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Message
Received a CP-2000 notice from the IRS...
Posted on 9/23/12 at 8:31 am
Posted on 9/23/12 at 8:31 am
I got this notice in the mail yesterday stating that they needed more info about a direct IRA (simple) rollover to a qualified employee savings plan 401(K) I made back in tax year 2010. On my return it is coded as a "G" distribution with no tax withheld and not claimed as taxable income for that year.
The notice states that I owe them an additional whopping $8205.00 in back taxes if they add the IRA distibution as addional income for that tax year. I did everything right on my return and now I have to respond and write a letter and show documentation again about the rollover. Pisses me off to no end that I have to do this.
Here's the breakdown:
Amount of tax increase: $6505
Accuracy-related penalty: $1301
Interest from 4/18/2011 to 10/17/2012: $399
Grand total of : $8205
Has anyone else ever got this type of notice?
The notice states that I owe them an additional whopping $8205.00 in back taxes if they add the IRA distibution as addional income for that tax year. I did everything right on my return and now I have to respond and write a letter and show documentation again about the rollover. Pisses me off to no end that I have to do this.
Here's the breakdown:
Amount of tax increase: $6505
Accuracy-related penalty: $1301
Interest from 4/18/2011 to 10/17/2012: $399
Grand total of : $8205
Has anyone else ever got this type of notice?
3
Posted on 9/23/12 at 8:58 am to DubPlate
They must be out for blood right now. I have a turnstyle .25 candy business that made about 1800 last YEAR. I forgot to claim taxes one month, which was zero, because i don't run the route every month and they "assumed" that I owe them $1500 + $300(penalty) and $79 for interest. My business doesn't even make that in a year and they can see what i have claimed each month. Trying to do the right thing with a cash business and this is what i get. I can see why people don't report ALOT of business....
Posted on 9/23/12 at 7:30 pm to DubPlate
i am guessing that you did not list the rollover on your return at all. you should have listed the amount of the distribution on you return and then listed a taxable amount of zero.
if you show the irs a copy of the 1099-r with a code of g for direct rollover, i am sure that you will not have any issues other that your time lost.
if you show the irs a copy of the 1099-r with a code of g for direct rollover, i am sure that you will not have any issues other that your time lost.
Posted on 9/23/12 at 7:32 pm to nEVERhappy
quote:
They must be out for blood right now. I have a turnstyle .25 candy business that made about 1800 last YEAR. I forgot to claim taxes one month, which was zero, because i don't run the route every month and they "assumed" that I owe them $1500 + $300(penalty) and $79 for interest. My business doesn't even make that in a year and they can see what i have claimed each month. Trying to do the right thing with a cash business and this is what i get. I can see why people don't report ALOT of business....
this sounds like monthly sales taxes not IRS or income taxes.
Posted on 9/24/12 at 9:35 am to DubPlate
You probably just need to send them the 1099R with a G in box 7. This should tell them that it is a rollover. You may have received a copy of a 5498 from the new retirement plan stating the amount that was rolled over. I also got one last week. Shouldn't be a problem if it was rolled over.
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