Check List Before Filing Taxes

By: WOWT Email
By: WOWT Email

It's easy to make a mistake on a tax form, but if you make too many mistakes you could be suspected of fraud. SmartMoney.com has posted a list of seven things to check before you send in your taxes this year.

1. Names
It may seem like a no-brainer, but if you go by "Jeff" and your name is "Jeffrey," you have to put your legal name on all your forms. So make sure you're not using a shortened name or a nickname on all your forms.

2. ID numbers
Social Security Numbers are easy to forget. Double check them. SmartMoney looked through a few tax filings and found that people would inadvertently mix up their own social security numbers with their family's. And it's common to mix up taxpayer ID numbers on 1098 or 1099's, so double check those.

3. Form 1040
If you check over the bottom of page 1 of your 1040 Form, it's got a check list right on that form to make sure you haven't forgotten anything, like deductions for an IRA or retirement plan.

4. Deductions
If you don't own a home or have high medical/business expenses, you probably don't need to itemize. If line 40 of your 1040 Form shows an amount higher than the standard deduction, you'll want to double check Schedule A.

5. Credits
Common areas that people get wrong are excess Child Tax Credits, Earned Income Credits and Education Credits. If these credits show up, make sure you're actually entitled to them.

6. Withholding
A common mistake is to enter the Social Security withheld in this field. That's not the case. And if you had more than one job in the past year, it's really worth double checking this box.

7. Refunds
If you want your refund to be deposited electronically, make sure the routing number and accounting number you provide are right. You can look on your checks themselves for those numbers, or your bank will display those numbers for you on your online account.


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