I just got my tax return via direct deposit. They refunded me short of about $250. I called IRS's automated system and the system tells me that I made an error with my tax return that was why it was short. So I went back and redid my form (since I don't have a complicated case) and I found that though I did make a mistake on my filing, but I was still short of exactly $75.
Not that $75 is a big deal, but what I would like to know is that: Does the IRS penalize you if they find mistakes on your tax return hence the missing $75? If it were $75.82 or some cent, then I would assume I overlooked a mistake, but the whole dollar amount leads me to think that it was a fine.
2007-04-20 17:14:41 · 3 answers · asked by bsbro 2 in Business & Finance ➔ Taxes ➔ United States
No, they don't penalize you for making a math error, they just correct it. There are two possible explanations for the missing $75 - either you're still doing something wrong, or they made a mistake when making the correction. Either is possible.
You should get a letter in the next week or so explaining the differences. After you read that, if you still seem to be missing $75, call them again - they'll either explain it, or correct it if it's still wrong.
2007-04-20 17:25:52 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
I would just call the IRS and talk to an agent about it. They should be able to tell you exactly what the error was. Usually when a mistake is made, they also send you a notice in the mail and they show you the mistake you made on your return and how they corrected it. At least they did that for us several years ago. But, to answer your question, NO, I don't believe the IRS would penalize you any amount of money for making a mistake on your return when it just involves them changing your refund so that you do not get as much as you thought.
I would call them on Monday for sure to see if you can get an explanation over the phone to help ease your mind about the $75.
Edit: LOL! Judy and I must of been typing a response at the exact same time!
2007-04-20 17:29:37 · answer #2 · answered by MarineMom 6 · 1⤊ 0⤋
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2016-11-26 01:54:47 · answer #3 · answered by almaraz 4 · 0⤊ 0⤋