Is it too late if to make changes if I've already submitted my taxes?

Question

i submitted my taxes last night online and got a pretty good refund on the federal side and owed only $99 on the state side. i thought that was pretty good because i usually owe the state $700+. i just went back on HR Block just now and punched in the numbers again to make sure i did it right. after i punched in the federal section, it's asking me if i want to file state w/ HR Block and says that the average return for my income for 2005 was $585-620. i'm just worried now if i did something wrong because i owe $99 but it says the average person w/ my income got a REFUND of over $500. last night i was just happy that i only owed $99 instead of owing the usual $700+.

so, my question is, if i double check here and realize that i did something wrong to OWE money rather than to receive a refund, what can i do? is it too late to do anything?

Answer 1

Numbers for "average" refunds are TOTALLY WORTHLESS. Only your specific tax situation and tax return mean anything at all to you. The amount of any refund or balance due is based upon your tax liability and how much tax was paid in through withholding from your pay. Do NOT be concerned with or guided by "averages" as they are meaningless!

If you review your return and discover an actual error, you would need to file an amended return. On the Federal side, that's on Form 1040X. Each state has their own forms and procedures for amended returns; check with your state's tax department for yours.

Again, please IGNORE those statistical averages! They have absolutely NO relevance to YOUR tax return, whether you have to pay or are getting a refund.

Answer 2

You can file an amended tax return for up to three years following the initial filing deadline; for Federal returns, use Form 1040X. States will have their own forms, and possibly different deadlines. Do not be concerned that you are getting a smaller than average refund -- there are so many factors involved in a tax computation that the "average" is really quite meaningless. Ideally, your withholding would be structured so that you get no refund at all -- a refund is simply repaymemt of a loan that you have made to the government, on which you collect no interest.

Answer 3

If you inputted your information it should have told you what you owe/refund not the average. Who cares what the average person gets. Every person is different. Just double check it again and look only and what it says you're due/owe. And if you really did make a mistake, the IRS and state officials usually double check it to make sure it's correct and if they come up with something different they will notify you.

Answer 4

Wait until you cash your refund and the state check clears your bank.

You can always file an amended return for both Federal and State, as long as the statute of limitations has not run out.

Answer 5

ok while you're an independant contractor meaning you haven't any longer have been given a set time table for the guy you artwork for then you pays in quarterly or on the tip of the 12 months looking on the place you reside however the guy paying you may 1099 you after which you bypass to an accountant because of fact anybody that pays somebody else for a activity carried out is likewise think to record wages paid. So see if this man or woman will 1099 you on the tip of the 12 months and particular it extremely is probable a solid theory to set money aside each and every paycheck for taxes. discern around 15% to 18% in line with paycheck for withholdings and it additionally relies upon on in the experience that your single, married or head of abode carry on how lots is taken out % clever. i might consult from an accountant and examine your state Irs departments on line and inspect wether you're seen an independant contractor or in case you would be an worker with this man or woman. i'm hoping this helps. solid success!

Answer 6

NO, you may amend them or have your tax preparer do it for you. I did that one year, after realizing I could claim health insurance premiums that I had to pay. It was worth amending because I got a better refund. The check will come separetly though.

Answer 7

It's never late. File an "Amended Return". The IRS has the forms.