If I Made Mistake on Taxes in 2019, Can I Correct It If..

[kyphysics]

it was a situation that would have led to me getting some of the money back (i.e., I paid too much that year)?

I know if you paid too little, the IRS would want you to correct it obviously, so they can rake in that $. But, what if you made an error and should have paid less that year? Would the IRS be willing to let you file a correction to get some money back? And, if so, would you have to pay a fine of some sort?

 

[jedishrfu]

No and no. Of course, you can file an amended form and of course they will refund your money if you paid too much.

However, if you're claiming beyond what you're due and your tax form looks somehwat suspicious then you could get audited but the guilty what they're doing and won't attempt it.

I can't remember when we did that one year but I think they even paid us interest and then the following year I got dinged for not listing the interest they paid us in my form. The right hand giveth back and the left hand slappeth you with a warning.

 

[Lnewqban]

To file your claim, you have three years from the date you submitted that original form.
Go to the IRS site and download 1040-X form and instructions for that year.
There is no fine, but paid interests if they honor your claim.

 

[Vanadium 50]

And, if so, would you have to pay a fine of some sort?

Why on Earth would the IRS fine you for overpayment?

To file your claim, you have three years from the date you submitted that original form.

They accept them up to 3 years after the due date. That is, if you filed on March 1, 2018, you can still file a 1040X today. And tomorrow, since April 15, 2018 was a Sunday.

Things to be aware of:

1. This takes months before you will see a check.
2. The refund itself has tax implications as @jedishrfu mentioned.
3. The amendment may change your state tax for the year.
4. I believe you live with your parents. This may influence their tax returns as well, depending on dependency status.

 

[Office_Shredder]

Why on Earth would the IRS fine you for overpayment?

Many people think of the IRS as a mean teacher that tries to penalize you in money for failing an exam you weren't taught the material for. It's not a totally unreasonable way to feel about it...

 

[Vanadium 50]

If the IRS were a character from The Simpsons, it would not be Nelson. It would be equal parts Patty and Selma and Ralph Wiggum.