Tom Herman
speaker
200 appearances
3 recordings
1 series
first heard Jan 2020
last heard Sep 2022
Tom Herman’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you have to redo your tax return, you have plenty of company.
The IRS told me that they received about three and a half million amended returns last year.
And it's roughly been in that neighborhood for each of the past few years, too.
It's very easy to make mistakes on your tax returns or to omit items that you don't discover until later.
One person once said, even if you fill out your tax return on a level, sometimes you don't know when you're done if you're a crook or a martyr.
In many cases, people forget to include important deductions or credits or some other tax breaks, or maybe they've forgotten to include some income that they received.
Or sometimes after you file, you get a revised form from some financial institution saying, oh, we made a mistake on how much we gave you before on your form.
Here's the revised form.
And that can often trigger an amended return.
The IRS says it will catch routine math errors.
Some tax experts I spoke to said, yes, that's usually true.
But if you discover a significant math error, don't count on the IRS computers catching it.
Consider filing an amended return depending on the facts of the case and how large the amount is.
Let's say you get a form from a financial institution showing a very small change in what the institution originally told you that you got in dividends.
For instance, supposing you got a form showing you got $10 less in dividends than you were originally told.
In that case, you have to ask yourself, does it really pay to amend your return and go to all the hassles involved?
When it's a tiny amount, the refund difference would be very small.
In that case, tax experts have told me you can probably skip it.
However, if it's a significant increase and you owe the IRS a lot of money, then you do want to fix it.
Surprisingly, the IRS wants everybody to file electronically, but surprisingly, they won't let you amend a tax return electronically.
Showing 141–160 of 200 · page 8 of 10
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