Is the IRS supposed to correct my earned income amount on my tax return transcript if it's not showing the accurate amount? ?

I recently saw that my tax return transcript showed the wrong earned income info, whereas my account tax transcript showed the accurate earned income info. I don't know if the IRS is able to correct that amount on the tax return transcript, or if it'll be stuck like that.

4 Answers

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  • NA
    Lv 7
    1 month ago
    Favorite Answer

    Once filed, the original return stays the same.  If you amended your return, only the Account transcript is updated.

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  • 1 month ago

    If you make a math error when preparing your return, (2 = 2 = 5) IRS will make a math error correction and send you a notice telling you what it did. IRS will not have your reported income information until after the filing season is over. If you under-report your income and tax due in about a year you will get a notice proposing additional tax. If you reported too much tax IRS will assume you are reporting income it wasn't told about.

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  • 1 month ago

    If they find an error, they may fix it and assess new tax based on the correct number, unless you fix it yourself first (recommended).

    • NA
      Lv 7
      1 month agoReport

      This wasn't the question.

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  • A.J.
    Lv 7
    1 month ago

    What is an account tax transcript? The tax return transcript is what you filed in IRS 1040 in a certain year, or an updated one based on their audit or your update. If the IRS tax transcript for a filed year shows a higher number than your records, you should have been sent a notice by the IRS in the mail about a tax audit and raise of your income. If a lower number, you misfiled, and you re-file with a 1040X for that year.

    Per comment - IRS is the United States, unless otherwise stated. Bank records do not have your income unless you work for the bank. I don't believe you understand income tax filing in the USA.

    • NA
      Lv 7
      1 month agoReport

      An Account Transcript is like a bank register, showing Tax amount, changes, payments, etc.

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