You Made a Mistake on Your Tax Return. Should You Tell the IRS?

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 16 April 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Wall Street Journal reporter Laura Saunders joins host J.R. Whalen to discuss common errors people make on their tax returns, and when it makes sense to alert the IRS to missing information. Listening on Google Podcasts? Here's our guide for switching to a different podcast player. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:15.5	slash Wall Street.
0:17.5	Before we get into today's episode,
0:19.4	your money briefing is exploring what you need to know
0:22.0	to become a homeowner and sustain your home.
0:25.1	You can get early access to our series buying a home and keeping it on W.S.J Special
0:29.9	Access, available only for W.S.J. subscribers.
0:34.3	Now on to the show.
0:39.2	Here's your money briefing for Tuesday, April 16th.
0:42.0	I'm J.R. Whelan for the Wall Street Journal. I'm J. R. Whelan for the Wall Street Journal.
0:44.0	Phew! What a relief!
0:48.0	You filed your taxes on time, so that's done.
0:51.0	But what if you realize you made a mistake? Should you alert the IRS?
0:56.0	You forgot to include a 1099 form from your bank or something like that with some interest on it or the bank issues a
1:05.1	corrected 1099 form that comes after the return was filed. Things like that.
1:10.8	The thing is that if you correct it that can alert the IRS and
1:16.1	tell them to start looking for other things and it also will cost you money.
1:19.7	We'll talk to Wall Street Journal Tax reporter Laura Saunders, after the break.
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	...

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