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VerifyMyReturn Tax Review Report

Tax Year: 2024 Filing Status: Married Filing Jointly

Filing Overview

Adjusted Gross Income $185,000
Total Tax $28,450

Key Findings

SALT Deduction Cap Verification
Medium Risk

Issue: Schedule A shows $24,500 in state and local taxes (SALT), but only $10,000 was deducted due to the federal cap.

What is Schedule A? The IRS form for itemized deductions, including mortgage interest, charitable donations, and state/local taxes.

What is SALT? State And Local Tax deduction includes property taxes and state income taxes. Federal law caps this at $10,000 ($40,000 for 2025 returns under new legislation).

Recommendation: Verify you chose to itemize vs. take the standard deduction ($29,200 for MFJ in 2024). With only $10,000 SALT + other deductions, standard deduction may have been better unless you have significant mortgage interest or charitable contributions.

Qualified Business Income (QBI) Deduction
Medium Risk

Issue: Schedule C shows $45,000 in self-employment income, but no QBI deduction appears on Form 8995.

What is QBI? Self-employed individuals and pass-through business owners can deduct up to 20% of qualified business income.

Potential Savings: Estimated $9,000 deduction missed (20% of $45,000). This could reduce taxable income and save approximately $2,000-$3,000 in federal taxes.

Action Required: File amended return (Form 1040-X) if eligible. Verify your business type qualifies for QBI deduction.

K-1 Multistate Allocation
High Risk

Issue: Schedule K-1 from "ABC Partners LLC" shows income earned across NY, NJ, and PA, but state returns only filed in NY.

What is K-1? Form K-1 reports your share of income from partnerships, S-corporations, or trusts. Income may be sourced to multiple states.

Risk: Other states (NJ, PA) may require state tax returns for income sourced to those jurisdictions. This could trigger:

  • Notices from state tax authorities
  • Additional state tax liability + penalties
  • Need to file non-resident state returns

Action Required: Review K-1 state allocation percentages. Likely need to file NJ and PA non-resident returns with credits for taxes paid to NY.

Estimated Tax Payments
Verified

Quarterly estimated payments total $22,000, matching records. All four quarters paid on time (4/15, 6/15, 9/15, 1/15). No underpayment penalty expected.

Child Tax Credit Calculation
Verified

$4,000 Child Tax Credit for 2 qualifying children correctly calculated. No phase-out applies at your income level.

Optimization Opportunities

Maximize Retirement Contributions
  • You contributed $15,000 to 401(k) but 2024 limit is $23,000
  • Additional $8,000 contribution = ~$2,000 tax savings
  • If 50+, catch-up contribution allows $30,500 total
Health Savings Account (HSA)
  • No HSA contributions detected
  • If on high-deductible health plan: up to $8,300 deduction (family)
  • Tax-free growth + withdrawals for medical expenses
Bunching Charitable Deductions
  • You gave $8,000 in 2024 but itemized barely exceeded standard deduction
  • Consider "bunching" 2-3 years of donations into one year to exceed standard deduction threshold

Summary & Next Steps

Overall Risk Level: Medium-High
Immediate Actions Required:
  1. HIGH PRIORITY Address K-1 multistate filing requirement (NJ, PA)
  2. MEDIUM PRIORITY Evaluate QBI deduction eligibility - potential $2-3K savings
  3. LOW PRIORITY Compare itemized vs. standard deduction for optimal strategy
Recommended Next Steps:
  • Consult with CPA or tax professional regarding K-1 state allocations
  • Consider amended return for missed QBI deduction (3-year window)
  • Implement retirement/HSA strategies for 2025 tax year planning

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