My husband and I decided to prepare our income tax this year since last year we did it all but were not sure about the accuracy of what we did so we paid a person $98 and found out she did exactly the same we previously did. What happens if we make a mistake filling out the 1040 form?
2007-03-04 08:09:32 · 5 answers · asked by Isabella 1 in Business & Finance ➔ Taxes ➔ United States
If you made a math error, the IRS computer will catch it immediately and your refund/tax due will be adjusted. The IRS will send you a letter explaining the change. If you pay any additional taxes before the due date of the return (April 17 this year), there will be no penalties. For other types of errors, as long as it was a mistake, the worst that should happen is paying a penalty and interest from the due date of the return until the balance is paid. If someone else checked your taxes and did not find an error, you should be OK.
2007-03-04 11:38:21 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
They usually just send you a letter telling you exactly what the error is that they found and how they corrected it. If the error causes you to owe the IRS, they will let you set up a payment plan if you cannot pay what you owe at that time. If you file online with a company like H & R Block like we did, you will find that your return is really easy to prepare each step of the way, and they guarantee accurate results too.
2007-03-04 16:27:28 · answer #2 · answered by MarineMom 6 · 1⤊ 0⤋
Don't worry, they might contact you to ask why it happened, but if it was an honest mistake, they'll let it go, they will probably ignore it and correct it themselves anyway, so yeah no worries.
2007-03-04 16:21:14 · answer #3 · answered by Mattimos 3 · 1⤊ 0⤋
You will be asked to pay interest and penalties but it can be abated if it is an honest mistake.
2007-03-04 16:17:02 · answer #4 · answered by skip 6 · 1⤊ 0⤋
they will correct it, no penalty from it though.
2007-03-04 16:13:13 · answer #5 · answered by imalickyouallover69 5 · 1⤊ 0⤋