2007-04-18 07:24:18 · 7 answers · asked by Chris M 3 in Business & Finance ➔ Taxes ➔ United States
If it's an obvious error -- in math or law -- they'll correct it and send you a check. If you understated a deduction or overstated income that they can't verify nothing will happen unless you file an amended return to set the record straight.
2007-04-18 07:36:32 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 0⤋
It depends. If you forgot to take a deduction you were entitled to, nothing will happen since they wouldn't know about it. If you overpaid or something, or made a math error in their favor, they'll correct it and send you whatever refund you have coming because of the error - it would probably come in a separate check, later than your original refund.
2007-04-18 18:29:22 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
There are penalties for paying late.
If you think you owe more money, it's best to send them enough to cover it ASAP. Couple thoughts on that... First you might attach it to a Form 4868. Second, they're going to be processing a couple million returns this week, and I doubt they'll be checking postmark dates that closely.
Then file a Form 1040X with the corrections to your return. It's tedious but fairly straightforward. There's no penalty for that.
As long as the money is in their hot little hands by April 17, it'll be all good.
2007-04-18 14:45:13 · answer #3 · answered by Wolf Harper 6 · 0⤊ 2⤋
If you filed on time, and it was an honest mistake, you should simply file a "corrected 1040", which fixes the mistake on your filing.
Then, send them a check for the difference along with the corrected 1040 form.
If you don't have the money, but you know you owe it, then you can offer a deal to pay what you owe in installments.
As long as you're talking about owing less than $25,000, and your plan calls for paying it off in 3 years or less, then the IRS should accept your proposal.
Remember, the IRS isn't interested in sending you to jail, that's a last resort, and usually only for high profile cases, like the guy who won $1,000,000 on Survivor, and did not report the winnings at all.
He got 4 1/2 years. But the IRS prefers cash from the rest of us.
2007-04-18 14:39:43 · answer #4 · answered by Anonymous · 0⤊ 6⤋
Send in an amended return (1040X) to correct the mistake.
2007-04-18 14:31:56 · answer #5 · answered by Anonymous · 1⤊ 0⤋
They'll send you a check making up the differential. Happened to me, true story.
2007-04-18 14:31:50 · answer #6 · answered by zmes_matt 3 · 0⤊ 0⤋
chances are if you overpaid they will send you a notice about your error and a check
2007-04-18 14:29:13 · answer #7 · answered by retired_afmil 6 · 0⤊ 0⤋