Many Americans are eager to get through their taxes each year in order to get their refund. But mistakes on your tax return can delay your refund and cause unnecessary stress.
Below are common mistakes the IRS sees every year:
1. Wrong Social Security Number
A mistype or misprint of your or your dependent’s Social Security number makes things complicated. If you’re breezing through your return, it’s easy to overlook something you feel like you’d never mess up. You’d be surprised how often the IRS needs to deal with this issue.
2. Filing Status Incorrect
You can only pick one status, and it needs to best suit your situation. Filing status can be: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent.
3. No Signature
The IRS only considers your return complete if it’s signed. Many people forget to sign the bottom of their form, causing a delay.
4. Reporting Charitable Donations
Donated items under $500 can just be listed as a normal deduction, but items over $500 require Form 8283.
5. Math Errors
If you’re doing your return on paper, you’re at greater risk for miscalculating important amounts. Online programs like TurboTax help automatically calculate the numbers for you, but you still need to make sure you’re entering numbers correctly.
6. Reporting Side Jobs
If you do something on the side for extra income, don’t forget to include your 1099-Misc when reporting income.
7. Wrong Account Numbers
If you’re electing to have your refund sent via direct deposit, double check the account number is right!
Tips To Get it Right the First Time:
- Take your time. Start early and don’t rush through.
- Read everything carefully. Follow directions to insert each number where it belongs.
- Be neat. If you’re going old-school, make sure your handwriting is legible.
- Check your work. Review your math and make sure all fields are complete.