It’s important when filing taxes with the IRS that you avoid mistakes like forgetting documents with the tax return to avoid processing delays.
Making common mistakes on your tax return will cause the IRS to take longer when processing your return.
Mistakes are easily made when it comes to reporting your income, write-offs, and other necessary information.
Many people may be rushing to make the tax extension deadline, which is October 17, 2022. Make sure you do not forget important documents and that everything you submit has all of the necessary information.
When you submit your tax return with zero issues and choose direct deposit, you’ll see your refund quicker and avoid attention from the IRS.
Which documents are easily forgotten, causing delays in your tax return being processed by the IRS
All paperwork necessary for your taxes to be processed needs to be submitted at the same time as your tax return, according to Marca.
Some forms of paperwork include everything that shows your income. All income needs to be reported. This includes W-2 forms, 1099-NEC forms for contract work, and 1099-G forms for unemployment. You may receive an IRS transcript to help you verify these details.
To submit forms for tax write-offs, you’ll need to give your 1098 to show mortgage interest, a 5498 to show IRA deposits, and a 5498-SA for health savings accounts.
Should you fail to supply these forms, you may end up with an incomplete tax return. This will then cause the IRS to delay your processing and refund.
Other forms for taxes to submit and avoid mistakes
You need to report any investment income to the IRS by submitting a 1099-B or 1099-DIV. These report your capital gains and losses as well as dividends and distributions.
You’ll also need to submit form 8606 in order to verify your nondeductible IRA contributions.
Finally, if you made any qualified charitable distributions, you need to report them with a 1099-R.