I think I somehow made a mathematical error entering one of my numbers for form 8969 resulting in a incorrect gain/loss amount calculation on my schedule D ..causing my loss to be -5 cents instead of -5 dollars.but ive already filed and the irs has accepted my return. Does them accepting it mean I'm ok for now and will still receive my refund...but for me just to amend it after getting the refund ? Or Is it likely the irs will correct this as a mathematical error? Or what should I expect so I can be prepared.What happens in such a case?
The IRS can catch some mathematical errors, but this doesn't happen much with returns by online tax companies, because their arithmetic is computer-correct. If you entered a number that causes a bad result, the IRS wouldn't (at first) have any way of knowing that the calculation was incorrect.
It is likely that you will receive your refund on schedule. If the IRS detects a mathematical error or an inconsistency with other filed forms, then they will usually write you a letter (later) adjusting your tax and asking you to accept the adjustment.
You already know to wait for your refund in order to file your amended return.
The IRS can catch some mathematical errors, but this doesn't happen much with returns by online tax companies, because their arithmetic is computer-correct. If you entered a number that causes a bad result, the IRS wouldn't (at first) have any way of knowing that the calculation was incorrect.
It is likely that you will receive your refund on schedule. If the IRS detects a mathematical error or an inconsistency with other filed forms, then they will usually write you a letter (later) adjusting your tax and asking you to accept the adjustment.
You already know to wait for your refund in order to file your amended return.