040EZ.
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