|04-23-2010, 01:21 AM||#1 (permalink)|
Join Date: Apr 2010
Made mistake on tax return - what happens now?
I filed tax return online, but then later realized I claimed tax credit for tuition fee, when in fact I should not have. What's going to happen when the tax return is processed? Will I simply be notified of the mistake and be given the chance to correct it?
|04-23-2010, 01:53 AM||#2 (permalink)|
Join Date: Dec 2007
Location: N.E. Wisconsin
The past two years, the accounting place I've had do my taxes has made a mistake on my return. The IRS then sent me a notice what the error was and that they fixed it. They also re-figure your refund or amount you owe and send you a lower refund or a bill
|04-23-2010, 01:57 AM||#3 (permalink)|
Join Date: Sep 2009
Location: Georgia, USA
They will either catch the error or not.
If they catch the error, they will automatically adjust the error. If it affects the amount of tax due, they will either reduce your refund if you have one or send you a tax bill for the difference.
If they do not catch the error, then your return will be processed as normal. You have up to 7 years to file an amended return (1040X, etc) to correct your mistake and remit payment for additional tax due, if any.
You can check on the status of your return by calling or going to where's my refund, the official IRS where's my refund page. You can generally get information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or three to four weeks after mailing a paper return.
You can tell if they caught the error if it's after 72 hours and the site says that there was an issue with your return. You can contact the IRS directly then or wait for their notification later, which may take a month or so to arrive.
Hope to help!
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