If I have minor errors on my 1040 form, is the IRS able to correct these mistakes or will I be penalized?
2007-04-16 09:05:48 · 7 answers · asked by Dan K 1 in Business & Finance ➔ Taxes ➔ United States
If you're a college student working part time, you probably should look into using the 1040A or 1040EZ form. The full 1040 can be really confusing and there's not much benefit to using it.
I did my own taxes for years as a student on the EZ form, and always got refunds.
Look into it, it could save you time and headache.
Also if you're using tax software, they usually will just ask you all the right questions and pick a form for you. I've used TaxAct a few times and never had any problem with it for Federal and State returns.
Good luck!
2007-04-16 09:14:46 · answer #1 · answered by agentdenim 3 · 2⤊ 0⤋
depends on what the errors are. If you are using the 1040 EZ there is no reason not to do the taxes yourself. If you are using the long form you may need some professional advice, but as you are a student you probably don't have enough deductions to make it worth your while. Again it is hard to answer the question as there are tons of mistakes that you can make that will get corrected and tons that won't and many that really won't make any difference whether they get corrected or not. (but if it affects the tax you owe or your refund believe it will be corrected and if you owe money they will penalize you for it)
2007-04-16 09:16:55 · answer #2 · answered by kerfitz 6 · 0⤊ 0⤋
Odds are your friends that get the food stamps and welfare will never finish school anyway. Do doubt, most of them are “D” students. Why, because they have no reason to appreciate what they have. They didn’t have to work for it. Your nightmare will end after college. They have their own nightmares, but they won’t admit to them. Most “breeders” publicly say, “I love my kids, and would not have it any other way”. But the truth is, they are miserable. I grew up very poor. I had to join the military, and serve during Desert Storm I, in order to ever afford to go to school. It was worth it, even though my military salary sucked so bad. I finally got my degree when I was 30. I still take classes. If I don’t make an ‘A’ in every class, I kick myself. Today I am 41, make 66K year, and get 5 weeks vacation. I know that sounds like a lot, but I don’t have children so it all goes to taxes! I usually owe the IRS at the end of the year. I have still managed to fill my passport with stamps. What I am trying to say, is working hard will pay off, even if it takes a while. Any "cave-woman" can pop out kids. Show us that you are somthing better than that.
2016-05-17 03:51:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As a student your return should be very simple! I cant imagine what kind of errors you will have. Nevertheless, depending on the size and significant of your errors, if you are doing it electronically, the software maybe be able to identify them and advice you. If not, and IRS find them, they may ask you to provide evidence (usually receipt) before they reject and correct your return as they deem appropriate.
2007-04-16 09:14:03 · answer #4 · answered by ulanzi 3 · 0⤊ 0⤋
You should use a program like Turbo Tax Freedom edition so that errors are caught before you file. Free to use and free to e-file as long as you make under 52,000/year.
2007-04-16 09:27:19 · answer #5 · answered by Christina 7 · 0⤊ 0⤋
If they're something like math errors, they'll just correct them.
2007-04-16 13:08:37 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You shouldn't do your taxes by yourself. It shouldn't be too hard, depending on where you live to get a student discount. I'm a full time student and got a discount from my tax people, and it wasn't expensive to let them do it either.
2007-04-16 09:09:32 · answer #7 · answered by Brittany W 3 · 0⤊ 2⤋