Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-01-2009, 01:28 PM
Samatg's Avatar
Administrator
 
Join Date: Jan 2007
Posts: 291
Post Nine Common Errors Made on Tax Returns

Errors made on tax returns may delay the processing of your return and the arrival of your refund. Avoiding the common errors below will help ensure your refund arrives on time:
  1. Recovery Rebate Credit - Many returns filed in 2009 have errors involving the Recovery Rebate Credit, a credit for people who did not receive a stimulus payment in 2008 or who did not receive the maximum amount. To avoid delays in tax refunds, it is critical that taxpayers know whether they received a payment in 2008 and the correct amount of that stimulus payment. For people using a paper tax return, the stimulus payment amount will be required when completing the related worksheet. For people using tax software, the stimulus payment amount will be needed as part of the return preparation process.
  2. Incorrect or missing social security numbers - When entering SSNs for anyone listed on your tax return, be sure they are entered exactly as they appear on the social security cards. Incorrect or transposed numbers will cause delays in the processing of your return.
  3. Incorrect or misspelling of dependent’s last name - When entering dependent’s last name on your tax return, ensure they are entered exactly as they appear on the social security cards. Incorrect or misspelling of dependent’s last name will cause delays in processing of your return.
  4. Filing status errors - Make sure you choose the correct filing status for your situation.
  5. Math errors - When preparing paper returns you should review all addition and subtraction to ensure it is correct. Remember, when you file electronically, the software takes care of the math for you!
  6. Computation errors - Take your time. Many taxpayers are making mistakes when figuring the taxable income, withholding and estimated tax payments, Earned Income Credit, Standard Deduction for age 65 or over or blind, the taxable amount of social security benefits, and child and dependent care credit.
  7. Incorrect bank account numbers for Direct Deposit - If you are due a refund and requested direct deposit did you check your financial institution routing and account numbers?
  8. Forgetting to sign and date the return - An unsigned tax return is like an unsigned check – it is invalid.
  9. Incorrect Adjusted Gross Income information - Taxpayers filing electronically must sign the return electronically using a personal identification number. To verify their identity taxpayers will be prompted to enter their AGI from their originally filed 2007 federal income tax return or their prior year PIN if they used one to file electronically last year. Taxpayers should not use an AGI amount from an amended return, Form 1040X, or a math error correction made by IRS.
Links:source: irs.gov



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-31-2010, 09:59 AM
Junior Member
 
Join Date: Jan 2010
Posts: 2
Question last years 2008 electronic file

Quote:
Originally Posted by ksmietana View Post
i did my daughters boyfriends 2008 tax return on h&r block tax advantage online. i did not notice i transposed the wages from the w2. it should have been 12660.00 i put in 1266.00. i did the deluxe edition. it flagged everything was okay. now at the end of december 2009, irs sent a notice that he owes 638.00 because his wages didn't match his employers. i stupidly did not notice this error on my own. since they are to double check for errors it was never flagged. the state had the right amount which is transferred over from the federal information. now h&r are trying to tell me its my error because of the way i imputted the wages. shouldn't this have been flagged after the state was done? thanks kathy
i have called and written with all the information and they refuse to help, anything i can do?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
11 Most Common Mistakes in Retirement Planning TaxGuru Retirement Planning 5 04-11-2015 02:27 AM
Four Tips to Help Taxpayers Avoid Errors On the Recovery Rebate Credit Samatg For 2008 0 01-27-2009 10:40 PM
Common Omissions on the NY State Individual Tax Return! TaxGuru General 0 03-24-2008 10:17 PM
common law marriage Tennessee wildman5270 Filing Requirements 2 02-07-2008 06:42 PM
10 Most Common Mistakes of Estate Planning! TaxGuru Estate Planning 0 09-13-2007 12:09 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning