Sending out your completed tax return can definitely come with a big sense of relief. There’s nothing quite like knocking off a dreaded item on your to-do list. But it’s important to not rush the process, otherwise your return could face delays getting processed. There are a few key things that often get forgotten on tax returns. Check this list. Then double-check your work before you file!
Check for These Common Items Missing from Your Taxpayer Forms
One more review of your tax return can help you avoid the trouble of waiting around for your refund. Mistakes happen. But when you know what to check, those setbacks don’t have to happen to you.
1. Missing Your W-2 or Form 1099
To avoid this mistake, you can use last year’s tax return to review the types of documents you included when filing. The IRS has a matching program to catch missing items. You can get ahead of the game by identifying them first.
2. Invalid Social Security Number
Maybe you made a mistake typing in your Social Security number online. Be sure to double-check your digits. If you’re e-filing a return, the system will flag your return right away to make the correction for any missing or invalid numbers.
3. Mismatched Names
Did you recently get married? Or are you newly divorced? The last name on your tax return needs to match the name you have on file with the Social Security Administration.
4. Dependent Has Already Been Claimed
Unfortunately, this problem can pop up at the worst times. If someone else has already claimed your dependent on their return, then you won’t be able to file. Communicating in advance can help you avoid conflicts during tax season.
5. Common Deduction Missing Information
Do you have the support documentation ready to claim your deductions? Gather it up before you file to make sure you aren’t caught off guard.
6. Transactions Missing Cost Information
Statements of your sales transactions should have been sent by your brokers. You’ll need to provide the cost and purchase information on your return in order for it to be filed.
7. Forgetting to Review and Sign
Last but not least, it’s common for taxpayers to forget the final step of reviewing and signing their return when e-filing. Approving your tax return is what will officially get it out to the IRS. Then your work should be done!
Dealing with Tax Forms with No Explanation?
Apart from the common pieces of information that get missed on tax returns, there can also be problems with tax forms that aren’t properly annotated. If you’ve received a document this tax season that you aren’t quite sure about—like a retirement account distribution form, for example—then your return may need to include an explanation in order to be processed correctly. For issues like that, we can help!
NSO & Company is an Indianapolis accounting firm based in Fishers. We’re happy to work with clients throughout Central Indiana and beyond! Whenever you have tax questions, please know that we’re here to help. Whether you want another set of eyes on last year’s return or you need help filing this year, we’ll help make sure nothing gets missed.