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As April 15 approaches, many taxpayers are scrambling to gather documents and file before the clock runs out. In a panic, they seem to forget the old adage: haste makes waste. And when it comes to rushing through taxes, frenzy can lead to costly mistakes and nasty penalties.
Before you finalize your return, double-check these common pitfalls so you can avoid wasting money and navigate tax season with greater confidence.
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Filing before all of your tax forms arrive
It might sound counterintuitive, but you don't want to file your return too soon. The IRS warns that filing before you receive all necessary documents, such as corrected W-2s or 1099s. Filing early can omit these forms and lead to inaccurate returns that require later amendments.
Before filing, confirm that you have all the necessary forms so you can avoid mistakes or any refund delays.
Submitting a return with errors
If you've already filed your return but missed a form, or you suspect something is amiss, sit tight.
You can't void a return once it's been submitted, but you can wait for the IRS to process your original return and then file an amended return via Form 1040-X.
Missing the window to fix e-file errors
Even the best programs can allow errors to still slip through. Log in to check your return status and review your entries carefully. If you filed using electronic software like TurboTax, you may still have time to fix any mistakes. Log online to check your return status.
If your e-filed return has not yet been accepted, you should still be able to correct and resubmit it. Here, no amendment is required because the original was never processed.
If your return was accepted, however, you will need to wait for the IRS to process your earlier submission and then file an amended return.
Forgetting the IRA or HSA contribution deadline
Many people don't realize they can still contribute to an Individual Retirement Account (IRA) or Health Savings Account (HSA) for the previous tax year until the April tax filing deadline.
Missing this window means losing a valuable opportunity to reduce your taxable income for that year. Once April 15 passes, the chance to make prior-year contributions disappears permanently.
Believing it's better to delay filing if you can't pay what you owe just yet
The IRS typically requires individual tax returns to be filed by April 15 unless the date falls on a weekend or holiday.
Failing to file on time can result in penalties and interest charges, especially if you owe taxes. Even if you can't pay what you owe immediately, submitting your return on time can reduce the penalties you might otherwise face.
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Missing the April 1 deadline for your first RMD
If you turned 73 last year, you generally must take your first required minimum distribution (RMD) from retirement accounts by April 1 of the following year.
Missing this deadline could trigger penalties unless you qualify for relief. After the first year, RMDs must be taken annually by Dec. 31.
If you turned 73 last year and it's April 2 or later as you read this article, don't panic. Under current law, the penalty is 25% of the amount that should have been withdrawn, but for mistakes, it can be reduced to 10%. And in some instances, the IRS may waive the fee altogether if you're only a couple of weeks late.
To request relief, taxpayers generally must take the missed RMD and then file Form 5329 and attach a statement explaining the mistake and proving that the distribution was taken.
Assuming Social Security benefits are tax-free
Some retirees assume their Social Security benefits are tax-free, but that's not necessarily true. Depending on your combined income, a portion of your benefits could be taxable.
The IRS notes that individuals with combined income above $25,000 — or married couples filing jointly above $32,000 — may have to pay tax on part of their Social Security benefits, potentially up to 85%.
Choosing the wrong filing status
Your filing status determines your tax bracket, standard deduction, and eligibility for certain credits.
Choosing the wrong status — such as filing single instead of head of household — can result in higher taxes or rejected returns.
The IRS warns that filing status mistakes are among the most common filing errors each year.
Skipping estimated tax payments if required
Self-employed individuals, freelancers, and some retirees must make quarterly estimated tax payments during the year.
Skipping those payments or underpaying them could result in penalties when you file your return. If you missed estimated payments, it's still important to address the issue as soon as possible to limit potential penalties.
Assuming an extension to file will extend your payment deadline
Requesting a filing extension gives you extra time to submit your tax return, but it doesn't extend the deadline for paying taxes owed.
The IRS emphasizes that taxes are still due by the original filing deadline, usually April 15. If you owe money and don't pay by that date, penalties and interest can begin to accumulate.
Adding incorrect banking details
Providing incorrect bank accounts or routing numbers on your return can delay your refund or cause other remittance issues.
The IRS notes that mistakes with bank information are another common filing error. Take a moment to confirm the numbers to prevent any unnecessary complications.
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Bottom line
As the tax deadline approaches, rushing to file can lead to simple but costly mistakes. Taking a little extra time to review your return and confirm key details can help you avoid penalties or lost opportunities.
And if you're one of the millions of Americans not getting a refund, take heart. At least you didn't give Uncle Sam a tax-free loan. With payment plans, tax amendments, and side hustles, there are plenty of ways to find relief and crush your tax debt.
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