Tax Common Mistakes

In my recent review of a tax return, I came across an input error that highlights the critical importance of precision in tax preparation. Here’s the scenario: A client received $𝟓,𝟎𝟎𝟎 in annuities, reported as Gross Distribution (𝐁𝐨𝐱 𝟏) on Form 1099-R. The distribution was a 𝐍𝐨𝐫𝐦𝐚𝐥 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 from their Pension account. However, the tax…