Tax Return Review Hints

March 19, 2021

Tax Return Review Hints

Prior to e-filing your tax return, you will need to review it. Here are some suggestions to ensure everything looks right.

The Basics

Confirm the basics for you, your spouse and your dependents: Double check the name, address, Social Security Numbers and proper identification of dependents that are under age 17.

Double check filing status.

Confirm your income amount. Start with the total income line. Does the amount seem reasonable? Next look at the individual areas that make up your income. Compare wages, interest, and investment income with your tax forms. This area is especially important if you own a small business.

Adjusted Gross Income

Most tax returns will not have many lines entered in this area, but some might need special attention:

Educators: look for your classroom expense deduction

Self-employed: look for your deductible self-employment tax

Contributors: check your HSA contributions and retirement plan contributions

Students: check possible student loan interest

Divorced: check for accuracy in any alimony or child support claims if they apply to you.

Taxes and Credits

Deductions: Mentally note whether you are taking the standard or itemized deduction approach. If standard: do the math. If itemized: review your Schedule A for accuracy.

Review the credits. Spend some time reviewing any other activity in this area of the 1040. If you see areas of entered credits, ensure you have a general understanding of what they are and why you qualify for them.

Any other entries in this section should be understandable. If in doubt, ask for clarification.

The Balance of the 1040

Confirm the accuracy of your withholding amounts, any estimated tax payments, and any refund carryovers.

If self-employed, double check the self-employment tax calculated here.

If taking the Earned Income Tax Credit, ensure a properly filled out EIC schedule is included with your tax return.

Review and confirm any other entries on the balance of the tax form

If due a refund, ensure your instructions are properly documented on your tax form,

Sign your tax return or your e-file approval and send the form to the correct address. Without a signature, your e-file cannot be submitted and your tax return is not deemed to be filed.

Important: If asking for a direct deposit of your refund, doublecheck the account number. Errors in this area are hard to correct once your tax return is processed.

Other Forms and Schedules

Review the supporting schedules. Pay special attention to any missing schedules and new ones required for this year's tax filings. As a final suggestion, pull out last year’s tax return and compare it with this year’s filing. Focus your questions and review on the areas with significant differences.

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Out of an abundance of caution we have closed our office to any in-person meetings.  We continue to work and ask our clients to upload their documents to us and chat over the phone as needed.  We are also accepting documents by drop off or snail mail.  Of course, you can always call us 425-640-8660