What happens when the return you receive from the IRS is more than it was supposed to be? I think I made an error and got too much money back. What do I do now????
2007-04-01 08:52:37 · 6 answers · asked by Kim 1 in Business & Finance ➔ Taxes ➔ United States
If there was a math error on your return, the IRS will redo the math and adjust your return accordingly. If this happened in your case, you should receive a letter explaining the correction. It can't hurt to call the IRS and ask for an explanation. In the mean time, if you think the refund was more than you are entitled to, don't spend it.
2007-04-01 11:28:20 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
Perhaps you were entitled to a tax credit that you weren't aware of. The IRS will calculate these things for you.
If you made an error in reporting income, deductions, dependents, etc. your tax return would be incorrect and you would need to file an amended tax return (Form 1040X). You should prepare a corrected Form 1040 and compare it to the 1040 that you filed with the IRS. Differences would be reported on Form 1040X. Any change in tax will be calculated and you may have to pay the IRS back.
2007-04-01 09:06:01 · answer #2 · answered by tma 6 · 1⤊ 0⤋
If the overpayment was due to your error, and you received money that you should not have received, then you need to file an amended return and pay back the overpayment.
If you file the amendment and send the repayment before the due date April 17, 2007 then you probably will owe no penalty or interest. Use Form 1040X, which must be mailed in.
2007-04-01 09:03:52 · answer #3 · answered by ninasgramma 7 · 2⤊ 2⤋
For now, nothing. With April 15 getting close, they're probably swamped.
Meanwhile, check your return and be sure they aren't correct. If you feel you are still overpaid, send them a letter explaining what you think the problem is, and ask them what to do.
Thank you for being honest.
I hope you're the one in error, it puts more $$ in your pocket.
2007-04-01 10:25:16 · answer #4 · answered by TedEx 7 · 0⤊ 1⤋
The odds are the IRS sent you the correct amount,, and that you had something figured wrong. If you really want to know ,, double check your return then call them,, 800-829-1040
you'll make someone's day,,,
2007-04-01 08:56:43 · answer #5 · answered by Jo Blo 6 · 1⤊ 1⤋
You may need to file an amended return if you have already gotten your refund.
2007-04-01 08:59:15 · answer #6 · answered by † Walk by Faith † 3 · 0⤊ 1⤋