Made A Tax Return Error!!

[katzeyez]

What is the name of your state? Wisconsin

I'm a little concerned. I just realized, while finishing this years taxes, that I made a mistake on last year's taxes. I transposed two numbers, which resulted in me in claiming I paid $40 more in federal taxes that I actually did. I never received a notice from the IRS regarding this. I'm just a little surprised that I wasn't notified about my mistake or that my tax return wasn't rejected. I spoke with my co-worker today and he had a similar situation. I'm a little concerned that this year's return will be rejected as a result. I'm not quite sure what to do. $40 isn't much, but it's still an error.

[Snipes5]

You can attempt to file a 1040X to correct the error, or you can just let sleeping dogs lie.

If you pay someone to do it, it will cost more to have it done than the amount of the error. 1040X is not a friendly form, not the sort of thing you'd want to do yourself.

If the discrepancy is $40, I think I would wait to see if they write to you. If they do, they'll just give you a correction and tell you that you owe them $40 plus about 4% interest. If you don't hear from them by April 15, 2007, you're off the hook. There is no penalty, because you haven't broken any laws, just made a simple mistake.

A mathematical error won't cause a return to reject.

A little mistake on last year's taxes won't affect this year's in the least.

Snipes