Do not make these 8 mistakes if you want a quick tax refund
Do not make these 8 mistakes if you want a quick tax refund

Do not make these 8 mistakes if you want a quick tax refund

Double checking your tax return can help avoid delays in your tax refund.

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This story is a part of Taxes 2022CNET’s coverage of the best tax software and everything else you need to get your report filed quickly, accurately and on time.

The time to file your 2021 tax return is now. Tax must be paid in three days, d Monday, April 18th.

As the tax deadline moves closer, the stress of filing can skyrocket. Do not panic and hurry through your tax return. Accidental mistakes committed in a hurry can have your tax return rejected or your tax refund delayed, sometimes for several months.

If you want to receive your full tax refund on time, double check our list of common tax return errors below. Mistakes are not the end of the world – if your tax return is rejected and you have filed your tax on time, the IRS will give you five days to correct the information and reload, though it will delay your refund.

Read on to learn how to avoid the most common mistakes made when filing taxes.

For more, learn about CNET’s selection of the best free tax softwarehow to track your tax refund electronically or in the mail and biggest tax changes and deduction for 2022.

Mistake # 1: Filing a tax return too late

The IRS estimates that about 20% of taxpayers wait until the week before the deadline to file their tax returns. If you owe the IRS money, it’s not necessarily a bad tactic, but if you have a refund on the way, it’s playing with fire.

Deferring your taxes does not provide much space if problems arise, and not filing your returns on time will definitely complicate the status of your tax refund. If you owe money to the IRS, you will have to pay a late filing fee and other fines will begin to accrue.

It’s free to file a six-month tax extension until October 18, but you must pay estimated tax due and you will lose money if you expect a refund.

Mistake # 2: Misspelling names or entering an incorrect CPR number

This bug may seem ridiculous, but it’s more common than you might think. Be sure to enter your full name exactly as it is spelled on your CPR card, as well as the exact CPR number. If both are not exactly the same, your tax return will be rejected.

If your legal name has changed, you will have to contact the Danish Social Insurance Agency first to update it, then file your tax with your real name.

Error # 3: Entering the wrong AGI

When you file your tax return electronically, the IRS uses your adjusted gross income or AGI, from the previous year to confirm your identity. That means you need your exact AGI from your 2020 tax return to submit your 2021 tax online. If you do not match last year’s AGI, your tax return will be rejected and you will have to file again.

If you have lost your tax return from last year, you can look up your AGI from 2020 at requests an immediate printout on the IRS website, even if you need to create one free online IRS account first. If you have filed a 2020 tax return that has not yet been processed by the IRS, enter $ 0 for your 2020 AGI while submitting this year’s statement. If you did not file a tax return for 2020 at all, but used the non-file tool to claim a stimulus or child tax deduction last year, you must enter $ 1 for your 2020 AGI.

Error # 4: Using the wrong filing status

U.S. taxpayers can file their tax returns as singles, jointly filed marriages, separate marriages, head of household and qualifying widow (s) with dependent child. Your application status determines your standard deduction, entitlement to tax deduction and your total tax burden.

TREASURE’ What is my filing status? tool will help you determine your own situation and make the right choice. If your filing status is incorrect, you should, at best, submit an amended return using Form 1040-X. In the worst case, the IRS may suspect tax evasion and investigate the matter.

Error no. 5: Calculation error with credit or deduction

piggy bank and calculator

Do not let calculation errors bring you down.

Sarah Tew / CNET

Child tax deductionsalary deductions, interest deductions on mortgages, childcare deduction – The worksheets and rules for many such tax items can be difficult to calculate on your own. An incorrectly entered number or incorrect calculation can result in an inaccurate tax refund, which means you either lose possible money or have to pay back a profit with fees and penalties.

Quality tax software will almost eliminate this kind of error, by collecting and calculating all the numbers you need to report your taxes correctly. All the best tax products offer accuracy guarantees that will pay for any losses or fines if their software makes calculation errors. You still need to enter correct information for the tax software to work successfully, so be sure to double-check all your numbers before submitting.

If you prefer to pay your taxes the old-fashioned way, the IRS ‘ Interactive tax assistant can help with a wide range of credit and deduction calculations.

Mistake # 6: Incorrect information about child tax deduction and stimulus payment

If you have received monthly advance payments of child tax deductions or the third stimulus check last year, report the total amounts for these payments on your 2021. tax return. If you fail to include this information or receive incorrect amounts, says the IRS that it “will have to review the tax return further, which creates a significant delay.”

Earlier this year, the IRS sent letters to taxpayers – Letter 6475 for your stimulus check (or financial effect payment) and Letter 6419 for your child tax deductions – which included the total amounts. If you have not received these letters or accidentally discarded them, you can also look up this information with one online IRS account.

IN testimony to the ways and means of the House, IRS Commissioner Charles P. Rettig reported that the IRS “received well over 10 million returns” last year in which taxpayers failed to report stimulus payments. These returns require manual reviews that can be created long delays.

Error # 7: Entering the wrong bank account or routing numbers

Archive electronically with direct deposit and you will receive your refund within approximately 21 days, according to the IRS. However, it does not work if you enter the wrong bank account or route numbers when submitting your tax return. Once the IRS has accepted your return, it’s too late to change your bank details.

If the IRS is unable to pay your refund electronically to your bank account, it will send you a paper check at the mailing address provided on your tax return, which The IRS says it will take six to eight weekseven if you can create alarms with the postal service to know when it will come.

If you accidentally enter valid account and routing numbers that are not yours on your tax return, the IRS may deposit your tax refund money into someone else’s bank account. In that case, contact the bank and probably visit an office in person to prove your identity and explain the situation with documentation. Once you have the bank return the money, you will receive a paper check by mail from the IRS.

Mistake # 8: Unsigned tax returns

Filing a tax return on paper will slow down your tax refund significantly. Filing it without a signature will cause the IRS to reject your return and ask you to file it again, making the process significantly slower.

If you are married, both partners must sign the tax return. There are exceptions for active military members abroad and others who need to use a third party by proxy.

File electronically, sign your return digitally and you never have to worry about this error.

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