The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income Out of 131 million 1040s filed for 2004, there were 4 million math errors. If you make one of those 4 million errors, then mailing off your return is only the beginning of your headaches. Ernst & Young compiled a list of common errors. Some errors are simply careless. The easiest error to check if found with a a double-check of your math, the IRS does not give partial credit for getting the right formula but adding wrong. You might have done everything right, except for forgetting to carry a one, but the IRS doesn’t care. It will fine you for the difference. If, on the other hand, your careless math error leads you to overpay, who knows whether you’ll get that money back. It certainly could take a while.

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