7 Critical Tax Filing Mistakes That Can Delay Your IRS Refund
Filing your 2024 taxes today? Here are 7 critical last-minute mistakes that could delay your refund or trigger IRS penalties.
- Incorrect Personal Information
- Double-check your name, Social Security number, and birthdate against your Social Security card
- Verify dependent information carefully
- Even one wrong digit can delay your refund
- Missing Income Forms
- Include all W-2s and 1099s (NEC, DIV, INT, B)
- Check email and financial portals for electronic forms
- Report all freelance income, stock sales, and bank interest
- Unreported income can trigger IRS notices and penalties
- Wrong Deduction Choice
- Standard deduction (2024): $14,600 single, $29,200 married filing jointly
- Consider itemizing for large medical bills, mortgage interest, or charitable donations
- Don't copy last year's choice without reviewing current situation
- Direct Deposit Errors
- Verify routing and account numbers carefully
- Use only your own account or joint accounts
- Wrong numbers can cause lost refunds taking months to recover
- Not Filing When You Can't Pay
- File even if you can't pay the full amount
- Failure-to-file penalty: 5% per month
- Failure-to-pay penalty: only 0.5% per month
- Filing without payment is better than not filing at all
Final Tip: Take 10 minutes to review everything before submitting. This small investment can prevent refund delays, penalties, and potential audits. The IRS processes accurate returns faster, getting your refund to you sooner.
Remember: If you need more time, file for an extension - but be aware that an extension to file is not an extension to pay. Any taxes owed are still due by the original deadline.