Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund.
Missing W-2 or 1099. Using last year’s tax return, make a list of W-2s and 1099s. Then use the list to ensure they are received and applied to your tax return. Remember, missing items will be caught by the IRS’s matching program.
Missing or invalid Social Security number. E-filed tax returns will come to a screeching halt with a missing or invalid number.
Dependent already claimed. Your return cannot be filed if there is a conflict in this area.
Name mismatch. If recently married or divorced, make sure your last name on your tax return matches the one on file with the Social Security Administration.
No information for a common deduction. If you claim a deduction, you will need to provide support to document the claim.
Missing cost information for transactions. Brokers will send you a statement of sales transactions. If you do not also provide your cost and purchase information, the tax return cannot be filed.
Not reviewing your return and signing your e-file approval. The sooner you review and approve your tax return, the sooner it can be filed.
Forms with no explanation. If you receive a tax form, but have no explanation for the form, questions could arise. For instance, if you receive a retirement account distribution form it may be deemed income. If it is part of a qualified rollover, no tax is due. An explanation is required to file your information correctly.
Hopefully by knowing these commonly missed pieces of information, you can prepare to have your tax filing experience be a smooth one.
Article from CK Books & Billing. This article has been reprinted with permission from
CK Books & Billing
