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What happens if you entered incorrect information on your taxes?
Wiki User
∙ 12y ago
The IRS audits you.
Of course it depends on the nature of the error. The most common are math errors...in which case the IRS calculates the correct amount and sends you a bill (generally with penalty and fees) for the additional, or a refund of the extra if you erred that way (surprisingly common).
Most other errors have a response dependent on the type...if your error was not reporting income, so the IRS computers received information (from employers, interest payors, anyone sending you a 1099, and other ways), they either send you a correction (and bill - again with fee's and interest), reduce your refund, or they may first send you a letter asking for an explanation. It is not uncommon that they may ask for explanation of other things while they are at it. They may even ask you come to an office and bring all your records to confirm many other things.
Wiki User
∙ 12y ago
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What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
What happens to a net personal income with the government lowers taxes?
If the government lowers your taxes your NET income increases.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
What happens if you paid your taxes late?
A penalty and interest will be charged.
What does IRS failed authentication Conduct account analysis mean?
In the same situation and it seems that it has something to do with having incorrect pieces of information....or info that the IRS feels is incorrect. This is the first year I did taxes myself using TAXSLAYER. I guess I wont do that again STOOPID.
How can I do my taxes myself for free?
If you go to turbotax.com you can do your taxes for free. The best thing about doing them on Turbo Tax is that you are doing them yourself so you will be sure that you are getting back the right amount and you have entered the right information. It also ensures that you will get your maximum refund.
Where can I find information on taxes by state?
You can check with your states Department of Revenue for information on taxes in your state. You can also review www.bankrate.com for more information.
What happens if a person can not pay taxes on workers comp benefits?
There are no taxes on workers comp
What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
What is the best source of information on property taxes?
The most accessible source of information on property taxes is the local treasurer's office. It will have not ony a schedule of taxes, but also valuations of different properties.
What happens if you dont pay your taxes?
You go to jail
How do you claim this deduction on your taxes?
THIS DEDUCTION ON YOUR TAXES will have to entered on the correct form or line of your 1040 federal income tax return before your income tax return can be completed correctly.
What happens if you are 27 and never filed taxes?
You'll end up owing taxes that need to be paid.
What happens if you can't pay your taxes in one year?
next year, you'll get an extra weeks worth of taxes.
What happens to a net personal income with the government lowers taxes?
If the government lowers your taxes your NET income increases.
What happens to my owed back taxes when I retire?
You still owe them. In the US, the IRS has 10 years to collect taxes.
