Q) I made a mistake and got more refund than I should. What do I do?
A) If you received a tax refund that is larger than you are entitled to, you should contact the IRS and let them know. You can do this by filing Form 1040X, Amended U.S. Individual Income Tax Return. You will need to include the following information on Form 1040X:
- The amount of the refund you received
- The reason for the refund
- The amount of the correct refund
You will also need to pay any taxes that you owe. You can pay taxes online, by mail, or by phone.
If you do not contact the IRS and let them know about the overpayment, they may eventually send you a bill for the amount of the overpayment. You may also be subject to interest and penalties.
Here are some tips to help you avoid getting an overpayment refund in the future:
- Review your tax return carefully before you file it.
- Make sure that you claim all of the deductions and credits that you are entitled to.
- Update your W-4 form with your employer if your income or filing status changes.
- Use a tax preparation software program to help you file your taxes.
By following these tips, you can help ensure that you get the correct refund when you file your taxes.