Are you also a taxpayer? Then this blog can be very important for you. As, in this blog we are going to provide you with all the necessary information about how to reduce errors on your Income-tax return. So, if you also want to provide correct tax values on your income, then stay tuned and read this blog till the last word.
Income Tax Return (ITR)
We all as a taxpayer almost tries to reduce the number of errors in our Income Tax Return (ITR) to provide accurate figures to the Government. How so ever, many of us almost file the ITR on the last movement, and that further leads to the occurrence of errors in the tax return. Although, we all know that it can further become trouble when the data is mismatched with a high difference.
Turbo Tax Errors on Your Tax Return?
Where the TurboTax has gained so much popularity, simultaneously users are facing multiple errors while using the application. So, let’s have a look at the common errors that users are facing while submitting their tax returns.
1. Missing the tax deductions:
Sometimes, you may miss out on the valuable tax-saving opportunities just because you did not know about getting the benefit of certain tax deductions and credits.
While the Income Tax Return (IRS) will remind you about the missing W-2 income or if you have claimed someone as a dependent who has already been claimed by someone else, or if forgot to claim the Child and Dependent Care Credit or the home office deduction. It directly means that you have almost forgotten your money on the table.
Here, the best part is that TurboTax asks its users to simply answer the questions and navigates you throughout tax forms, and searches for the possible deductions that can help you to reduce the amount of tax level.
2. Names or the figures are entered wrong
Sometimes, filling the ITR in a hurry can further become trouble for you. A small spelling mistake in your name or the figure value can directly change the entire meaning of the Tax return. The names mentioned on the tax return must be exactly matching with the names from the Social Security card. Although, there can be an error on the card like you have entered the right name but it further conflicts with the information from the IRS system. In that case, use the name from your Social Security card and if that name is incorrect, then fix it immediately.
3. Income Tax Return Filing Blunders
Some of the most common errors that taxpayers usually face while submitting their Income Tax Return (ITR) which mainly occur when the users perform the task in a hurry. We strongly suggest you be patient, while you are submitting the ITR.
• Forgetting to signature or date your return
• Postages or stamps are not enough
• When you have sent the tax return to the wrong IRS office.
• All necessary forms are not covered.
• Tax forms are arranged in the wrong sequence.
With the help of Turbo Tax, you can easily avoid these basic mistakes and can fill out the form correctly on the first attempt. As per the Internal Revenue Service (IRS), the error rate in the tax return is almost 21% which usually occurs due to the human tendency of completing the task by the end time.
4. Provided wrong routing or account number
When you have provided the wrong account number while filing the Income Tax Return (ITR), then you may face issues while receiving the refund in your bank account. Initially, the IRS verifies the routing and account numbers before directly transferring the refunded amount and in case, and if the verification fails then it can further lead to the stoppage or delay in receiving the refunded amount.
Although, if you have provided the wrong account number that actually belongs to someone else, then they might receive your refunded amount and for that, you have to coordinate with the bank to recover that amount.
So, kindly work hassle-free with patience while filing the ITR. Also, we deeply recommend you to double-check all the details very carefully before you submitted your tax return.
Read more : TurboTax Error Code 65535
5. Mathematics and Calculation Errors
For the financial year of 2017, IRS founds that there are almost 2.5 million calculation errors while calculating the ITR. Most of the errors were related to common calculations such as addition, subtraction, multiplication, or division while selecting the incorrect tax slab value.
IRS tax return software usually notices these mistakes and immediately sends the notice to the taxpayer explaining the error and the updated details about the refunded amount.
This problem is not a big deal. Although, the same can be solved easily by filling the form with a relaxed and open mind without being working in any hurry.
It’s your hard-earned money that you have saved by cutting down your unwanted expenses or desires. That’s why we have made this blog in order to provide you with all the information about the tax return and the common errors that occurs while filing the tax return. Above we have mentioned all the possible reasons and its solution to avoid the occurrence of the error. If you like the content, then do share it with your near and dear friends and family members.
Apart from that, you can also enroll yourself for enjoying the Turbo Tax services, which will automatically fill your ITR without any error by just asking you to provide the necessary details.